Company registration number: 01157380
Unaudited financial statements
for the year ended 31 May 2023
for
Gastank Limited
Pages for filing with the Registrar
Company registration number: 01157380
Gastank Limited
Balance sheet
as at 31 May 2023
31 May 23 31 May 22
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 4,297,568 3,907,283
4,297,568 3,907,283
Current assets
Stocks 552 429
Debtors 1,497,323 1,171,024
Cash at bank and in hand 39,721 134,947
1,537,596 1,306,400
Creditors: amounts falling due within
one year
(168,423) (275,431)
Net current assets 1,369,173 1,030,969
Total assets less current liabilities 5,666,741 4,938,252
Creditors: Amounts falling due after
more than one year
(1,287,449) (1,287,449)
Provisions for liabilities (527,049) (432,439)
NET ASSETS 3,852,243 3,218,364
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 2,292,582 2,819,349
Profit and loss account 1,558,661 398,015
TOTAL EQUITY 3,852,243 3,218,364
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 May 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 01157380
Gastank Limited
Balance sheet - continued
as at 31 May 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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 5 August 2024 and signed on its behalf by:
Mrs A George, Director Mr A George, Director
5 August 2024 5 August 2024
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Gastank Limited
Notes to the financial statements
for the year ended 31 May 2023
1 Company information
The company is registered in England and Wales. Its registered number is 01157380. The company is limited by shares. Its registered office is 14 West Parade, Norwich, NR2 3DW.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
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.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 10% straight line
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.
Land and buildings:
Freehold property - 1% straight line
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Fixtures & fittings - 15% reducing balance
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Gastank Limited
Notes to the financial statements - continued
for the year ended 31 May 2023
2 Accounting policies - continued
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 taxation. Tax is recognised in the Profit and loss account, 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.
Deferred taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 46 (2022 - 44).
4 Intangible assets
Goodwill
£
Cost
At 1 June 2022 113,000
At 31 May 2023 113,000
4
Gastank Limited
Notes to the financial statements - continued
for the year ended 31 May 2023
4 Intangible assets - continued
Amortisation
At 1 June 2022 113,000
At 31 May 2023 113,000
Net book value
At 31 May 2023 -
At 31 May 2022 -
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 June 2022 3,800,000 609,543 4,409,543
Additions - 1,445 1,445
Revaluations 415,000 - 415,000
At 31 May 2023 4,215,000 610,988 4,825,988
Depreciation
At 1 June 2022 37,999 464,261 502,260
Charge for year 42,150 22,009 64,159
Eliminated on disposal (37,999) - (37,999)
At 31 May 2023 42,150 486,270 528,420
Net book value
At 31 May 2023 4,172,850 124,718 4,297,568
At 31 May 2022 3,762,001 145,282 3,907,283
If Freehold property known as Ailwyn Hall care home had not been revalued, it would have been included at the following historical cost:
31 May 23 31 May 22
£ £
Cost 1,491,519 -
Accumulated depreciation 42,150 -
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Gastank Limited
Notes to the financial statements - continued
for the year ended 31 May 2023
5 Tangible fixed assets - continued
The freehold land and buildings known as Ailwyn Hall care home with a carrying value of £3,762,001 were revalued on 25.05.2023 by Knight Frank LLP, independent valuers not connected with the company on the basis of market value.

The valuation conforms to international Valuation Standards and was based on recent market transactio
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