Registered number
SC336765
Commercial Gas Limited
Filleted Accounts
31 January 2024
Commercial Gas Limited
Registered number: SC336765
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 114,290 64,737
Current assets
Stocks 52,175 47,375
Debtors 4 296,390 216,969
Cash at bank and in hand 6,776 -
355,341 264,344
Creditors: amounts falling due within one year 5 (352,169) (255,897)
Net current assets 3,172 8,447
Total assets less current liabilities 117,462 73,184
Creditors: amounts falling due after more than one year 6 (104,699) (50,487)
Provisions for liabilities (11,668) (11,451)
Net assets 1,095 11,246
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 95 10,246
Shareholder's funds 1,095 11,246
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Murphy
Director
Approved by the board on 7 August 2024
Commercial Gas Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant, machinery and equipment 25% Reducing Balance
Fixtures and fittings over 4 years
Motor vehicles 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 15,327 61,003 147,779 224,109
Additions - 4,041 80,989 85,030
Disposals - - (6,502) (6,502)
At 31 January 2024 15,327 65,044 222,266 302,637
Depreciation
At 1 February 2023 14,577 44,170 100,625 159,372
Charge for the year 250 5,892 29,335 35,477
On disposals - - (6,502) (6,502)
At 31 January 2024 14,827 50,062 123,458 188,347
Net book value
At 31 January 2024 500 14,982 98,808 114,290
At 31 January 2023 750 16,833 47,154 64,737
4 Debtors 2024 2023
£ £
Trade debtors 291,238 213,459
Other debtors 5,152 3,510
296,390 216,969
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,098 49,665
Obligations under finance lease and hire purchase contracts 27,875 15,143
Trade creditors 233,574 120,035
Taxation and social security costs 52,290 54,605
Other creditors 13,332 16,449
352,169 255,897
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 49,544 25,667
Obligations under finance lease and hire purchase contracts 55,155 24,820
104,699 50,487
7 Related party transactions 2024 2023
£ £
Directors
The directors loaned funds to the company. The amounts are interest free and repayable on demand. (7,756) (13,968)
8 Controlling party
The company is controlled by its Directors.
9 Other information
Commercial Gas Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
48a Queen Elizabeth Avenue
Glasgow
G52 4NQ
Commercial Gas Limited SC336765 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Mr M Murphy No description of principal activity SC336765 2022-02-01 2023-01-31 SC336765 core:WithinOneYear 2023-01-31 SC336765 core:AfterOneYear 2023-01-31 SC336765 core:ShareCapital 2023-01-31 SC336765 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC336765 2023-02-01 2024-01-31 SC336765 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC336765 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC336765 bus:Director40 2023-02-01 2024-01-31 SC336765 1 2023-02-01 2024-01-31 SC336765 2 2023-02-01 2024-01-31 SC336765 core:LandBuildings 2023-02-01 2024-01-31 SC336765 core:PlantMachinery 2023-02-01 2024-01-31 SC336765 core:Vehicles 2023-02-01 2024-01-31 SC336765 countries:England 2023-02-01 2024-01-31 SC336765 bus:FRS102 2023-02-01 2024-01-31 SC336765 bus:FilletedAccounts 2023-02-01 2024-01-31 SC336765 2024-01-31 SC336765 core:WithinOneYear 2024-01-31 SC336765 core:AfterOneYear 2024-01-31 SC336765 core:ShareCapital 2024-01-31 SC336765 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC336765 core:LandBuildings 2024-01-31 SC336765 core:PlantMachinery 2024-01-31 SC336765 core:Vehicles 2024-01-31 SC336765 2023-01-31 SC336765 core:LandBuildings 2023-01-31 SC336765 core:PlantMachinery 2023-01-31 SC336765 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure