Registered number
08815115
GAS & ELEC SOLUTIONS LTD
Unaudited Filleted Accounts
31 December 2022
GAS & ELEC SOLUTIONS LTD
Registered number: 08815115
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 186,038 92,305
Current assets
Debtors 4 570 6,799
Cash at bank and in hand 29,233 29,990
29,803 36,789
Creditors: amounts falling due within one year 5 (96,484) (75,207)
Net current liabilities (66,681) (38,418)
Total assets less current liabilities 119,357 53,887
Creditors: amounts falling due after more than one year 6 (100,214) (36,376)
Net assets 19,143 17,511
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,142 17,510
Shareholder's funds 19,143 17,511
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F Henderson
Director
Approved by the board on 2 October 2023
GAS & ELEC SOLUTIONS LTD
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 67,140 5,059 46,629 118,828
Additions 98,766 - - 98,766
At 31 December 2022 165,906 5,059 46,629 217,594
Depreciation
At 1 January 2022 - 5,059 21,464 26,523
Charge for the year - - 5,033 5,033
At 31 December 2022 - 5,059 26,497 31,556
Net book value
At 31 December 2022 165,906 - 20,132 186,038
At 31 December 2021 67,140 - 25,165 92,305
4 Debtors 2022 2021
£ £
Trade debtors 570 6,799
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 2,956 -
Obligations under finance lease and hire purchase contracts 4,606 4,606
Taxation and social security costs 8,589 4,600
Other creditors 80,333 66,001
96,484 75,207
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 87,495 20,613
Obligations under finance lease and hire purchase contracts 12,719 15,763
100,214 36,376
7 Other information
GAS & ELEC SOLUTIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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