Company Registration No. 06995902 (England and Wales)
Safe Gas Cylinders Limited
Unaudited accounts
for the year ended 31 January 2017
Safe Gas Cylinders Limited
Unaudited accounts
Contents
Safe Gas Cylinders Limited
Company Information
for the year ended 31 January 2017
Directors
Lisa Curtis
Christina King
Robert Redmond
Company Number
06995902 (England and Wales)
Registered Office
Elba Park Swansea Gate Business Park
Crymlyn Burrows
Swansea
C&C OF Swansea
SA1 8QJ
UK
Accountants
Daniel Perrin & Co Limited
9 Highland Close
Neath Abbey
Neath
SA10 6TT
Safe Gas Cylinders Limited
Statement of financial position
as at
31 January 2017
Tangible assets
833,978
740,467
Cash at bank and in hand
211,255
111,144
Creditors: amounts falling due within one year
(543,599)
(461,975)
Net current liabilities
(150,002)
(108,228)
Total assets less current liabilities
683,976
632,239
Creditors: amounts falling due after more than one year
(144,395)
(155,947)
Provisions for liabilities
Deferred tax
(61,974)
(41,744)
Net assets
477,607
434,548
Called up share capital
1
1
Profit and loss account
477,606
434,547
Shareholders' funds
477,607
434,548
For the year ending 31 January 2017 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 July 2017.
Robert Redmond
Director
Company Registration No. 06995902
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2017
Safe Gas Cylinders Limited is a private company, limited by shares, registered in England and Wales, registration number 06995902. The registered office and principal place of business is Elba Park Swansea Gate Business Park, Crymlyn Burrows, Swansea, C&C OF Swansea, SA1 8QJ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 January 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 February 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
12 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2017
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.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2016
489,302
498,082
43,998
1,031,382
Additions
-
185,359
17,050
202,409
Disposals
-
(200,000)
-
(200,000)
At 31 January 2017
489,302
483,441
61,048
1,033,791
At 1 February 2016
-
263,143
27,772
290,915
Charge for the year
-
96,688
12,210
108,898
On disposals
-
(200,000)
-
(200,000)
At 31 January 2017
-
159,831
39,982
199,813
At 31 January 2017
489,302
323,610
21,066
833,978
At 31 January 2016
489,302
234,939
16,226
740,467
Trade debtors
38,377
59,547
Accrued income and prepayments
4,000
6,500
Other debtors
139,965
176,556
6
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
11,552
11,552
Trade creditors
23,190
44,172
Taxes and social security
30,701
19,848
Other creditors
478,156
386,403
7
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
144,395
155,947
8
Share capital
2017
2016
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2017
9
Transactions with related parties
The director, Mr Robert Redmond of Safe Gas Cylinders Limited was also the director of Bristol Pub Gas Limited, Surface Industries Limited and Rredmond Holdings during the period.
During the year Safe Gas Cylinders Limited made a loan to Surface Industries Limited. The balance owed to Safe Gas Cylinders Limited by Surface Industries Limited at the balance sheet date was £20,600 (2016: £56,709).
During the year Safe Gas Cylinders Limited made a loan to Rredmond Holdings Limited. This is a company under control of Mr Robert Redmond. The balance owed to Safe Gas Cylinders Limited by Rredmond Holdings Limited at the balance sheet date was £119,705 (2016: £119,705).
During the year Safe Gas Cylinders Limited received a loan from Bristol Pub Gas Limited. This is a company under the control of Mr Robert Redmond. The balance owed by Safe Gas Cylinders Limited to Bristol Pub Gas Limited at the balance sheet date was £98,002 (2016: £98,002).
The company considers Rredmond Holdings Limited to be the ultimate controlling party by virtue of their 100% shareholding in the current and previous year.
11
Average number of employees
During the year the average number of employees was 4 (2016: 5).
12
Reconciliations on adoption of FRS 102
No transitional adjustments were required.