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Registration number: 08541564

United Gas Services Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 May 2024

 

United Gas Services Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

United Gas Services Ltd

(Registration number: 08541564)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,636

9,083

Current assets

 

Stocks

5

10,000

3,000

Debtors

6

21,282

35,174

Cash at bank and in hand

 

18,011

3,542

 

49,293

41,716

Creditors: Amounts falling due within one year

7

(26,345)

(14,497)

Net current assets

 

22,948

27,219

Total assets less current liabilities

 

30,584

36,302

Creditors: Amounts falling due after more than one year

7

(29,154)

(34,471)

Provisions for liabilities

(1,309)

(1,726)

Net assets

 

121

105

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

21

5

Shareholders' funds

 

121

105

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

United Gas Services Ltd

(Registration number: 08541564)
Statement of Financial Position as at 31 May 2024

.........................................
P A Fridge
Director

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and supply of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price. 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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

3,119

23,543

26,662

Additions

493

-

493

At 31 May 2024

3,612

23,543

27,155

Depreciation

At 1 June 2023

1,746

15,833

17,579

Charge for the year

398

1,542

1,940

At 31 May 2024

2,144

17,375

19,519

Carrying amount

At 31 May 2024

1,468

6,168

7,636

At 31 May 2023

1,373

7,710

9,083

5

Stocks

2024
£

2023
£

Other inventories

10,000

3,000

6

Debtors

2024
£

2023
£

Trade debtors

1,818

4,153

Other debtors

15,061

30,521

Accrued income

4,403

500

21,282

35,174

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

5,413

5,282

Trade creditors

 

5,934

3,061

Taxation and social security

 

12,875

4,679

Accruals and deferred income

 

2,123

1,475

 

26,345

14,497

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

29,154

34,471


Creditors include bank loans repayable by instalments of £6,108 (2023- £11,980) due after more than five years.

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,154

34,471

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,413

5,282

 

United Gas Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

During the year the following amounts were advanced to the directors. The loans are unsecured and repayable on demand. Interest is charged on the loan at the prevailiing HMRC beneficial loan rates.

Transactions with directors

2024

At 1 June 2023
£

Repayments by director
£

At 31 May 2024
£

Advances to directors

30,401

(15,340)

15,061

       
     

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Advances to directors

3,826

28,487

(1,912)

30,401