REGISTERED NUMBER:
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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REGISTERED NUMBER:
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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BALANCE SHEET |
30 JUNE 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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BALANCE SHEET - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Gower Gas & Oil (Heating Services) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
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Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue recognition |
Revenue earned in relation to the provision of goods and services is recognised in the period during which the goods and services are provided. |
GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Long leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. The commencement of capitalisation begins when the expenditure for the asset is being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when subsequently all the activities that are necessary to get the asset ready for use are complete. |
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Government grants |
Government grants which the company has claimed which relate to the year have been recognised using the accrual method. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Going concern |
In preparing the financial statements, the directors have considered the current financial position of the company and have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered the company's net assets and the profit reported in the current financial year. |
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The company continues to rely upon the support provided by its bankers, directors and other lenders, but the directors have not received any indication that such support will be withdrawn and the company continues to meet its loan commitments and satisfy loan covenants. |
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In considering the Coronavirus (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, the staff and the customers. |
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After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Long | to | Plant and | Motor |
leasehold | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2019 |
and 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 8,334 | - |
Mortgage | 73,496 | 84,960 |
81,830 | 84,960 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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GOWER GAS & OIL (HEATING SERVICES) |
LIMITED (REGISTERED NUMBER: 05836091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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8. | LEASING AGREEMENTS - continued |
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The company has operating lease commitments at the year end of £1,673 (2019 - £25,447) |
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The company operates from a leasehold premises and has a commitment to pay ground rent. The total commitment is indeterminate, however the annual commitment is approximately £1,400 per annum. |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 6,100 | 9,760 |
Bank loans | 245,019 | 268,325 |
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The hire purchase agreements are secured upon the assets to which they relate. |
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The bank overdraft and loans are secured by fixed and floating charges over the assets of the company. |
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The directors have also provided personal guarantees for the company bank loans. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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2020 | 2019 |
£ | £ |
Ms J E Jones and H J Vickers |
Balance outstanding at start of year | 122,327 | 126,648 |
Amounts advanced | 88,965 | 96,679 |
Amounts repaid | (84,491 | ) | (101,000 | ) |
Balance outstanding at end of year | 117,853 | 122,327 |