Geotek Heating Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06841954 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

for

Geotek Heating Ltd

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

31,620

39,022

CURRENT ASSETS

Stocks

291,712

109,849

Debtors

643,182

845,267

Cash at bank

51,139

-

986,033

955,116

CREDITORS

Amounts falling due within one year

1,005,951

984,785

NET CURRENT LIABILITIES

(19,918

)

(29,669

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,702

9,353

CREDITORS

Amounts falling due after more than one year

(5,315

)

(1,575

)

PROVISIONS FOR LIABILITIES

(6,054

)

(7,196

)

NET ASSETS

333

582

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

233

482

SHAREHOLDERS' FUNDS

333

582

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:

Mr D J Speller - Director

Mr J Dillon - 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% - 50% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account in the period to which they relate.

Sales invoice factoring

The company undertakes sales invoice financing. The full amount of trade debtors is shown in the balance sheet,

with amounts drawn down and due to the finance company shown in other creditors.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

95,568

Additions

13,173

Disposals

(18,750

)

At 31 March 2014

89,991

DEPRECIATION

At 1 April 2013

56,546

Charge for year

14,932

Eliminated on disposal

(13,107

)

At 31 March 2014

58,371

NET BOOK VALUE

At 31 March 2014

31,620

At 31 March 2013

39,022

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end and included within other debtors are amounts due from the directors as follows:

Mr J Dillon £102,269 (2013: £23,417)

Mr D J Speller £10,022 (2013: £115,243 due to)

These loans have no fixed repayment date and were charged interest at a commercial rate. The maximum

amount outstanding during the year was £102,269, Mr J Dillon, and £10,022, Mr D J Speller.