Rose Gas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06633302 (England and Wales)

Rose Gas Limited

Unaudited Financial Statements for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J F Rose

A B Rose

REGISTERED OFFICE:

High Street

Buxted

Uckfield

East Sussex

TN22 4LA

REGISTERED NUMBER:

06633302 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Tangible assets

3

685,409

618,535

CURRENT ASSETS

Stocks

140,000

110,488

Debtors

4

1,251,138

1,199,284

Cash at bank and in hand

508,206

408,213

1,899,344

1,717,985

CREDITORS

Amounts falling due within one year

5

912,054

780,372

NET CURRENT ASSETS

987,290

937,613

TOTAL ASSETS LESS CURRENT LIABILITIES

1,672,699

1,556,148

CREDITORS

Amounts falling due after more than one year

6

(161,232

)

(180,008

)

PROVISIONS FOR LIABILITIES

(117,569

)

(110,670

)

NET ASSETS

1,393,898

1,265,470

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,393,798

1,265,370

SHAREHOLDERS' FUNDS

1,393,898

1,265,470

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 14 December 2018 and were signed on its behalf by:

J F Rose - Director

1.	STATUTORY INFORMATION

Rose Gas Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods

and provision of services in the ordinary course of the company's activities. Turnover is shown net of

value added tax, returns, rebates and discounts.

The company recognises revenue when the amount can be reliably measured, it is probable that

future economic benefits will flow to the entity and any specific criteria have been met for each of

the company's activities.

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% on reducing balance

Cylinders and bulk tanks

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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 balance sheet date.

Deferred tax

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

at the balance sheet 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 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.

Hire purchase and leasing commitments

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

period of the lease.

3.	TANGIBLE FIXED ASSETS

Cylinders

Plant and

and bulk

Motor

machinery

tanks

vehicles

Totals

£

£

£

£

COST

At 1 January 2017

198,054

719,546

633,813

1,551,413

Additions

-

111,898

139,238

251,136

Disposals

-

-

(37,250

)

(37,250

)

At 31 December 2017

198,054

831,444

735,801

1,765,299

DEPRECIATION

At 1 January 2017

172,863

463,767

296,248

932,878

Charge for year

6,297

55,151

117,998

179,446

Eliminated on disposal

-

-

(32,434

)

(32,434

)

At 31 December 2017

179,160

518,918

381,812

1,079,890

NET BOOK VALUE

At 31 December 2017

18,894

312,526

353,989

685,409

At 31 December 2016

25,191

255,779

337,565

618,535

At the balance sheet date there were tangible fixed assets under hire purchase agreements with net

book value of £264,356 (2016 - £252,464).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as

restated

£

£

Trade debtors

301,164

282,024

Other debtors

949,974

917,260

1,251,138

1,199,284

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as

restated

£

£

Hire purchase contracts

97,307

67,913

Trade creditors

127,050

115,841

Taxation and social security

137,888

196,889

Other creditors

549,809

399,729

912,054

780,372

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

as

restated

£

£

Hire purchase contracts

161,232

180,008

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

-

107,392

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

as

restated

£

£

Hire purchase contracts

258,539

247,921

Bank overdrafts are secured by way of a fixed and floating charge over the undertaking and all

property and assets of the company.

The loans in respect of the hire purchase agreements are secured against the assets to which they

relate.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

as restated

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 December 2017 and 31 December 2016:

2017

2016

as

restated

£

£

A B Rose

Balance outstanding at start of year

5,636

5,636

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,636

5,636

This loan is unsecured, interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed amounts totalling £243,158 (2016 - £243,278) to a

director. This loan is unsecured, interest free and repayable on demand.

The company owed £381,440 (2016 - £424,155) to an unincorporated partnership where the

partners also hold participating interests in the company. This loan is unsecured, interest free and

repayable on demand. The partnership also paid £20,462 (2016 - £nil) for a new car on behalf of the

company during the year and transferred vehicles valued at £18,764 (2016 - £nil) to the company at

the balance sheet date.