Company Registration No. 06995902 (England and Wales)
Safe Gas Cylinders Limited
Abbreviated unaudited accounts
for the year ended 31 January 2016
Safe Gas Cylinders Limited
Abbreviated Balance Sheet
as at
31 January 2016
Tangible assets
740,467
635,674
Cash at bank and in hand
111,144
77,191
Creditors: amounts falling due within one year
(461,975)
(361,737)
Net current liabilities
(108,228)
(58,761)
Total assets less current liabilities
632,239
576,913
Creditors: amounts falling due after more than one year
(155,947)
(167,984)
Provisions for liabilities
(41,744)
(26,333)
Net assets
434,548
382,596
Called up share capital
1
1
Profit and loss account
434,547
382,595
Total shareholders' funds
434,548
382,596
For the year ending 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the board on 7 March 2016
Robert Redmond
Director
Company Registration No. 06995902
Safe Gas Cylinders Limited
Notes to the Abbreviated Accounts
for the year ended 31 January 2016
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line
Motor vehicles
20% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
Safe Gas Cylinders Limited
Notes to the Abbreviated Accounts
for the year ended 31 January 2016
2
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
At 1 February 2015
489,302
289,616
43,998
822,916
Additions
-
208,466
-
208,466
At 31 January 2016
489,302
498,082
43,998
1,031,382
At 1 February 2015
-
163,527
23,715
187,242
Charge for the year
-
99,616
4,057
103,673
At 31 January 2016
-
263,143
27,772
290,915
At 31 January 2016
489,302
234,939
16,226
740,467
At 31 January 2015
489,302
126,089
20,283
635,674
3
Share capital
2016
2015
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1