Company registration number 13877893 (England and Wales)
GAS HEATING SERVICES (WM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GAS HEATING SERVICES (WM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GAS HEATING SERVICES (WM) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,000
4,000
Tangible assets
4
41,710
43,117
44,710
47,117
Current assets
Stocks
4,000
7,000
Debtors
5
24,448
1,125
Cash at bank and in hand
28,051
59,154
56,499
67,279
Creditors: amounts falling due within one year
6
(73,377)
(77,458)
Net current liabilities
(16,878)
(10,179)
Total assets less current liabilities
27,832
36,938
Creditors: amounts falling due after more than one year
7
(9,444)
(19,747)
Provisions for liabilities
(7,925)
(8,192)
Net assets
10,463
8,999
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
10,461
8,997
Total equity
10,463
8,999
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.
GAS HEATING SERVICES (WM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Lee Jauncey
Director
Company Registration No. 13877893
GAS HEATING SERVICES (WM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Gas Heating Services (WM) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shop 6,, 130 Hagley Road, Hayley Green, West Midlands, B63 1DY.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 is 5 years.
1.4
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.
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:
Plant and equipment
25% reducing balance
Motor vehicles
25% 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.
1.5
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.6
Cash and cash equivalents
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.
GAS HEATING SERVICES (WM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
5,000
Amortisation and impairment
At 1 April 2023
1,000
Amortisation charged for the year
1,000
At 31 March 2024
2,000
Carrying amount
At 31 March 2024
3,000
At 31 March 2023
4,000
GAS HEATING SERVICES (WM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
57,490
Additions
19,998
Disposals
(10,000)
At 31 March 2024
67,488
Depreciation and impairment
At 1 April 2023
14,373
Depreciation charged in the year
13,905
Eliminated in respect of disposals
(2,500)
At 31 March 2024
25,778
Carrying amount
At 31 March 2024
41,710
At 31 March 2023
43,117
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,481
Other debtors
10,967
1,125
24,448
1,125
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
34,713
25,371
Trade creditors
20,665
28,950
Corporation tax
6,240
3,066
Other taxation and social security
4,902
9,092
Other creditors
6,857
10,979
73,377
77,458
GAS HEATING SERVICES (WM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,444
19,747