Novagas (LPG) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08848342 (England and Wales)

Novagas (LPG) Limited

Unaudited Financial Statements for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J F Rose

REGISTERED OFFICE:

High Street

Buxted

Uckfield

East Sussex

TN22 4LA

REGISTERED NUMBER:

08848342 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

132,025

154,029

Tangible assets

5

273,995

218,808

406,020

372,837

CURRENT ASSETS

Stocks

34,453

37,550

Debtors

6

367,798

368,225

Cash at bank and in hand

523,363

475,506

925,614

881,281

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

423,074

622,580

NET CURRENT ASSETS

502,540

258,701

TOTAL ASSETS LESS CURRENT LIABILITIES

908,560

631,538

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(33,425

)

(15,201

)

PROVISIONS FOR LIABILITIES

(34,151

)

(20,773

)

NET ASSETS

840,984

595,564

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

840,884

595,464

SHAREHOLDERS' FUNDS

840,984

595,564

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 14 December 2018 and were signed by:

Mr J F Rose - Director

1.	STATUTORY INFORMATION

Novagas (LPG) 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 company and specific criteria have been met for each of

the company's activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Gas cylinders, fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

220,042

AMORTISATION

At 1 April 2017

66,013

Charge for year

22,004

At 31 March 2018

88,017

NET BOOK VALUE

At 31 March 2018

132,025

At 31 March 2017

154,029

5.	TANGIBLE FIXED ASSETS

Gas

cylinders,

fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

85,194

155,446

111,533

4,458

356,631

Additions

19,150

31,438

64,000

2,313

116,901

At 31 March 2018

104,344

186,884

175,533

6,771

473,532

DEPRECIATION

At 1 April 2017

48,640

40,646

46,898

1,639

137,823

Charge for year

13,927

14,626

32,159

1,002

61,714

At 31 March 2018

62,567

55,272

79,057

2,641

199,537

NET BOOK VALUE

At 31 March 2018

41,777

131,612

96,476

4,130

273,995

At 31 March 2017

36,554

114,800

64,635

2,819

218,808

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

book value of £89,730 (2017 - £55,640).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as

restated

£

£

Trade debtors

64,637

60,896

Other debtors

303,161

307,329

367,798

368,225

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as

restated

£

£

Bank loans and overdrafts

-

34,021

Hire purchase contracts

41,056

17,548

Trade creditors

18,230

52,858

Taxation and social security

34,702

63,817

Other creditors

329,086

454,336

423,074

622,580

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

as

restated

£

£

Hire purchase contracts

33,425

15,201

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

as

restated

£

£

Bank loans

-

34,021

Hire purchase contracts

74,481

32,749

74,481

66,770

Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.

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

relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

as restated

£

£

100

Ordinary

£1

100

100

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed amounts totalling £299,155 (2017 - £311,167) to the

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