KM GAS & SERVICES LTD NI604761 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Sale of Gas, installation and service of Gas appliances, repairs Digita Accounts Production Advanced 6.30.9574.0 true true NI604761 2022-04-01 2023-03-31 NI604761 2023-03-31 NI604761 bus:Director2 1 2023-03-31 NI604761 bus:OrdinaryShareClass1 2023-03-31 NI604761 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI604761 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI604761 core:CurrentFinancialInstruments 2023-03-31 NI604761 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI604761 core:Non-currentFinancialInstruments 2023-03-31 NI604761 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI604761 core:Goodwill 2023-03-31 NI604761 core:FurnitureFittingsToolsEquipment 2023-03-31 NI604761 core:LandBuildings 2023-03-31 NI604761 core:MotorVehicles 2023-03-31 NI604761 core:OtherPropertyPlantEquipment 2023-03-31 NI604761 bus:SmallEntities 2022-04-01 2023-03-31 NI604761 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI604761 bus:FilletedAccounts 2022-04-01 2023-03-31 NI604761 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI604761 bus:RegisteredOffice 2022-04-01 2023-03-31 NI604761 bus:Director1 2022-04-01 2023-03-31 NI604761 bus:Director2 2022-04-01 2023-03-31 NI604761 bus:Director2 1 2022-04-01 2023-03-31 NI604761 bus:HighestPaidDirector 2022-04-01 2023-03-31 NI604761 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI604761 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI604761 bus:Agent1 2022-04-01 2023-03-31 NI604761 bus:Agent2 2022-04-01 2023-03-31 NI604761 core:Goodwill 2022-04-01 2023-03-31 NI604761 core:FurnitureFittings 2022-04-01 2023-03-31 NI604761 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI604761 core:LandBuildings 2022-04-01 2023-03-31 NI604761 core:MotorVehicles 2022-04-01 2023-03-31 NI604761 core:OfficeEquipment 2022-04-01 2023-03-31 NI604761 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 NI604761 core:PlantMachinery 2022-04-01 2023-03-31 NI604761 countries:NorthernIreland 2022-04-01 2023-03-31 NI604761 2022-03-31 NI604761 bus:Director2 1 2022-03-31 NI604761 core:Goodwill 2022-03-31 NI604761 core:FurnitureFittingsToolsEquipment 2022-03-31 NI604761 core:LandBuildings 2022-03-31 NI604761 core:MotorVehicles 2022-03-31 NI604761 core:OtherPropertyPlantEquipment 2022-03-31 NI604761 2021-04-01 2022-03-31 NI604761 2022-03-31 NI604761 bus:Director2 1 2022-03-31 NI604761 bus:OrdinaryShareClass1 2022-03-31 NI604761 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 NI604761 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 NI604761 core:CurrentFinancialInstruments 2022-03-31 NI604761 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI604761 core:Non-currentFinancialInstruments 2022-03-31 NI604761 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI604761 core:FurnitureFittingsToolsEquipment 2022-03-31 NI604761 core:LandBuildings 2022-03-31 NI604761 core:MotorVehicles 2022-03-31 NI604761 core:OtherPropertyPlantEquipment 2022-03-31 NI604761 bus:Director2 1 2021-04-01 2022-03-31 NI604761 bus:HighestPaidDirector 2021-04-01 2022-03-31 NI604761 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI604761

KM GAS & SERVICES LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

KM GAS & SERVICES LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

KM GAS & SERVICES LTD

Company Information

Directors

Mr Kieran Murray

Mr Killian Murray

Registered office

37A Newry Street
Newtownhamilton
Newry
Co Down
BT35 0AB

Bankers

Danske Bank
Newry
58 Hill Street
Newry
BT34 1BD

Bank of Ireland
Newry
12 Trevor Hill
Newry
Co Down
BT34 1DT

Accountants

SP McKeown & Co Ltd
Chartered Certified Accoutant
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

KM GAS & SERVICES LTD

(Registration number: NI604761)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

316,524

349,326

Current assets

 

Stocks

6

62,700

77,700

Debtors

7

107,158

95,363

Cash at bank and in hand

 

17,572

43,500

 

187,430

216,563

Creditors: Amounts falling due within one year

8

(297,765)

(363,702)

Net current liabilities

 

(110,335)

(147,139)

Total assets less current liabilities

 

206,189

202,187

Creditors: Amounts falling due after more than one year

8

(200,149)

(225,214)

Provisions for liabilities

(12,762)

(7,155)

Net liabilities

 

(6,722)

(30,182)

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

(6,726)

(30,186)

Shareholders' deficit

 

(6,722)

(30,182)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

 

KM GAS & SERVICES LTD

(Registration number: NI604761)
Balance Sheet as at 31 March 2023

.........................................
Mr Killian Murray
Director

   
     
 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
37A Newry Street
Newtownhamilton
Newry
Co Down
BT35 0AB

These financial statements were authorised for issue by the Board on 29 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20 % Reducing Balance Basis

Motor Vehicles

20 % Reducing Balance Basis

Office equipment

12.5 % Reducing Balance Basis

Plant & machinery

20 % Reducing Balance Basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

3 years straight line

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Amortisation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Carrying amount

At 31 March 2023

-

-

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

249,357

18,898

163,584

55,808

487,647

Disposals

-

-

(40,416)

-

(40,416)

At 31 March 2023

249,357

18,898

123,168

55,808

447,231

Depreciation

At 1 April 2022

-

13,613

113,803

10,905

138,321

Charge for the year

-

940

6,645

8,663

16,248

Eliminated on disposal

-

-

(23,862)

-

(23,862)

At 31 March 2023

-

14,553

96,586

19,568

130,707

Carrying amount

At 31 March 2023

249,357

4,345

26,582

36,240

316,524

At 31 March 2022

249,357

6,874

49,781

43,314

349,326

Included within the net book value of land and buildings above is £249,357 (2022 - £249,357) in respect of freehold land and buildings.
 

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

62,700

77,700

7

Debtors

Current

2023
£

2022
£

Trade debtors

68,936

48,438

Other debtors

38,222

46,925

 

107,158

95,363

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

36,790

36,364

Trade creditors

 

168,867

206,719

Taxation and social security

 

71,980

113,629

Accruals and deferred income

 

5,000

5,000

Other creditors

 

15,128

1,990

 

297,765

363,702

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

200,149

225,214

Bank of Ireland have a charge on all lands and premises situate at 16 Barrons Hill, Camlough, Newry, Co. Armagh comprised in Land Registry folios AR128493 and AR128492 Co. Armagh and all lands and premises situate at 37 Newry Street, Newtownhamilton, Co. Armagh comprised in Land Registry folio AR115425 Co. Armagh.

9

Share capital

Allotted, called up and fully paid shares

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

4

4

4

4

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

200,149

220,451

Hire purchase contracts

-

4,763

200,149

225,214

Current loans and borrowings

2023
£

2022
£

Bank borrowings

31,951

31,951

Bank overdrafts

76

-

Hire purchase contracts

4,763

4,413

36,790

36,364

11

Related party transactions

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Killian Murray

Directors Loan payable on demand

(2,074)

(120,659)

133,485

10,752

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Killian Murray

Directors Loan payable on demand

(3,429)

(88,342)

89,697

(2,074)

 

KM GAS & SERVICES LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

27,737

28,739

In respect of the highest paid director:

2023
£

2022
£

Remuneration

27,737

28,739