TIBS Energy Limited - Accounts to registrar - small 17.2

TIBS Energy Limited - Accounts to registrar - small 17.2

TIBS ENERGY LIMITED - Company Information

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REGISTERED NUMBER: 04518406





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2017

FOR

TIBS ENERGY LIMITED

TIBS ENERGY LIMITED (REGISTERED NUMBER: 04518406)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TIBS ENERGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2017







DIRECTORS: J M Ruddy
N C Jeavons





SECRETARY: N C Jeavons





REGISTERED OFFICE: Broad Lanes
Bilston
West Midlands
WV14 0RQ





REGISTERED NUMBER: 04518406





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA
Page 1
TIBS ENERGY LIMITED (REGISTERED NUMBER: 04518406)

STATEMENT OF FINANCIAL POSITION
31ST JANUARY 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 17,334 23,112

CURRENT ASSETS
Debtors 6 364,513 311,755
Cash at bank 363,492 344,480
728,005 656,235
CREDITORS
Amounts falling due within one year 7 438,396 197,945
NET CURRENT ASSETS 289,609 458,290
TOTAL ASSETS LESS CURRENT
LIABILITIES
306,943
481,402

PROVISIONS FOR LIABILITIES - (881 )

ACCRUALS AND DEFERRED INCOME (8,900 ) (9,790 )
NET ASSETS 298,043 470,731

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 297,043 469,731
SHAREHOLDERS' FUNDS 298,043 470,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2017 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 26th October 2017 and were signed on its behalf
by:





N C Jeavons - Director


The notes form part of these financial statements

Page 2
TIBS ENERGY LIMITED (REGISTERED NUMBER: 04518406)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2017

1. STATUTORY INFORMATION

TIBS Energy Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number is 04518406 and the registered office address is Broad Lanes, Bilston, West Midlands, WV14
0RQ.

The principal activity of the company is that of the design and supply of boilers, boiler spares and industrial
equipment.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling. The functional currency of the company is sterling.

Transition to FRS 102
The financial statements for the year ended 31 January 2017 are the first financial statements that comply with
FRS 102 Section 1A "Small Entities". The date of transition is 1 February 2015.

There are no adjustments required as a result of the transition to FRS 102 Section 1A.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the
choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported
results or net asset position of the company; it may later be determined that a different choice would have been
more appropriate. Management considers that certain accounting estimates and assumptions relating to
revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical
accounting estimates.

Turnover
Turnover represents the value of goods and services provided under contracts to the extent that there is a right
to consideration and is recorded at the value of the consideration due.

Where a contract has only been partly completed at the balance sheet date turnover represents the value of the
service provided to date based on a proportion of the total expected consideration at completion. Where
payments are received in advance of services provided, the amounts are recorded as payments on account and
included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 have been enacted or
substantively enacted by the statement of financial position date.


Page 3 continued...
TIBS ENERGY LIMITED (REGISTERED NUMBER: 04518406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2017

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position 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.

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 profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments are initially measured at transaction price and subsequently at amortised cost using
the effective interest method, where material. Derivative financial instruments are initially recorded at cost and
thereafter at fair value with changes recognised in profit or loss, where material.

Amounts recoverable on contracts
Amounts recoverable on contracts are accounted for under the "stage of completion method" as defined in UITF
40 as issued by the ASB. It is the company policy to recognise revenue over the time of a contract as it
progresses with reference to the value of the work performed and with regard to contractual obligations.

Payments on account
Payments on account represent monies received in excess of turnover to be recognised over the time of a
contract as it progresses with reference to the value of the work performed and with regard to contractual
obligations.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 10 ) .

5. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1st February 2016
and 31st January 2017 61,991
DEPRECIATION
At 1st February 2016 38,879
Charge for year 5,778
At 31st January 2017 44,657
NET BOOK VALUE
At 31st January 2017 17,334
At 31st January 2016 23,112

Page 4 continued...
TIBS ENERGY LIMITED (REGISTERED NUMBER: 04518406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2017

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 212,430 311,755
Amounts recoverable on contract 152,002 -
Other debtors 81 -
364,513 311,755

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Payments on account 105,457 -
Trade creditors 88,504 176,842
Taxation and social security 18,719 17,160
Other creditors 225,716 3,943
438,396 197,945

Page 5