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Abbey Gas Heating Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Neil Wilson & Co Chartered Accountants
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS

Abbey Gas Heating Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 12

Abbey Gas Heating Limited

Company Information

Director

Mr David Gilling

Company secretary

Mrs Inga Dorrington

Registered office

42a Walnut Road Chelston Torquay Devon TQ2 6HS

Bankers

Santander PO Box 10102 21 Prescot Street London E1 87N

Accountants

Neil Wilson & Co Chartered Accountants 42a Walnut Road Chelston Torquay Devon TQ2 6HS

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Abbey Gas Heating Limited
for the Year Ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abbey Gas Heating Limited for the year ended 31 July 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Abbey Gas Heating Limited, as a body, in accordance with the terms of our engagement letter dated 30 April 2008. Our work has been undertaken solely to prepare for your approval the accounts of Abbey Gas Heating Limited and state those matters that we have agreed to state to the Board of Directors of Abbey Gas Heating Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Gas Heating Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abbey Gas Heating 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 Abbey Gas Heating Limited. You consider that Abbey Gas Heating 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 Abbey Gas Heating 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.

......................................

Neil Wilson & Co Chartered Accountants
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS

16 March 2018

Page 2

Abbey Gas Heating Limited

Statement of Comprehensive Income for the Year Ended 31 July 2017

	Note	2017 £	2016 £
Profit for the year		6,235	10,764
Total comprehensive income for the year		6,235	10,764

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 3

Abbey Gas Heating Limited

(Registration number: 05825153)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,247	2,965
Current assets
Stocks	5	1,100	1,160
Debtors	6	2,092	1,644
Cash at bank and in hand		4,532	5,176
		7,724	7,980
Creditors: Amounts falling due within one year	7	(4,997)	(8,206)
Net current assets/(liabilities)		2,727	(226)
Total assets less current liabilities		4,974	2,739
Provisions for liabilities		(943)	(943)
Net assets		4,031	1,796
Capital and reserves
Called up share capital		3	3
Profit and loss account		4,028	1,793
Total equity		4,031	1,796

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 4

Abbey Gas Heating Limited

(Registration number: 05825153)
Balance Sheet as at 31 July 2017

Approved and authorised by the director on 16 March 2018
 

.........................................

Mr David Gilling

Director

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 5

Abbey Gas Heating Limited

Statement of Changes in Equity for the Year Ended 31 July 2017

	Share capital £	Profit and loss account £	Total £
At 1 August 2016	3	1,793	1,796
Profit for the year	-	6,235	6,235
Total comprehensive income	-	6,235	6,235
Dividends	-	(4,000)	(4,000)
At 31 July 2017	3	4,028	4,031

	Share capital £	Profit and loss account £	Total £
At 1 August 2015	3	1,029	1,032
Profit for the year	-	10,764	10,764
Total comprehensive income	-	10,764	10,764
Dividends	-	(10,000)	(10,000)
At 31 July 2016	3	1,793	1,796

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 6

Abbey Gas Heating Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS

The principal place of business is:
7 Darran Close
Kingsteignton
Newton Abbot
Devon
TQ12 3DX

These financial statements were authorised for issue by the director on 16 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant nand machinery	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Page 7

Abbey Gas Heating Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 8

Abbey Gas Heating Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 3).

Page 9

Abbey Gas Heating Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 August 2016	2,022	13,935	3,511	19,468
Additions	31	-	-	31
At 31 July 2017	2,053	13,935	3,511	19,499
Depreciation
At 1 August 2016	1,364	12,076	3,063	16,503
Charge for the year	172	465	112	749
At 31 July 2017	1,536	12,541	3,175	17,252
Carrying amount
At 31 July 2017	517	1,394	336	2,247
At 31 July 2016	658	1,859	448	2,965

5

Stocks

	2017 £	2016 £
Other inventories	1,100	1,160

6

Debtors

	2017 £	2016 £
Trade debtors	1,058	764
Other debtors	1,034	880
Total current trade and other debtors	2,092	1,644

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	(2,241)	(745)
Trade creditors		2,220	1,991
Taxation and social security		2,354	2,999
Other creditors		2,664	3,961
		4,997	8,206

Page 10

Abbey Gas Heating Limited

Notes to the Financial Statements for the Year Ended 31 July 2017