Pro-Heat Gas Services Limited Filleted accounts for Companies House (small and micro)

PRO-HEAT GAS SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07296833

Pro-Heat Gas Services Limited

Filleted Unaudited Financial Statements

31 March 2018

Pro-Heat Gas Services Limited

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		8,970	5,823

Current assets

Stocks		4,830	4,050
Debtors	6	5,797	4,477
Cash at bank and in hand		15,022	14,583
		--------	--------
		25,649	23,110

Creditors: amounts falling due within one year	7	17,489		21,923
		--------		--------
Net current assets			8,160	1,187
			--------	-------
Total assets less current liabilities			17,130	7,010

Provisions

Taxation including deferred tax	1,705	1,165
	--------	-------
Net assets	15,425	5,845
	--------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	15,424	5,844
	--------	-------
Shareholders funds	15,425	5,845
	--------	-------

These 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 statement of comprehensive income has not been delivered.

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pro-Heat Gas Services Limited

Balance Sheet (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 31 July 2018 , 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 Financial Statements

Year ended 31st March 2018

1. General information

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

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

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
Fixtures & Fittings	-	15% 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 amounted to 2 (2017: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st April 2017	1,800	–	8,110	1,978	11,888
Additions	–	4,020	–	1,269	5,289
	-------	-------	-------	-------	--------
At 31st March 2018	1,800	4,020	8,110	3,247	17,177
	-------	-------	-------	-------	--------
Depreciation
At 1st April 2017	1,422	–	3,549	1,094	6,065
Charge for the year	76	603	1,140	323	2,142
	-------	-------	-------	-------	--------
At 31st March 2018	1,498	603	4,689	1,417	8,207
	-------	-------	-------	-------	--------
Carrying amount
At 31st March 2018	302	3,417	3,421	1,830	8,970
	-------	-------	-------	-------	--------
At 31st March 2017	378	–	4,561	884	5,823
	-------	-------	-------	-------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	5,647	4,387
Other debtors	150	90
	-------	-------
	5,797	4,477
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	716	180
Corporation tax	5,154	2,705
Other creditors	11,619	19,038
	--------	--------
	17,489	21,923
	--------	--------

8. 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 £15,000 (2017 - £7,675) was paid to the director in the year. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.