TIBS Energy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04518406 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2018

FOR

TIBS ENERGY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J M Ruddy

N C Jeavons

SECRETARY:

N C Jeavons

REGISTERED OFFICE:

C/O Thorne International Boiler Services

Broad Lanes

Bilston

West Midlands

WV14 0RQ

REGISTERED NUMBER:

04518406 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

13,000

17,334

CURRENT ASSETS

Debtors

6

357,088

364,513

Cash at bank

426,208

363,492

783,296

728,005

CREDITORS

Amounts falling due within one year

7

4,672

438,396

NET CURRENT ASSETS

778,624

289,609

TOTAL ASSETS LESS CURRENT LIABILITIES

791,624

306,943

ACCRUALS AND DEFERRED INCOME

160,497

8,900

NET ASSETS

631,127

298,043

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

630,127

297,043

SHAREHOLDERS' FUNDS

631,127

298,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2018 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 18th October 2018 and were signed on its behalf by:

N C Jeavons - Director

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 (£).

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 the cost less estimated residual value

of each asset over its useful economic life:

Motor Vehicles

- 25% reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

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.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and tangible fixed assets, are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value

in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is

recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of

inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

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 NIL (2017 - 11 ).

5.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1st February 2017

and 31st January 2018

61,991

DEPRECIATION

At 1st February 2017

44,657

Charge for year

4,334

At 31st January 2018

48,991

NET BOOK VALUE

At 31st January 2018

13,000

At 31st January 2017

17,334

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

212,430

Amounts recoverable on contract

-

152,002

Other debtors

357,088

81

357,088

364,513

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Payments on account

-

105,457

Trade creditors

4,672

88,504

Taxation and social security

-

18,719

Other creditors

-

225,716

4,672

438,396