Company Registration No. 06995902 (England and Wales)
Safe Gas Cylinders Limited
Unaudited accounts
for the year ended 31 January 2019
Safe Gas Cylinders Limited
Unaudited accounts
Contents
Safe Gas Cylinders Limited
Company Information
for the year ended 31 January 2019
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 Stanley Place
Cadoxton
Neath
West Glamorgan
SA10 8BE
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Safe Gas Cylinders Limited
for the year ended 31 January 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Safe Gas Cylinders Limited for the year ended
31 January 2019 as set out on pages
5 -
8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html
This report is made solely to the Board of Directors of Safe Gas Cylinders Limited, as a body, in accordance with the terms of our engagement letter dated 30 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of Safe Gas Cylinders Limited and state those matters that we have agreed to state to the Board of Directors of Safe Gas Cylinders Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safe Gas Cylinders Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Safe Gas Cylinders Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Safe Gas Cylinders Limited. You consider that Safe Gas Cylinders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Safe Gas Cylinders 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 accounts.
Daniel Perrin & Co Limited
Chartered Certified Accountants
9 Stanley Place
Cadoxton
Neath
West Glamorgan
SA10 8BE
30 October 2019
Safe Gas Cylinders Limited
Statement of financial position
as at
31 January 2019
Tangible assets
946,589
942,021
Cash at bank and in hand
38,637
92,595
Creditors: amounts falling due within one year
(603,664)
(559,228)
Net current liabilities
(252,737)
(218,378)
Total assets less current liabilities
693,852
723,643
Creditors: amounts falling due after more than one year
(376,791)
(388,343)
Provisions for liabilities
Deferred tax
(15,506)
(14,638)
Net assets
301,555
320,662
Called up share capital
1
1
Profit and loss account
301,554
320,661
Shareholders' funds
301,555
320,662
For the year ending 31 January 2019 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 30 October 2019.
Robert Redmond
Director
Company Registration No. 06995902
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2019
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 2019 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 February 2017.
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 the notes 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. 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
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 assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2019
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2018
864,980
75,761
61,048
1,001,789
Additions
-
21,000
-
21,000
Disposals
-
-
(61,048)
(61,048)
At 31 January 2019
864,980
96,761
-
961,741
At 1 February 2018
-
7,576
52,192
59,768
Charge for the year
-
7,576
-
7,576
On disposals
-
-
(52,192)
(52,192)
At 31 January 2019
-
15,152
-
15,152
At 31 January 2019
864,980
81,609
-
946,589
At 31 January 2018
864,980
68,185
8,856
942,021
Trade debtors
20,325
6,290
Accrued income and prepayments
2,000
2,000
Other debtors
289,965
239,965
6
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
11,552
11,552
Trade creditors
29,239
2,941
Taxes and social security
7,211
10,808
Other creditors
533,927
533,927
Loans from directors
21,735
-
7
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
376,791
388,343
8
Deferred taxation
2019
2018
Accelerated capital allowances
15,506
14,638
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2019
Provision at start of year
14,638
61,974
Charged/(credited) to the profit and loss account
868
(47,336)
Provision at end of year
15,506
14,638
9
Share capital
2019
2018
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Average number of employees
During the year the average number of employees was 5 (2018: 4).