Combined Gas Systems Limited - Accounts to registrar - small 17.1

Combined Gas Systems Limited

Financial Statements for the Year Ended 31 December 2016

DIRECTORS:

T J Davies

C Fredberg

S Mikkelsen

REGISTERED OFFICE:

Phoenix Way

Phoenix Way Garngoch Industrial Estate

Gorseinon

Swansea

SA4 9WF

REGISTERED NUMBER:

03327911 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors and members in

respect of the company's annual unaudited financial statements. In accordance with the

Companies Act 2006, the company is only required to file a Balance Sheet. Readers are

cautioned that the Income Statement and certain other primary statements and the Report

of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Combined Gas Systems Limited for the year ended

31 December 2016 which comprise the Profit & Loss Account, Balance Sheet and the related

notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Combined Gas Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Combined Gas Systems Limited. You consider that Combined Gas Systems 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 financial statements of Combined Gas Systems 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 financial statements.

BPU Limited

Chartered Accountants

6 April 2017

FIXED ASSETS

Intangible assets

2

-

291,333

Tangible assets

3

-

82,330

Investments

4

-

100

-

373,763

CURRENT ASSETS

Stocks

-

175,391

Debtors

5

-

442,100

Cash at bank

52,104

92,573

52,104

710,064

CREDITORS

Amounts falling due within one year

6

52,004

304,905

NET CURRENT ASSETS

100

405,159

TOTAL ASSETS LESS CURRENT LIABILITIES

100

778,922

PROVISIONS FOR LIABILITIES

-

16,689

NET ASSETS

100

762,233

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

-

762,133

SHAREHOLDERS' FUNDS

100

762,233

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 March 2017 and were signed on its behalf by:

S Mikkelsen - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Stocks

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

for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

Loss Account, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that

have been enacted or substantively enacted by the balance sheet date.

2.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

760,000

Disposals

(760,000

)

At 31 December 2016

-

AMORTISATION

At 1 January 2016

468,667

Eliminated on disposal

(468,667

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

291,333

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2016

81,500

252,574

334,074

Disposals

(81,500

)

(252,574

)

(334,074

)

At 31 December 2016

-

-

-

DEPRECIATION

At 1 January 2016

74,789

176,955

251,744

Eliminated on disposal

(74,789

)

(176,955

)

(251,744

)

At 31 December 2016

-

-

-

NET BOOK VALUE

At 31 December 2016

-

-

-

At 31 December 2015

6,711

75,619

82,330

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

100

Disposals

(100

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

-

374,192

Other debtors & prepayments

-

67,908

-

442,100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

-

114,730

Amounts owed to group undertakings

52,004

-

Taxes & social security costs

-

78,570

Other creditors & accruals

-

111,605

52,004

304,905

7.	IMMEDIATE AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent undertaking at the balance sheet date was KC Prosupply

UK Limited, a company registered in England & Wales. The company's ultimate parent

undertaking at the balance sheet date was Al-Ayuni Investment & Contracting Company, a

company registered in Saudi Arabia.