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REGISTERED NUMBER: 09177139 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Progases (UK) Limited

Progases (UK) Limited (Registered number: 09177139)






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


Progases (UK) Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: W Donovan





REGISTERED OFFICE: 28 Forth Street
Bootle
Liverpool
Merseyside
L20 8JW





REGISTERED NUMBER: 09177139 (England and Wales)





ACCOUNTANTS: Myersons
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Progases (UK) Limited (Registered number: 09177139)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,200 11,600
Tangible assets 5 2,044,261 1,242,990
Investments 6 55,330 -
2,110,791 1,254,590

CURRENT ASSETS
Stocks 298,977 185,159
Debtors 7 2,254,824 762,223
Cash at bank and in hand 244,142 6,953
2,797,943 954,335
CREDITORS
Amounts falling due within one year 8 1,975,181 601,385
NET CURRENT ASSETS 822,762 352,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,933,553

1,607,540

CREDITORS
Amounts falling due after more than one year 9 (294,766 ) (197,616 )

PROVISIONS FOR LIABILITIES (431,561 ) (221,691 )
NET ASSETS 2,207,226 1,188,233

CAPITAL AND RESERVES
Called up share capital 11 3 3
Retained earnings 2,207,223 1,188,230
SHAREHOLDERS' FUNDS 2,207,226 1,188,233

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 director acknowledges his 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.

Progases (UK) Limited (Registered number: 09177139)

Balance Sheet - continued
31 August 2023


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 director and authorised for issue on 8 March 2024 and were signed by:





W Donovan - Director


Progases (UK) Limited (Registered number: 09177139)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Progases (UK) 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

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 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.


Progases (UK) Limited (Registered number: 09177139)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 12,000
AMORTISATION
At 1 September 2022 400
Charge for year 400
At 31 August 2023 800
NET BOOK VALUE
At 31 August 2023 11,200
At 31 August 2022 11,600

Progases (UK) Limited (Registered number: 09177139)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2022 31,237 1,272,110 225
Additions - 523,405 -
Disposals - - -
At 31 August 2023 31,237 1,795,515 225
DEPRECIATION
At 1 September 2022 - 121,512 179
Charge for year - 50,797 9
Eliminated on disposal - - -
At 31 August 2023 - 172,309 188
NET BOOK VALUE
At 31 August 2023 31,237 1,623,206 37
At 31 August 2022 31,237 1,150,598 46

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 89,494 6,494 1,399,560
Additions 403,176 9,227 935,808
Disposals (50,000 ) - (50,000 )
At 31 August 2023 442,670 15,721 2,285,368
DEPRECIATION
At 1 September 2022 32,920 1,959 156,570
Charge for year 55,181 1,597 107,584
Eliminated on disposal (23,047 ) - (23,047 )
At 31 August 2023 65,054 3,556 241,107
NET BOOK VALUE
At 31 August 2023 377,616 12,165 2,044,261
At 31 August 2022 56,574 4,535 1,242,990

Progases (UK) Limited (Registered number: 09177139)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2022 23,798 - 23,798
Additions - 303,060 303,060
At 31 August 2023 23,798 303,060 326,858
DEPRECIATION
At 1 September 2022 10,645 - 10,645
Charge for year 2,631 44,196 46,827
At 31 August 2023 13,276 44,196 57,472
NET BOOK VALUE
At 31 August 2023 10,522 258,864 269,386
At 31 August 2022 13,153 - 13,153

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 55,330
At 31 August 2023 55,330
NET BOOK VALUE
At 31 August 2023 55,330

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 1,643,549 582,392
Amounts owed by associates 284,955 -
Other debtors 35,989 25,000
Prepayments 290,331 154,831
2,254,824 762,223

Progases (UK) Limited (Registered number: 09177139)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 55,400 55,400
Other loans 79,639 82,789
Hire purchase contracts 48,012 4,338
Trade creditors 528,867 291,526
Tax 136,195 34,677
Social security and other taxes 18,474 15,476
VAT 186,532 103,229
Other creditors 22,202 2,040
Invoice finance creditor 895,154 -
Directors' current accounts 86 20
Accrued expenses 4,620 11,890
1,975,181 601,385

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 1-2 years 55,400 64,400
Bank loans - 2-5 years 83,791 129,987
Hire purchase contracts 155,575 3,229
294,766 197,616

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 194,591 -
Hire purchase contracts 203,587 7,567
Factoring account 895,154 -
1,293,332 7,567

A charge was created on 13th July 2023 securing monies owed to lenders.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
3 Ordinary £1 3 3