GasIgnition Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05859331 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

GASIGNITION LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

CURRENT ASSETS

Stocks

34,152

30,187

Debtors

3

172,211

128,379

Cash at bank

987

879

207,350

159,445

CREDITORS

Amounts falling due within one year

237,876

90,997

NET CURRENT (LIABILITIES)/ASSETS

(30,526

)

68,448

TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,526

)

68,448

CAPITAL AND RESERVES

Called up share capital

4

100,100

Profit and loss account

(130,626

)

(31,652

)

SHAREHOLDERS' FUNDS

(30,526

)

68,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 September 2016 and were signed on its behalf
by:

K F Baker - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting

policies adopted in the preparation of the financial statements are set out below and have remained unchanged

from the previous year. At the balance sheet date the company had total current liabilities of £30,526 (2014 -

£68,448 current assets). The directors have expressed their willingness to support the company as necessary and

along with the forecasted future profitable trade the business is considered a going concern. The accounts and

financial statements have therefore been prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006 has now been fully

amortised. Amortisation was charged evenly over a five year period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

43,101

AMORTISATION

At 1 January 2015

and 31 December 2015

43,101

NET BOOK VALUE

At 31 December 2015

-

At 31 December 2014

-

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

The aggregate total of debtors falling due after more than one year is £ 130,000 (2014 - £ 70,000 )

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1,001,000

Ordinary

£0.10

100,100

5.	ULTIMATE PARENT COMPANY

During the year the company was controlled by its parent company, Derlite Limited, formerly known as

Buckland (Hong Kong) Ltd, a company incorporated in Hong Kong. Derlite Limited does not prepare

consolidated group accounts. Therefore advantage has not been taken of FRS 8 exemptions and related party

transactions have been disclosed.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2015 and

31 December 2014:

2015

2014

£

K F Baker

Balance outstanding at start of year

5,000

2,000

Amounts advanced

11,000

5,000

Amounts repaid

(14,000

)

(2,000

)

Balance outstanding at end of year

2,000

5,000