Company Registration No. 07577118 (England and Wales)
DURHAM GAS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DURHAM GAS SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
DURHAM GAS SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
850
275
Tangible assets
4
380,802
218,129
Current assets
Stocks
62,359
79,473
Debtors
5
179,646
133,570
Cash at bank and in hand
297,462
185,357
539,467
398,400
Creditors: amounts falling due within one year
6
(447,582)
(402,776)
Net current assets/(liabilities)
91,885
(4,376)
Total assets less current liabilities
473,537
214,028
Creditors: amounts falling due after more than one year
7
(185,847)
(118,502)
Provisions for liabilities
(90,395)
(37,913)
Net assets
197,295
57,613
Capital and reserves
Called up share capital
125
125
Profit and loss reserves
197,170
57,488
Total equity
197,295
57,613
DURHAM GAS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
Mr B Durham
Director
Company Registration No. 07577118
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3
1
Accounting policies
Company information
Durham Gas Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1A, Stirling Road, West Carr Industrial Estate, Retford, DN22 7SN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which was 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
15% on reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the lease term of 5 years
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
5
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
23
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 April 2023
45,000
448
45,448
Additions
1,000
1,000
Disposals
(448)
(448)
At 31 March 2024
45,000
1,000
46,000
Amortisation and impairment
At 1 April 2023
45,000
173
45,173
Amortisation charged for the year
150
150
Disposals
(173)
(173)
At 31 March 2024
45,000
150
45,150
Carrying amount
At 31 March 2024
850
850
At 31 March 2023
275
275
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
123,123
16,387
2,705
10,174
330,140
482,529
Additions
7,551
4,366
633
4,911
286,609
304,070
Disposals
(583)
(107,676)
(108,259)
At 31 March 2024
130,674
20,753
3,338
14,502
509,073
678,340
Depreciation and impairment
At 1 April 2023
104,538
7,094
1,190
4,195
147,383
264,400
Depreciation charged in the year
6,913
2,049
323
1,602
84,768
95,655
Eliminated in respect of disposals
(363)
(62,154)
(62,517)
At 31 March 2024
111,451
9,143
1,513
5,434
169,997
297,538
Carrying amount
At 31 March 2024
19,223
11,610
1,825
9,068
339,076
380,802
At 31 March 2023
18,585
9,293
1,515
5,979
182,757
218,129
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
140,811
111,898
Corporation tax recoverable
13,763
Other debtors
25,072
21,672
179,646
133,570
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,947
10,000
Trade creditors
199,264
229,173
Corporation tax
64,018
12,997
Other taxation and social security
49,941
52,374
Other creditors
122,412
98,232
447,582
402,776
Creditors due within one year include £93,256 (2023 - £64,862.18 ) of secured creditors on assets.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
Other creditors
174,180
96,835
185,847
118,502
Creditors due after one year include £185,847 (2023 - £118,501.90) of secured creditors on assets.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Property lease
128,334
163,334
9
Related party transactions
DURHAM GAS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Related party transactions
(Continued)
9
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Key management personnel
12,809
39,358
Loans with related parties are made interest free and repayable on demand.
2024-03-312023-04-01false02 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr B G DurhamMrs N K DurhamMr S L StoneMrs R StoneMrs N Durhamfalsetrue075771182023-04-012024-03-31075771182024-03-31075771182023-03-3107577118core:NetGoodwill2024-03-3107577118core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3107577118core:NetGoodwill2023-03-3107577118core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3107577118core:LeaseholdImprovements2024-03-3107577118core:PlantMachinery2024-03-3107577118core:FurnitureFittings2024-03-3107577118core:ComputerEquipment2024-03-3107577118core:MotorVehicles2024-03-3107577118core:LeaseholdImprovements2023-03-3107577118core:PlantMachinery2023-03-3107577118core:FurnitureFittings2023-03-3107577118core:ComputerEquipment2023-03-3107577118core:MotorVehicles2023-03-3107577118core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107577118core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107577118core:CurrentFinancialInstruments2024-03-3107577118core:CurrentFinancialInstruments2023-03-3107577118core:Non-currentFinancialInstruments2024-03-3107577118core:Non-currentFinancialInstruments2023-03-3107577118core:ShareCapital2024-03-3107577118core:ShareCapital2023-03-3107577118core:RetainedEarningsAccumulatedLosses2024-03-3107577118core:RetainedEarningsAccumulatedLosses2023-03-3107577118bus:Director12023-04-012024-03-3107577118core:Goodwill2023-04-012024-03-3107577118core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107577118core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3107577118core:PlantMachinery2023-04-012024-03-3107577118core:FurnitureFittings2023-04-012024-03-3107577118core:ComputerEquipment2023-04-012024-03-3107577118core:MotorVehicles2023-04-012024-03-31075771182022-04-012023-03-3107577118core:NetGoodwill2023-03-3107577118core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31075771182023-03-3107577118core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107577118core:NetGoodwill2023-04-012024-03-3107577118core:LeaseholdImprovements2023-03-3107577118core:PlantMachinery2023-03-3107577118core:FurnitureFittings2023-03-3107577118core:ComputerEquipment2023-03-3107577118core:MotorVehicles2023-03-3107577118core:LeaseholdImprovements2023-04-012024-03-3107577118core:WithinOneYear2024-03-3107577118core:WithinOneYear2023-03-3107577118bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107577118bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107577118bus:FRS1022023-04-012024-03-3107577118bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107577118bus:Director22023-04-012024-03-3107577118bus:Director32023-04-012024-03-3107577118bus:Director42023-04-012024-03-3107577118bus:CompanySecretary12023-04-012024-03-3107577118bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP