LANCASHIRE_GAS_SERVICES_L - Accounts

LANCASHIRE GAS SERVICES LIMITED - Company Information

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Company Registration No. 05750134 (England and Wales)

LANCASHIRE GAS SERVICES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

LANCASHIRE GAS SERVICES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

LANCASHIRE GAS SERVICES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

33,211

34,678

Current assets

Stocks

37,488

Debtors

152,572

142,681

Cash at bank and in hand

985

2,459

191,045

182,628

Creditors: amounts falling due within one year

(202,964)

(198,007)

Net current liabilities

(11,919)

(15,379)

Total assets less current liabilities

21,292

19,299

Creditors: amounts falling due after more than one year

(5,000)

Provisions for liabilities

(6,643)

(6,935)

9,649

12,364

Capital and reserves

Called up share capital

100

Profit and loss account

9,549

12,264

Shareholders' funds

9,649

12,364

LANCASHIRE GAS SERVICES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 11 October 2016

Mr C Barnes

Director

Company Registration No. 05750134

LANCASHIRE GAS SERVICES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company finances its operations by means of a bank overdraft and other secured loans. The director is not aware of any reason why the overdraft or loan facilities will not be maintained at their current levels. As a result the director has continued to adopt the going concern basis in preparing the financial statements.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

17% reducing balance

Plant and machinery

15% reducing balance

Fixtures, fittings & equipment

20% reducing balance

Motor vehicles

25% reducing balance

Fixed assets

Tangible assets

Cost

At 1 April 2015

99,703

Additions

6,638

At 31 March 2016

106,341

Depreciation

At 1 April 2015

65,025

Charge for the year

8,105

At 31 March 2016

73,130

Net book value

At 31 March 2016

33,211

At 31 March 2015

34,678

LANCASHIRE GAS SERVICES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £48,301).

Other creditors also include £21,660 in respect of a loan from Orange Money Ltd which is secured by way of a personal guarantee.

Other creditors also include £7,500 in respect of a loan from Funding Circle which is secured by way of a personal guarantee from the director.

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100

Related party relationships and transactions

Loans from the director

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr C Barnes - Director's loan

14,595

68,561

81,941

1,215

14,595

68,561

81,941

1,215