IRIS Accounts Production v23.4.0.336 01431973 Board of Directors 1.1.23 31.12.23 31.12.23 28.3.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure014319732022-12-31014319732023-12-31014319732023-01-012023-12-31014319732022-06-30014319732022-07-012022-12-31014319732022-12-3101431973ns16:EnglandWales2023-01-012023-12-3101431973ns15:PoundSterling2023-01-012023-12-3101431973ns11:Director12023-01-012023-12-3101431973ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3101431973ns11:SmallEntities2023-01-012023-12-3101431973ns11:Audited2023-01-012023-12-3101431973ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101431973ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101431973ns11:FullAccounts2023-01-012023-12-3101431973ns11:Director22023-01-012023-12-3101431973ns11:RegisteredOffice2023-01-012023-12-3101431973ns6:CurrentFinancialInstruments2023-12-3101431973ns6:CurrentFinancialInstruments2022-12-3101431973ns6:ShareCapital2023-12-3101431973ns6:ShareCapital2022-12-3101431973ns6:CapitalRedemptionReserve2023-12-3101431973ns6:CapitalRedemptionReserve2022-12-3101431973ns6:RetainedEarningsAccumulatedLosses2023-12-3101431973ns6:RetainedEarningsAccumulatedLosses2022-12-3101431973ns6:PlantMachinery2023-01-012023-12-3101431973ns6:PlantMachinery2022-12-3101431973ns6:PlantMachinery2023-12-3101431973ns6:PlantMachinery2022-12-3101431973ns6:WithinOneYearns6:CurrentFinancialInstruments2023-12-3101431973ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3101431973ns6:WithinOneYear2023-12-3101431973ns6:WithinOneYear2022-12-3101431973ns6:BetweenOneFiveYears2023-12-3101431973ns6:BetweenOneFiveYears2022-12-3101431973ns6:AllPeriods2023-12-3101431973ns6:AllPeriods2022-12-31
REGISTERED NUMBER: 01431973 (England and Wales)















GLASTON COMPRESSOR SERVICES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GLASTON COMPRESSOR SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A C J Bongaerts
A M Rubinstein





REGISTERED OFFICE: Technology House
Maylands Avenue
Hemel Hempstead
HP2 7DF





REGISTERED NUMBER: 01431973 (England and Wales)





AUDITORS: DJH Mitten Clarke Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 204,410 71,561

CURRENT ASSETS
Inventories 572,045 395,957
Debtors 5 5,712,356 4,733,556
Cash at bank and in hand 106,027 835,616
6,390,428 5,965,129
CREDITORS
Amounts falling due within one year 6 (268,814 ) (818,543 )
NET CURRENT ASSETS 6,121,614 5,146,586
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,326,024

5,218,147

PROVISIONS FOR LIABILITIES (47,324 ) (5,820 )
NET ASSETS 6,278,700 5,212,327

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 6,278,600 5,212,227
6,278,700 5,212,327

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 28 March 2024 and were signed on its behalf by:





A M Rubinstein - Director


GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

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


1. STATUTORY INFORMATION

Glaston Compressor Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01431973 and registered office is Technology House, Maylands Avenue, Hemel Hempstead, England, HP2 7DF.

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.

The directors recognise that the future cannot be predicted with certainty. The directors expect the company to continue trading and generating profit.

As at 31 December 2023 the company had reserves of £6,278,700 (2022: £5,212,327). Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge.
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the date of the statement of financial position may impact on the level of provision required.
Estimating the recoverability of trade receivables is considered the key judgement in calculating the bad debt provision at the year end.

GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

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


2. ACCOUNTING POLICIES - continued

Revenue
Revenue is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of turnover can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is estimated selling price less costs to complete and sell. The cost comprises of actual purchase price.

Work in Progress represents the value of work done as at the year end but not yet invoiced.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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.


GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 28 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023 330,493
Additions 205,119
Disposals (88,897 )
At 31 December 2023 446,715
DEPRECIATION
At 1 January 2023 258,932
Charge for year 63,194
Eliminated on disposal (79,821 )
At 31 December 2023 242,305
NET BOOK VALUE
At 31 December 2023 204,410
At 31 December 2022 71,561

GLASTON COMPRESSOR SERVICES LIMITED (REGISTERED NUMBER: 01431973)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 822,441 724,213
Amounts owed by group undertakings 4,817,541 3,979,842
Other debtors 72,374 29,501
5,712,356 4,733,556

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 52,285 92,082
Taxation and social security 138,627 595,569
Other creditors 77,902 130,892
268,814 818,543

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 50,000 50,000
Between one and five years 29,167 79,167
79,167 129,167

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Mitten Clarke Audit Limited

9. ULTIMATE CONTROLLING PARTY

The immediate parent company is Atlas Copco Limited, a company registered in England and Wales. The registered address is Technology House, Maylands Avenue, Hemel Hempstead, HP2 7DF.

The ultimate parent company and the group in which the results of company are consolidated is Atlas Copco AB, a company registered in Sweden. The registered address is SE-105 23 Stockholm, Sweden.