Gaslec Limited - Period Ending 2016-09-30

Registration number: 04838763

Gaslec Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Easterbrook Eaton Limited
Chartered Accountants
8 Jesu Street
Ottery St Mary
Devon
EX11 1EU

Gaslec Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gaslec Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gaslec Limited for the year ended 30 September 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Gaslec Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gaslec Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gaslec Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gaslec Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gaslec Limited. You consider that Gaslec Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gaslec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
8 Jesu Street
Ottery St Mary
Devon
EX11 1EU

14 February 2017

Page 1

Gaslec Limited
(Registration number: 04838763)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					17,000			17,000
Tangible fixed assets					2,662			1,501
					19,662			18,501
Current assets
Stocks					2,000			2,000
Debtors					151,562			96,576
Cash at bank and in hand					144,297			97,550
					297,859			196,126
Creditors: Amounts falling due within one year					(161,523)			(86,347)
Net current assets					136,336			109,779
Net assets					155,998			128,280
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					155,996			128,278
Shareholders' funds					155,998			128,280

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 14 February 2017 and signed on its behalf by:

.........................................
Mr Paul Anthony Milford
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Gaslec Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an aquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is caopitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its economic useful life. It is reviewed for impairment at the end of the first full financial year following the aquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:

Asset class	Depreciation method and rate
Tools and equipment	15% reducing balance
Motor vehicle	25% reducing balance
Computer equipment	50% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Gaslec Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2015		17,000			11,014			28,014
Additions		-			1,948			1,948
At 30 September 2016		17,000			12,962			29,962
Depreciation
At 1 October 2015		-			9,513			9,513
Charge for the year		-			787			787
At 30 September 2016		-			10,300			10,300
Net book value
At 30 September 2016		17,000			2,662			19,662
At 30 September 2015		17,000			1,501			18,501

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4