Inagas Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02603233 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

INAGAS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Kemp

Mrs A F Kemp

SECRETARY:

Mrs A F Kemp

REGISTERED OFFICE:

Holly End House

Water Lane

Bovingdon

Hertfordshire

HP3 0NA

REGISTERED NUMBER:

02603233 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Intangible assets

2

108,633

125,378

Tangible assets

3

33,411

16,269

142,044

141,647

CURRENT ASSETS

Debtors

81,936

65,050

Cash at bank

47

47

81,983

65,097

CREDITORS

Amounts falling due within one year

4

69,655

117,689

NET CURRENT ASSETS/(LIABILITIES)

12,328

(52,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

154,372

89,055

CREDITORS

Amounts falling due after more than one year

4

76,047

13,836

NET ASSETS

78,325

75,219

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

78,225

75,119

SHAREHOLDERS' FUNDS

78,325

75,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 December 2014 and were signed on its behalf by:

M Kemp - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Patents

Patent, the amount paid to register a patent for a new gas machine developed by Inagas Limited in 2010, is being amortised

evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% straight line

Fixtures and fittings

-

15% reducing balance

Computer equipment

-

33.33% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

177,518

Additions

1,119

At 31 March 2014

178,637

AMORTISATION

At 1 April 2013

52,140

Amortisation for year

17,864

At 31 March 2014

70,004

NET BOOK VALUE

At 31 March 2014

108,633

At 31 March 2013

125,378

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

82,008

Additions

24,227

Disposals

(15,859

)

At 31 March 2014

90,376

DEPRECIATION

At 1 April 2013

65,739

Charge for year

7,085

Eliminated on disposal

(15,859

)

At 31 March 2014

56,965

NET BOOK VALUE

At 31 March 2014

33,411

At 31 March 2013

16,269

4.

CREDITORS

Creditors include an amount of £ 89,360 (31.3.13 - £ 18,629 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.3.14

31.3.13

£

£

Repayable by instalments

19,501

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

100

Ordinary

£1

100

100