Pro-Heat Gas Services Limited Small abridged accounts

PRO-HEAT GAS SERVICES LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Pro-Heat Gas Services Limited have consented to the preparation of the abridged statement of income and retained earnings (including profit and loss account) and the balance sheet for the year ending 31st March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07296833

Pro-Heat Gas Services Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Pro-Heat Gas Services Limited

Abridged Financial Statements

Year ended 31st March 2017

Contents	Pages

Officers and professional advisers	1

Balance sheet	2 to 3

Notes to the abridged financial statements	4 to 6

Pro-Heat Gas Services Limited

Officers and Professional Advisers

Director	Mr N A Booth

Registered office	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Accountants	Stephenson Smart
	Chartered Accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Pro-Heat Gas Services Limited

Balance Sheet

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		5,823	7,594

Current assets

Stocks	4,050	24,500
Debtors	4,477	3,623
Cash at bank and in hand	14,583	7,003
	--------	--------
	23,110	35,126

Creditors: amounts falling due within one year	21,923		37,086
	--------		--------
Net current assets/(liabilities)		1,187	( 1,960)
		-------	-------
Total assets less current liabilities		7,010	5,634

Provisions

Taxation including deferred tax	1,165	1,519
	-------	-------
Net assets	5,845	4,115
	-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	5,844	4,114
	-------	-------
Members funds	5,845	4,115
	-------	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 31st March 2017 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 abridged 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 abridged financial statements .

Pro-Heat Gas Services Limited

Balance Sheet (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 2 August 2017 , and are signed on behalf of the board by:

Mr N A Booth
Director

Company registration number: 07296833

Pro-Heat Gas Services Limited

Notes to the Abridged Financial Statements

Year ended 31st March 2017

1. General information

The company is a private company limited by shares, registered in . The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.

Corporation tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	20% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1st April 2016 and 31st March 2017	11,888
	--------
Depreciation
At 1st April 2016	4,294
Charge for the year	1,771
	--------
At 31st March 2017	6,065
	--------
Carrying amount
At 31st March 2017	5,823
	--------
At 31st March 2016	7,594
	--------

6. Related party transactions

The company was under the control of Mr N Booth throughout the current period. Mr N Booth is the managing director and majority shareholder. A dividend of £7,675 (2016 - £27,500) was paid to the director in the year. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015.

No transitional adjustments were required in equity or profit or loss for the year.