Registered number
06918760
Smith Gas & Oil Ltd
Filleted Accounts
31 July 2023
Smith Gas & Oil Ltd
Registered number: 06918760
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 222,178 184,862
Current assets
Stocks 10,700 10,700
Debtors 4 121,300 129,798
Cash at bank and in hand 135,143 138,335
267,143 278,833
Creditors: amounts falling due within one year 5 (115,077) (124,487)
Net current assets 152,066 154,346
Total assets less current liabilities 374,244 339,208
Creditors: amounts falling due after more than one year 6 (46,001) (54,188)
Net assets 328,243 285,020
Capital and reserves
Called up share capital 4 2
Profit and loss account 328,239 285,018
Shareholders' funds 328,243 285,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr P Smith
Director
Approved by the board on 9 October 2023
Smith Gas & Oil Ltd
Notes to the Accounts
for the year ended 31 July 2023
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:
Plant and machinery 25% reducing balance
Office Equipment & Fixtures 25% reducing balance
Motor vehicles 25% 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 142,500 65,470 148,656 356,626
Additions - - 63,875 63,875
At 31 July 2023 142,500 65,470 212,531 420,501
Depreciation
At 1 August 2022 - 49,266 122,498 171,764
Charge for the year - 4,051 22,508 26,559
At 31 July 2023 - 53,317 145,006 198,323
Net book value
At 31 July 2023 142,500 12,153 67,525 222,178
At 31 July 2022 142,500 16,204 26,158 184,862
4 Debtors 2023 2022
£ £
Trade debtors 95,124 111,815
Other debtors 26,176 17,983
121,300 129,798
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 28,408 31,027
Corporation tax 39,339 46,189
Other taxes and social security costs 44,131 44,704
Other creditors 3,199 2,567
115,077 124,487
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 46,001 54,188
7 Other information
Smith Gas & Oil Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Dyson Street
Bradford
BD9 4DE
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