GT Gasworks Ltd iXBRL

Company Number: NI613598

GT Gasworks Ltd

Unaudited Financial Statements

for the year ended 31 August 2017

GT Gasworks Ltd

DIRECTOR AND OTHER INFORMATION

Director	Gareth Thompson
Company Number	NI613598
Business Address	55B Derryhirk Road
	Dungannon
	Co. Tyrone
	BT71 6NH
Accountants	CavanaghKelly
	Chartered Accountants
	36-38 Northland Row
	Dungannon
	Co Tyrone
	BT71 6AP

GT Gasworks Ltd

CHARTERED ACCOUNTANTS' REPORT

to the Director on the unaudited financial statements of GT Gasworks Ltd for the year ended 31 August 2017

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 August 2017 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the director of GT Gasworks Ltd, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GT Gasworks Ltd and state those matters that we have agreed to state to the director of GT Gasworks Ltd, in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GT Gasworks Ltd and its director for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

It is your duty to ensure that GT Gasworks Ltd 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 GT Gasworks Ltd. You consider that GT Gasworks Ltd 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 GT Gasworks Ltd. 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.

__________________________________

CAVANAGHKELLY

Chartered Accountants

36-38 Northland Row

Dungannon

Co Tyrone

BT71 6AP

30 May 2018

GT Gasworks Ltd

Company Number: NI613598

STATEMENT OF FINANCIAL POSITION

as at 31 August 2017

			2017		2016
		Notes	£		£
Non-Current Assets

Property, plant and equipment		5	6,803		10,734
			─────────		─────────
Current Assets

Inventories		6	18,956		25,645
Receivables		7	32,073		26,393
Cash and cash equivalents			23,663		8,466
			─────────		─────────
			74,692		60,504
			─────────		─────────
Payables: Amounts falling due within one year		8	(60,049)		(47,081)
			─────────		─────────
Net Current Assets			14,643		13,423
			─────────		─────────
Total Assets less Current Liabilities			21,446		24,157
Payables

Amounts falling due after more than one year		9	(2,674)		(7,257)
			─────────		─────────
Net Assets			18,772		16,900
			═════════		═════════
Equity

Called up share capital			1		1
Revaluation reserve			3,782		3,782
Income statement			14,989		13,117
			─────────		─────────
Equity attributable to owners of the company			18,772		16,900
			═════════		═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 30 May 2018

________________________________
Gareth Thompson
Director

GT Gasworks Ltd

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2017

1.	GENERAL INFORMATION
	GT Gasworks Ltd is a private company limited by shares incorporated in Northern Ireland.

2.	ACCOUNTING POLICIES
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
	Statement of compliance
	The financial statements of the company for the year ended 31 August 2017 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
	Basis of preparation
	The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	Cash flow statement
	The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
	Revenue
	Revenue is recognised upon provision of service to customer.
	Property, plant and equipment and depreciation
	Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
		Plant and machinery	-	25% reducing balance
		Fixtures, fittings and equipment	-	25% reducing balance
		Commerical vehicles	-	25% straight line
	The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
	Inventories
	Inventories are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
	Taxation
	Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
	Share capital of the company
	Ordinary share capital
	The ordinary share capital of the company is presented as equity.

3.	ADOPTION OF FRS 102 SECTION 1A
	This is the first set of financial statements prepared by GT Gasworks Ltd in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 September 2015.

4.	EMPLOYEES
		2017	2016
		Number	Number
	Full time	5	2
		═════════	═════════

5.	PROPERTY, PLANT AND EQUIPMENT
		Plant and	Fixtures,		Total
		machinery	fittings and	Commerical
			equipment	vehicles
		£	£	£	£
	Cost
	At 1 September 2016	194	3,835	18,759	22,788
	Additions	-	1,468	-	1,468
		─────────	─────────	─────────	─────────
	At 31 August 2017	194	5,303	18,759	24,256
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 September 2016	155	2,519	9,380	12,054
	Charge for the year	13	696	4,690	5,399
		─────────	─────────	─────────	─────────
	At 31 August 2017	168	3,215	14,070	17,453
		─────────	─────────	─────────	─────────
	Carrying amount
	At 31 August 2017	26	2,088	4,689	6,803
		═════════	═════════	═════════	═════════
	At 31 August 2016	39	1,316	9,379	10,734
		═════════	═════════	═════════	═════════

6.	INVENTORIES	2017	2016
		£	£
	Finished goods and goods for resale	18,956	25,645
		═════════	═════════

7.	RECEIVABLES	2017	2016
		£	£
	Trade receivables	32,073	26,393
		═════════	═════════

8.	PAYABLES	2017	2016
	Amounts falling due within one year	£	£
	Net obligations under finance leases
	and hire purchase contracts	4,583	4,583
	Trade payables	40,945	30,989
	Taxation	5,531	2,348
	Director's current account	5,313	6,952
	Other creditors	2,477	1,009
	Accruals	1,200	1,200
		─────────	─────────
		60,049	47,081
		═════════	═════════

9.	PAYABLES	2017	2016
	Amounts falling due after more than one year	£	£
	Finance leases and hire purchase contracts	2,674	7,257
		═════════	═════════
	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	4,583	4,583
	Repayable between one and five years	2,674	7,257
		─────────	─────────
		7,257	11,840
		═════════	═════════