IRIS Accounts Production v23.3.1.45 03351412 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure033514122022-08-31033514122023-08-31033514122022-09-012023-08-31033514122021-08-31033514122021-09-012022-08-31033514122022-08-3103351412ns16:EnglandWales2022-09-012023-08-3103351412ns15:PoundSterling2022-09-012023-08-3103351412ns11:Director12022-09-012023-08-3103351412ns11:PrivateLimitedCompanyLtd2022-09-012023-08-3103351412ns11:SmallEntities2022-09-012023-08-3103351412ns11:AuditExemptWithAccountantsReport2022-09-012023-08-3103351412ns11:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3103351412ns11:SmallCompaniesRegimeForAccounts2022-09-012023-08-3103351412ns11:FullAccounts2022-09-012023-08-3103351412ns11:Director22022-09-012023-08-3103351412ns11:CompanySecretary12022-09-012023-08-3103351412ns11:RegisteredOffice2022-09-012023-08-3103351412ns6:CurrentFinancialInstruments2023-08-3103351412ns6:CurrentFinancialInstruments2022-08-3103351412ns6:Non-currentFinancialInstruments2023-08-3103351412ns6:Non-currentFinancialInstruments2022-08-3103351412ns6:ShareCapital2023-08-3103351412ns6:ShareCapital2022-08-3103351412ns6:RetainedEarningsAccumulatedLosses2023-08-3103351412ns6:RetainedEarningsAccumulatedLosses2022-08-3103351412ns6:LandBuildings2022-09-012023-08-3103351412ns6:PlantMachinery2022-09-012023-08-3103351412ns6:LandBuildings2022-08-3103351412ns6:PlantMachinery2022-08-3103351412ns6:LandBuildings2023-08-3103351412ns6:PlantMachinery2023-08-3103351412ns6:LandBuildings2022-08-3103351412ns6:PlantMachinery2022-08-3103351412ns6:LeasedAssetsHeldAsLessee2022-09-012023-08-3103351412ns6:WithinOneYearns6:CurrentFinancialInstruments2023-08-3103351412ns6:WithinOneYearns6:CurrentFinancialInstruments2022-08-31
REGISTERED NUMBER: 03351412 (England and Wales)












L.P. GAS WALES DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2023






L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

L.P. GAS WALES DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: S J Painter
D David





SECRETARY: S J Painter





REGISTERED OFFICE: E M Edwards Works
Llandarcy
Neath
Glamorgan
SA10 6JY





REGISTERED NUMBER: 03351412 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 365,868 332,530

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 47,564 63,682
Cash at bank 188,464 59,272
237,028 123,954
CREDITORS
Amounts falling due within one year 6 148,865 94,033
NET CURRENT ASSETS 88,163 29,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,031

362,451

CREDITORS
Amounts falling due after more than one year 7 (163,261 ) (152,648 )

PROVISIONS FOR LIABILITIES (56,637 ) (39,381 )
NET ASSETS 234,133 170,422

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 234,033 170,322
SHAREHOLDERS' FUNDS 234,133 170,422

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Statement of Income and Retained Earnings has not been delivered.

L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

BALANCE SHEET - continued
31 AUGUST 2023



The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:





D David - Director


L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

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

1. STATUTORY INFORMATION

L.P. Gas Wales Direct 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% reducing balance and Nil
Plant and machinery etc - 25% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 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.

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their
settlement value.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

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

2. ACCOUNTING POLICIES - continued
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments held within a deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Grants
Government grants towards revenue items are released to the profit and loss account when the expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 124,076 755,783 879,859
Additions - 110,388 110,388
Disposals - (24,490 ) (24,490 )
At 31 August 2023 124,076 841,681 965,757
DEPRECIATION
At 1 September 2022 6,199 541,130 547,329
Charge for year (434 ) 61,779 61,345
Eliminated on disposal - (8,785 ) (8,785 )
At 31 August 2023 5,765 594,124 599,889
NET BOOK VALUE
At 31 August 2023 118,311 247,557 365,868
At 31 August 2022 117,877 214,653 332,530

Included in cost of land and buildings is freehold land of £ 110,000 (2022 - £ 110,000 ) which is not depreciated.

L.P. GAS WALES DIRECT LIMITED (REGISTERED NUMBER: 03351412)

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

4. TANGIBLE FIXED ASSETS - continued

The NBV of assets held on hire purchase at the year end is £127,044 (2022 £130,009).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,009 37,625
Amounts owed by group undertakings 28,584 24,262
Other debtors 1,971 1,795
47,564 63,682

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,737 20,266
Hire purchase contracts 45,075 35,523
Trade creditors 12,959 7,677
Taxation and social security 61,318 19,792
Other creditors 13,776 10,775
148,865 94,033

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 41,056 51,591
Hire purchase contracts 122,205 101,057
163,261 152,648

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 167,280 136,580

The hire purchase liabilities are secured on the assets to which they relate.

The loan is secured by way of first legal charge over freehold property at Land and Buildings at Llandarcy, and also by an unlimited debenture.

9. RELATED PARTY DISCLOSURES

The company is wholly owned by L.P. Gas Ltd

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
L.P. GAS WALES DIRECT LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of L.P. Gas Wales Direct Limited for the year ended 31 August 2023 which comprise the Statement of Income and Retained Earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of L.P. Gas Wales Direct Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of L.P. Gas Wales Direct Limited and state those matters that we have agreed to state to the Board of Directors of L.P. Gas Wales Direct Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L.P. Gas Wales Direct Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that L.P. Gas Wales Direct 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 L.P. Gas Wales Direct Limited. You consider that L.P. Gas Wales Direct 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 L.P. Gas Wales Direct 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.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


13 February 2024