ABER GAS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Company Registration No. SC239752 (Scotland)
ABER GAS SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr Philip McCardel
Mr Ross McCardel
Mrs Helene Karatas
Secretary
Mrs Doreen McCardel
Company number
SC239752
Registered office
8A Carron Place
Kelvin Industrial Estate
East Kilbride
South Lanarkshire
Scotland
G75 0YL
Accountants
William Duncan + Co Ltd
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
ABER GAS SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ABER GAS SERVICES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ABER GAS SERVICES LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aber Gas Services Limited for the year ended 28 February 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Aber Gas Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aber Gas Services Limited and state those matters that we have agreed to state to the Board of Directors of Aber Gas Services Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aber Gas Services Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Aber Gas Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aber Gas Services Limited. You consider that Aber Gas Services 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 financial statements of Aber Gas Services 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 financial statements.

William Duncan + Co Ltd
28 November 2023
Chartered Accountants
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
ABER GAS SERVICES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
766,422
467,021
Current assets
Stocks
34,784
37,033
Debtors
5
115,590
173,963
Cash at bank and in hand
430,285
542,352
580,659
753,348
Creditors: amounts falling due within one year
6
(331,695)
(478,449)
Net current assets
248,964
274,899
Total assets less current liabilities
1,015,386
741,920
Creditors: amounts falling due after more than one year
7
(262,605)
(296,121)
Provisions for liabilities
(99,482)
(62,766)
Net assets
653,299
383,033
Capital and reserves
Called up share capital
9
80,000
80,000
Profit and loss reserves
573,299
303,033
Total equity
653,299
383,033

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ABER GAS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr Ross McCardel
Mrs Helene Karatas
Director
Director
Company registration number SC239752 (Scotland)
ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information

Aber Gas Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 8A Carron Place, Kelvin Industrial Estate, East Kilbride, South Lanarkshire, Scotland, G75 0YL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
No depreciation
Filling plant
No depreciation
Leasehold improvements
4% on cost and 25% reducing balance
Plant and machinery
25% reducing balance, 6.67% on cost and 20% on cost
Office equipment
25% on cost
Motor vehicles
4% on cost and 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

 

ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
21
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
202,900
1,480,359
1,683,259
Additions
236,595
181,030
417,625
Disposals
-
0
(38,860)
(38,860)
At 28 February 2023
439,495
1,622,529
2,062,024
Depreciation and impairment
At 1 March 2022
71,157
1,145,081
1,216,238
Depreciation charged in the year
4,671
104,476
109,147
Eliminated in respect of disposals
-
0
(29,783)
(29,783)
At 28 February 2023
75,828
1,219,774
1,295,602
Carrying amount
At 28 February 2023
363,667
402,755
766,422
At 28 February 2022
131,743
335,278
467,021
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,545
142,481
Corporation tax recoverable
-
0
29,014
Other debtors
19,141
17
Prepayments and accrued income
2,904
2,451
115,590
173,963
ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
48,000
48,000
Obligations under finance leases
52,790
36,455
Other borrowings
8
25,000
25,000
Trade creditors
83,995
148,635
Corporation tax
51,030
75,246
Other taxation and social security
5,583
38,872
Other creditors
39,747
34,121
Accruals and deferred income
25,550
72,120
331,695
478,449
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
116,000
164,000
Obligations under finance leases
104,938
42,575
Other borrowings
8
41,667
66,667
Other creditors
-
0
22,879
262,605
296,121
8
Loans and overdrafts
2023
2022
£
£
Bank loans
164,000
212,000
Other loans
66,667
91,667
230,667
303,667
Payable within one year
73,000
73,000
Payable after one year
157,667
230,667

HSBC Bank Plc hold a floating charge over the whole of the Company's undertaking and assets, and a Standard security over Unit 2, 8a Carron Place, Kelvin Industrial Estate, East Kilbride, G75 0YL.

 

 

 

ABER GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80,000
80,000
80,000
80,000
10
Directors' transactions

During the year Philip McCardel was repaid £24,000. The balance outstanding and due by Aber Gas Services Ltd at 28 February 2023 is £22,879 (2022 - £46,879).

Dividends totalling £24,000 (2022 - £25,000) were paid in the year in respect of shares held by the director, Mr Philip McCardel.

 

 

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