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REGISTERED NUMBER: 03593282 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Gas Appliance Superstore Limited

Gas Appliance Superstore Limited (Registered number: 03593282)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Gas Appliance Superstore Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr A M King
Mrs K L King





SECRETARY: Mrs K L King





REGISTERED OFFICE: 186 Alder Road
Poole
Dorset
BH12 4AX





REGISTERED NUMBER: 03593282 (England and Wales)





ACCOUNTANTS: Ward Goodman
Chartered Accountants
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Gas Appliance Superstore Limited (Registered number: 03593282)

Abridged Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 200,230 185,329

CURRENT ASSETS
Stocks 40,050 50,300
Debtors 86,347 92,056
Prepayments and accrued income 7,244 8,820
Cash at bank and in hand 295,364 248,963
429,005 400,139
CREDITORS
Amounts falling due within one year 206,854 192,716
NET CURRENT ASSETS 222,151 207,423
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,381

392,752

PROVISIONS FOR LIABILITIES (20,143 ) (15,259 )

ACCRUALS AND DEFERRED INCOME (35,935 ) (50,254 )
NET ASSETS 366,303 327,239

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 366,203 327,139
SHAREHOLDERS' FUNDS 366,303 327,239

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.

Gas Appliance Superstore Limited (Registered number: 03593282)

Abridged Statement of Financial Position - continued
31 July 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 April 2024 and were signed on its behalf by:





Mrs K L King - Director


Gas Appliance Superstore Limited (Registered number: 03593282)

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

1. STATUTORY INFORMATION

Gas Appliance Superstore 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 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.
Freehold property - 2% on cost
Showroom displays - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Contract based work in progress is valued at sales value. This is based on the activities performed by the year end, with the exception that where the consideration for a contract is conditional upon a specified future event which is outside the control of the company, the contract value is not taken into account at the year end. The amount of unbilled contract work is included within other debtors.

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 statement of financial position date.


Gas Appliance Superstore Limited (Registered number: 03593282)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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 statement of financial position 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
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 money purchase pension scheme for the benefit of the directors and employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS

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

Gas Appliance Superstore Limited (Registered number: 03593282)

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022 421,994
Additions 40,295
Disposals (22,901 )
At 31 July 2023 439,388
DEPRECIATION
At 1 August 2022 236,665
Charge for year 21,000
Eliminated on disposal (18,507 )
At 31 July 2023 239,158
NET BOOK VALUE
At 31 July 2023 200,230
At 31 July 2022 185,329

5. PENSION COMMITMENTS

The company operates a money purchase pension scheme for benefit of the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £935 (2022- £902) were due to the fund. These are included within creditors.

6. OTHER FINANCIAL COMMITMENTS

There were no other commitments, contingencies or guarantees made on behalf of directors.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were no advances to the directors during the financial year.

Gross interest was charged on the directors' loan credit balance at varying rates and this totalled £5,667 (2022 - £2,395) during the financial year. The gross charge is included within loan interest in the profit and loss account. The net interest charge is added to the balance of the directors' loan.

Gross interest charged on the loan in the financial year was made at the following rates:
- 4% per annum from 1 August 2022 to 31 October 2022
- 5% per annum from 1 November 2022 to 31 December 2022
- 6% per annum from 1 January 2023 to 31 May 2023
- 7% per annum from 1 June 2023 to 31 July 2023

The loan is unsecured and repayable on demand.