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Report of the Director and |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2022 |
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Innergy LPG Limited |
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Report of the Director and |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2022 |
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for |
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Innergy LPG Limited |
Innergy LPG Limited (Registered number: 05601005) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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Company Information | 1 |
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Report of the Director | 2 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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Accountants' Report | 8 |
Innergy LPG Limited |
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Company Information |
for the year ended 31 March 2022 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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8 Navigation Court |
Calder Park |
Wakefield |
West Yorkshire |
WF2 7BJ |
Innergy LPG Limited (Registered number: 05601005) |
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Report of the Director |
for the year ended 31 March 2022 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2022. |
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REVIEW OF BUSINESS |
SUMMARY OF KEY AIMS |
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Innergy Group Limited is a holding company with two trading subsidiaries: Innergy LPG Limited and Innergy LPG (Bulk) Limited. |
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Innergy are experts in bottled gas, bulk LPG, solid fuels, drinks dispense gases, welding gases and welding equipment. We are one of the largest, and fastest growing, independent suppliers of bottled gas, solid fuels and bulk LPG in the UK. We partner with world class brands, including Flogas, Air Products, Buse and Air Liquide to ensure quality and consistency in our product offering. |
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The primary aim of the Group is to maximise profits from the sale of bottled gas, solid fuels, bulk LPG welding gases and welding equipment. |
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The business is managed by the director Mr G Walsh who is also the principal shareholder of Innergy Group Limited. |
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Our key strengths include: |
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- The Management team's expertise accumulated over a large number of years within the sector. |
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- Strong cash-flow. |
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- A dedicated team of staff who ensure the delivery of outstanding service levels. innergy operate and continually develop a "Customer Delight" philosophy. This is measured independently by various independent platforms through regular mystery shopper telephone calls, customer visits, customer telephone interviews and online reviews. Our most recent online customer ratings are extremely pleasing and the best in our industries: |
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- By leveraging our exceptional abilities in exceeding customer expectation, industry leading logistics, LEAN infrastructure and innovative and dynamic management, Innergy Group intends to accelerate our rapid growth by extending our brand geographically and into related product markets. We continue to seek strategic acquisitions that support our growth ambitions. |
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REVIEW OF FINANCIAL PERFORMANCE |
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The company continued to perform well, growing its customer base and extending its geographical footprint. During the year Innergy opened a sixth depot - in Stockport near Manchester - taking our network to six: Leeds, York, Knottingley, Dewsbury, Goole and Manchester. |
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Underlying financial performance was good despite the difficult economic conditions, heavy investment in e-commerce and staff and the negative impact of another very mild winter. |
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Supply chain issues caused by the aftereffects of Covid restrictions on worldwide manufacturing saw a severe shortage of gas cylinders and commercial vehicles. Labour shortages impacted upon the availability and pay levels of HGV drivers. These shortages served to suppress growth. |
Despite these challenges Innergy continued to trade positively benefitting from our diverse product portfolio. |
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Despite these challenges, Innergy continued to achieve growth and improvement across many of our key financial metrics, increased group turnover contributing towards achieving strong increases in group pre-tax profits, cash at bank and net assets. |
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Robust accounting and reporting structures continue to be developed. We handle significant amounts of cash, but the effectiveness of our procedures limited the variance across 12 months at less than 0.0001%. |
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After significant investment and development, a new management system - INNDX went live. INNDX will drive accurate and easily available management reporting, efficient logistics and connected sales and marketing are we immediately saw the benefits in the ability to identify key performance measurements in real time. |
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Significant, ongoing investment has been made in up-skilling employees to help support the growth ambitions of the business. During this period 24 members of staff, including the Managing Director, have been enrolled on development programmes ranging from accounting to operations, sales and marketing to business leadership. Tracy Hutchinson, a highly respected senior Operations Manager, was recruited to the role of Head of Operations from Calor Gas. |
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We believe that the investments made in product development and expansion, employee training and sales and marketing combined with ongoing efficiency gains in operating costs give innergy a strong position to continue to grow and achieve our ambitious growth aspirations. |
Innergy LPG Limited (Registered number: 05601005) |
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Report of the Director |
for the year ended 31 March 2022 |
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Innergy has an ambitious and well-funded growth plan. Innergy's strategy allows it to fairly price potential acquisitions whilst achieving excellent levels of return. |
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CHARITY AND SOCIAL CONTRIBUTION |
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Innergy believe in social and charitable contribution through both time and funding. Organisations that have benefited from our support during this period include enable2, Macmillan Cancer Support, Vulnerable Citizens Support, HCPT, Invictus Wellbeing, Cancer Research UK, Mount St Marys RC School, The Yorkshire Charity, Crisis the homeless charity and St Gemma's Hospice. |
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ECONOMIC CLIMATE |
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The company has been resilient in the current economic climate. Despite ongoing uncertainties caused by the aftereffects of the Coronavirus pandemic and the supply chain crisis Innergy remains confident in our ability to continue to trade profitability, to react to all challenges and to be positioned to make the most of all opportunities that arise. |
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FUTURE DEVELOPMENTS |
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The aims of the board for the next year are: |
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- To accelerate the size and frequency of strategic acquisitions that supports our group growth ambitions. |
- To continue to develop relationships with existing customers. |
- To continue to expand the customer and product base. |
- To research and broaden our expertise within the sector. |
- To be actively involved in supporting, employing & training young people to support the business' growth & future. |
- To strengthen our sales and marketing, particularly our internet channels. |
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DIRECTOR |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Innergy LPG Limited (Registered number: 05601005) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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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 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. |
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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 director and authorised for issue on
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Innergy LPG Limited (Registered number: 05601005) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Innergy LPG Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. |
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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. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Government grants of a revenue nature are recognised as income in the same period as the expenditure to which they relate. |
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Where these grants do not have any performance conditions attached they are recognised as income in full in the period in which entitlement has been satisfied. |
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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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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. |
Innergy LPG Limited (Registered number: 05601005) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
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COST |
At 1 April 2021 |
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Additions |
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Disposals |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Innergy LPG Limited (Registered number: 05601005) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.22 | 31.3.21 |
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Bank loans |
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Hire purchase contracts | 101,385 | 95,846 |
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Bank loans are secured against the fixed assets of the company. |
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Hire purchase is secured on the assets being financed. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
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31.3.22 | 31.3.21 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Innergy LPG Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Innergy LPG Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Innergy LPG Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innergy LPG Limited and state those matters that we have agreed to state to the director of Innergy LPG Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Innergy LPG Limited and its director for our work or for this report. |
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It is your duty to ensure that Innergy LPG Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Innergy LPG Limited. You consider that Innergy LPG Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Innergy LPG Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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8 Navigation Court |
Calder Park |
Wakefield |
West Yorkshire |
WF2 7BJ |
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