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Registration number: 06840122

Combined Gas Services Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2022

 

Combined Gas Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Combined Gas Services Limited

Company Information

Directors

Mr Gavin Cox

Mr Glyn Cox

Registered office

Unit 129 South Liberty Lane
Ashton Vale
Bristol
BS3 2SZ

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Combined Gas Services Limited

(Registration number: 06840122)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

         

Fixed assets

   

Tangible assets

6

 

24,260

13,630

Current assets

   

Stocks

7

7,000

 

7,000

Debtors

8

441,942

 

453,866

Cash at bank and in hand

 

38,782

 

2,652

 

487,724

 

463,518

Creditors: Amounts falling due within one year

9

(344,758)

 

(392,778)

Net current assets

   

142,966

70,740

Total assets less current liabilities

   

167,226

84,370

Creditors: Amounts falling due after more than one year

9

 

(162,061)

(99,167)

Provisions for liabilities

 

(4,610)

(2,590)

Net assets/(liabilities)

   

555

(17,387)

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

455

 

(17,487)

Total equity

   

555

(17,387)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Combined Gas Services Limited

(Registration number: 06840122)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 5 September 2022 and signed on its behalf by:
 

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

Mr Gavin Cox
Director

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

Mr Glyn Cox
Director

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
Unit 129 South Liberty Lane
Ashton Vale
Bristol
BS3 2SZ

These financial statements were authorised for issue by the Board on 5 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

There was a net deficiency of assets at the balance sheet date, however, the directors have confirmed continued support and consider the company retains sufficient working capital to continue trade for the foreseeable future.The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 directors) during the year, was 6 (2021 - 5).

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Taxation

Tax charged/(credited) in the income statement

2022
£

2021
£

Current taxation

UK corporation tax

27,240

(17,071)

UK corporation tax adjustment to prior periods

(218)

(14)

27,022

(17,085)

Deferred taxation

Arising from changes in tax rates and laws

-

(682)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

2,020

-

Total deferred taxation

2,020

(682)

Tax expense/(receipt) in the income statement

29,042

(17,767)

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

19,000

19,000

At 31 March 2022

19,000

19,000

Amortisation

At 1 April 2021

19,000

19,000

At 31 March 2022

19,000

19,000

Carrying amount

At 31 March 2022

-

-

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

16,271

7,922

32,700

56,893

Additions

18,725

-

-

18,725

At 31 March 2022

34,996

7,922

32,700

75,618

Depreciation

At 1 April 2021

12,822

4,403

26,038

43,263

Charge for the year

5,258

1,171

1,666

8,095

At 31 March 2022

18,080

5,574

27,704

51,358

Carrying amount

At 31 March 2022

16,916

2,348

4,996

24,260

At 31 March 2021

3,449

3,519

6,662

13,630

7

Stocks

2022
£

2021
£

Other inventories

7,000

7,000

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Debtors

Current

2022
£

2021
£

Trade debtors

310,329

322,928

Prepayments

149

149

Other debtors

131,464

130,789

 

441,942

453,866

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

11,192

26,170

Trade creditors

 

197,172

127,962

Taxation and social security

 

115,828

171,022

Accruals and deferred income

 

600

600

Other creditors

 

19,966

67,024

 

344,758

392,778

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

49,071

49,167

Other non-current financial liabilities

 

112,990

50,000

 

162,061

99,167

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £49,071 (2021 - £75,337).

The company has a Coronavirus Bounce Back Loan of £49,071 (2021 - £50,000) which is guaranteed in part by the UK government.

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

11

Related party transactions

At the year end date the amount owed to related parties totalled £132,990 (2021 - £114,990). The loans were interest free and repayable on demand.

 

Combined Gas Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Directors loan account

75,902

66,212

(75,902)

66,212

         
       

 

2021

At 1 April 2020
£

Advances to director
£

At 31 March 2021
£

Directors loan account

(5,555)

81,457

75,902