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REGISTERED NUMBER: 10218359 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

GAS SALES & SERVICE LIMITED

GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAS SALES & SERVICE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: A C Haycock
Mrs L Haycock





REGISTERED OFFICE: 61 Station Road
Sudbury
Suffolk
CO10 2SP





REGISTERED NUMBER: 10218359 (England and Wales)





ACCOUNTANTS: Seago and Stopps
Chartered Certified Accountants
61 Station Road
Sudbury
Suffolk
CO10 2SP

GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)

BALANCE SHEET
31 JULY 2023

31.7.22 31.7.23
£    £    Notes £    £   
FIXED ASSETS
28,400 Intangible assets 4 19,500
94,524 Tangible assets 5 141,023
122,924 160,523

CURRENT ASSETS
27,493 Stocks 47,947
148,339 Debtors 6 120,474
378,659 Cash at bank and in hand 639,637
554,491 808,058
CREDITORS
260,625 Amounts falling due within one year 7 168,642
293,866 NET CURRENT ASSETS 639,416
416,790 TOTAL ASSETS LESS CURRENT
LIABILITIES

799,939

CREDITORS
(52,845 ) Amounts falling due after more than one
year

8

(336,986

)

(14,402 ) PROVISIONS FOR LIABILITIES (31,417 )
349,543 NET ASSETS 431,536

GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)

BALANCE SHEET - continued
31 JULY 2023

31.7.22 31.7.23
£    £    Notes £    £   
CAPITAL AND RESERVES
10 Called up share capital 10
22,477 Revaluation reserve 18,735
327,056 Retained earnings 412,791
349,543 431,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





Mrs L Haycock - Director


GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Gas Sales & Service Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of work completed during the year, by reference to invoiced sales and the movement between opening and closing trade debtor balances.

Intangible assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

In addition to this a customer list was acquired during the year ended 31 July 2019 from a third party for the sum of £12,000 and the goodwill in respect of this purchase is being amortised over an estimated useful economic life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% on reducing balance
Motor vehicles and bikes - 10% on reducing balance
Computer equipment - 10% on reducing balance

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

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts.


GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 77,000
AMORTISATION
At 1 August 2022 48,600
Amortisation for year 8,900
At 31 July 2023 57,500
NET BOOK VALUE
At 31 July 2023 19,500
At 31 July 2022 28,400

GAS SALES & SERVICE LIMITED (REGISTERED NUMBER: 10218359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS
Motor
Plant and vehicles Computer
Totals machinery and bikes equipment
£    £    £    £   
COST
At 1 August 2022 148,031 53,965 82,450 11,616
Additions 62,181 - 61,013 1,168
At 31 July 2023 210,212 53,965 143,463 12,784
DEPRECIATION
At 1 August 2022 53,507 23,487 26,177 3,843
Charge for year 15,682 3,065 11,727 890
At 31 July 2023 69,189 26,552 37,904 4,733
NET BOOK VALUE
At 31 July 2023 141,023 27,413 105,559 8,051
At 31 July 2022 94,524 30,478 56,273 7,773

Certain assets were revalued as at 31 July 2017 in accordance with Section 18 of Financial Reporting Standard 102. The surplus on revaluation has been transferred to the revaluation reserve.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 98,595 130,434
Other debtors 21,879 17,905
120,474 148,339

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 12,666 132,406
Trade creditors 119,666 109,805
Taxation and social security 31,460 13,663
Other creditors 4,850 4,751
168,642 260,625

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.23 31.7.22
£    £   
Other creditors 336,986 52,845