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Registration number: 05825153

Abbey Gas Heating Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

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

 

Abbey Gas Heating Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

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 2016

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 2016 set out on pages 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 icaew.com/membershandbook.

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 letterdated 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 them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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
Torquay
Devon
TQ2 6HS

9 December 2016

 

Abbey Gas Heating Limited
(Registration number: 05825153)
Abbreviated Balance Sheet at 31 July 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

2,965

   

3,292

 

Current assets

 

             

Stocks

 

   

1,160

   

1,219

 

Debtors

 

   

2,391

   

2,957

 

Cash at bank and in hand

 

   

5,176

   

3,850

 
   

   

8,727

   

8,026

 

Creditors: Amounts falling due within one year

 

   

(8,951)

   

(9,451)

 

Net current liabilities

 

   

(224)

   

(1,425)

 

Total assets less current liabilities

 

   

2,741

   

1,867

 

Provisions for liabilities

 

   

(943)

   

(835)

 

Net assets

 

   

1,798

   

1,032

 

Capital and reserves

 

             

Called up share capital

 

3

   

3

   

3

 

Profit and loss account

 

   

1,793

   

1,029

 

Balance sheet suspense

 

   

2

   

-

 

Shareholders' funds

 

   

1,798

   

1,032

 

For the year ending 31 July 2016 the company was entitled to exemption 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 director acknowledges his 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 .

Approved by the director on 9 December 2016

.........................................
Mr David Gilling
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

Abbey Gas Heating Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office Equipment

25% reducing balance

Plant & Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Abbey Gas Heating Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 August 2015

 

18,806

   

18,806

 

Additions

 

662

   

662

 

At 31 July 2016

 

19,468

   

19,468

 

Depreciation

           

At 1 August 2015

 

15,514

   

15,514

 

Charge for the year

 

989

   

989

 

At 31 July 2016

 

16,503

   

16,503

 

Net book value

           

At 31 July 2016

 

2,965

   

2,965

 

At 31 July 2015

 

3,292

   

3,292

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary share of £1 each

 

3

   

3

   

3

   

3

 
                         

New shares allotted

During the year - having an aggregate nominal value of £nil were allotted for an aggregate consideration of £nil.

4

Related party transactions

Director's advances and credits

 

2016
Advance/ Credit
£

2016
Repaid
£

2015
Advance/ Credit
£

2015
Repaid
£

Mr David Gilling

Interest free loan

747

-

1,053

-