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Registration number: 09944801

Yorkshire Gas Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Yorkshire Gas Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Yorkshire Gas Supplies Limited

(Registration number: 09944801)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,378,389

1,232,716

Current assets

 

Stocks

5

10,862

16,064

Debtors

6

432,585

381,422

Cash at bank and in hand

 

27,998

24,751

 

471,445

422,237

Creditors: Amounts falling due within one year

7

(783,301)

(1,138,429)

Net current liabilities

 

(311,856)

(716,192)

Total assets less current liabilities

 

1,066,533

516,524

Creditors: Amounts falling due after more than one year

7

(160,809)

(217,284)

Provisions for liabilities

(146,829)

(74,064)

Net assets

 

758,895

225,176

Capital and reserves

 

Called up share capital

1

2

Share premium reserve

400,000

-

Capital redemption reserve

1

-

Retained earnings

358,893

225,174

Shareholders' funds

 

758,895

225,176

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Yorkshire Gas Supplies Limited

(Registration number: 09944801)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 29 July 2024
 

.........................................
Mr N S Griffiths
Director

 

Yorkshire Gas Supplies Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 Plumtree Industrial Estate
Plumtree Road
Harworth
Doncaster
South Yorkshire
DN11 8EW

These financial statements were authorised for issue by the director on 29 July 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Yorkshire Gas Supplies Limited

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

Tax

The tax expense for the period comprises 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.

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 and equipment

25% per annum on a reducing balance basis

Plant and machinery

15% per annum on a reducing balance basis

Gas cylinders

10 years on a straight line basis

Motor vehicles

25% per annum on a reducing balance basis

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.

 

Yorkshire Gas Supplies Limited

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

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.

 

Yorkshire Gas Supplies Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Yorkshire Gas Supplies Limited

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

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,774,028

83,092

1,857,120

Additions

312,858

62,357

375,215

At 31 December 2023

2,086,886

145,449

2,232,335

Depreciation

At 1 January 2023

590,084

34,320

624,404

Charge for the year

201,759

27,783

229,542

At 31 December 2023

791,843

62,103

853,946

Carrying amount

At 31 December 2023

1,295,043

83,346

1,378,389

At 31 December 2022

1,183,944

48,772

1,232,716

5

Stocks

2023
£

2022
£

Other inventories

10,862

16,064

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

132,501

117,261

Amounts owed by related parties

10

300,084

260,635

Other debtors

 

-

840

Prepayments

 

-

2,686

 

432,585

381,422

 

Yorkshire Gas Supplies Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

99,921

117,071

Trade creditors

 

54,101

93,172

Amounts owed to related parties

10

439,091

681,192

Taxation and social security

 

6,052

6,211

Other creditors

 

180,401

237,228

Accrued expenses

 

3,735

3,555

 

783,301

1,138,429

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

160,809

217,284

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

68,000

116,000

Hire purchase contracts

92,809

101,284

160,809

217,284

Current loans and borrowings

2023
£

2022
£

Bank borrowings

48,000

48,000

Hire purchase contracts

51,921

69,071

99,921

117,071

 

Yorkshire Gas Supplies Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £253,333 (2022 - £6,250).

10

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

260,635

260,635

Advanced

39,449

39,449

At end of period

300,084

300,084

2022

Entities with joint control or significant influence
£

Total
£

At start of period

185,000

185,000

Advanced

75,635

75,635

At end of period

260,635

260,635

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

637,125

637,125

Repaid

(199,745)

(199,745)

At end of period

437,380

437,380

 

Yorkshire Gas Supplies Limited

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

2022

Entities with joint control or significant influence
£

Total
£

At start of period

463,430

463,430

Advanced

173,695

173,695

At end of period

637,125

637,125

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balances.