Inagas Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02603233 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

INAGAS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Kemp

Mrs A F Kemp

SECRETARY:

Mrs A F Kemp

REGISTERED OFFICE:

Holly End House

Water Lane

Bovingdon

Hertfordshire

HP3 0NA

REGISTERED NUMBER:

02603233 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Intangible assets

2

80,513

99,328

Tangible assets

3

31,870

26,438

112,383

125,766

CURRENT ASSETS

Debtors

63,741

91,698

Cash at bank

47

63,788

91,745

CREDITORS

Amounts falling due within one year

4

120,372

174,071

NET CURRENT LIABILITIES

(56,584

)

(82,326

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

55,799

43,440

CREDITORS

Amounts falling due after more than one
year

4

18,860

10,359

NET ASSETS

36,939

33,081

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

36,839

32,981

SHAREHOLDERS' FUNDS

36,939

33,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 22 December 2016 and were signed on its behalf
by:

M Kemp - Director

1.	ACCOUNTING POLICIES

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 represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Patents

Patent, the amount paid to register a patent for a new gas machine developed by Inagas Limited in 2010, is being

amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% straight line

Fixtures and fittings

-

15% reducing balance

Computer equipment

-

33.33% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

188,147

AMORTISATION

At 1 April 2015

88,819

Amortisation for year

18,815

At 31 March 2016

107,634

NET BOOK VALUE

At 31 March 2016

80,513

At 31 March 2015

99,328

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

90,376

Additions

24,490

Disposals

(24,227

)

At 31 March 2016

90,639

DEPRECIATION

At 1 April 2015

63,938

Charge for year

6,945

Eliminated on disposal

(12,114

)

At 31 March 2016

58,769

NET BOOK VALUE

At 31 March 2016

31,870

At 31 March 2015

26,438

4.

CREDITORS

Creditors include an amount of £ 76,428 (31.3.15 - £ 77,116 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100