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REGISTERED NUMBER: 06502081 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GB GAS LTD

GB GAS LTD (REGISTERED NUMBER: 06502081)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GB GAS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mr G J Boniface





SECRETARY: Miss K Foley





REGISTERED OFFICE: 17 Firle Road
Lancing
BN15 0NY





REGISTERED NUMBER: 06502081 (England and Wales)





ACCOUNTANTS: Peter Jarman LLP
trading as
Peter Jarman & Company
1 Harbour House
Harbour Way
Shoreham by Sea
West Sussex
BN43 5HZ

GB GAS LTD (REGISTERED NUMBER: 06502081)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 13,539 20,382

CURRENT ASSETS
Stocks - 2,500
Debtors 5 256 1,431
Cash at bank 10,724 4,402
10,980 8,333
CREDITORS
Amounts falling due within one year 6 (15,229 ) (11,420 )
NET CURRENT LIABILITIES (4,249 ) (3,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,290

17,295

CREDITORS
Amounts falling due after more than one
year

7

(14,224

)

(19,438

)

PROVISIONS FOR LIABILITIES 8 (2,573 ) (3,872 )
NET LIABILITIES (7,507 ) (6,015 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (7,509 ) (6,017 )
(7,507 ) (6,015 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GB GAS LTD (REGISTERED NUMBER: 06502081)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 September 2024 and were signed by:





Mr G J Boniface - Director


GB GAS LTD (REGISTERED NUMBER: 06502081)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

GB Gas Ltd 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.

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.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

GB GAS LTD (REGISTERED NUMBER: 06502081)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 34,709
Additions 961
Disposals (5,412 )
At 29 February 2024 30,258
DEPRECIATION
At 1 March 2023 14,327
Charge for year 4,577
Eliminated on disposal (2,185 )
At 29 February 2024 16,719
NET BOOK VALUE
At 29 February 2024 13,539
At 28 February 2023 20,382

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 256 1,431

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,258 5,260
Trade creditors 108 399
Taxation and social security 9,828 5,675
Other creditors 35 86
15,229 11,420

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 14,224 19,438

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,573 3,872

GB GAS LTD (REGISTERED NUMBER: 06502081)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 3,872
Capital allowances in advance (1,299 )
of depreciation
Balance at 29 February 2024 2,573