Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07691107 Mr Malcolm Carter Mr Thomas Murray Mr James Walton Mr James Beddall iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07691107 2023-03-31 07691107 2024-03-31 07691107 2023-04-01 2024-03-31 07691107 frs-core:CurrentFinancialInstruments 2024-03-31 07691107 frs-core:NetGoodwill 2024-03-31 07691107 frs-core:NetGoodwill 2023-04-01 2024-03-31 07691107 frs-core:NetGoodwill 2023-03-31 07691107 frs-core:MotorVehicles 2024-03-31 07691107 frs-core:MotorVehicles 2023-04-01 2024-03-31 07691107 frs-core:MotorVehicles 2023-03-31 07691107 frs-core:ShareCapital 2024-03-31 07691107 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07691107 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07691107 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07691107 frs-bus:SmallEntities 2023-04-01 2024-03-31 07691107 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07691107 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07691107 frs-bus:Director1 2023-04-01 2024-03-31 07691107 frs-bus:Director2 2023-04-01 2024-03-31 07691107 frs-bus:Director3 2023-04-01 2024-03-31 07691107 frs-bus:Director4 2023-04-01 2024-03-31 07691107 frs-countries:EnglandWales 2023-04-01 2024-03-31 07691107 2022-03-31 07691107 2023-03-31 07691107 2022-04-01 2023-03-31 07691107 frs-core:CurrentFinancialInstruments 2023-03-31 07691107 frs-core:ShareCapital 2023-03-31 07691107 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 07691107
Shropshire Gas Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Purcell Accountants
7 Cheshire Street
Market Drayton
Shropshire
TF9 1PD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07691107
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,200 16,500
Tangible Assets 5 81,805 88,711
95,005 105,211
CURRENT ASSETS
Stocks 6 7,662 8,769
Debtors 7 91,888 43,175
Cash at bank and in hand 454,604 432,551
554,154 484,495
Creditors: Amounts Falling Due Within One Year 8 (346,543 ) (298,423 )
NET CURRENT ASSETS (LIABILITIES) 207,611 186,072
TOTAL ASSETS LESS CURRENT LIABILITIES 302,616 291,283
NET ASSETS 302,616 291,283
CAPITAL AND RESERVES
Called up share capital 9 5,419 5,419
Profit and Loss Account 297,197 285,864
SHAREHOLDERS' FUNDS 302,616 291,283
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Murray
Director
4th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shropshire Gas Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07691107 . The registered office is Shropshire Gas Bridge Road, Wellington, Telford, Shropshire, TF1 1PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 18)
16 18
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 33,000
As at 31 March 2024 33,000
Amortisation
As at 1 April 2023 16,500
Provided during the period 3,300
As at 31 March 2024 19,800
Net Book Value
As at 31 March 2024 13,200
As at 1 April 2023 16,500
5. Tangible Assets
Motor Vehicles
£
Cost
As at 1 April 2023 166,308
Additions 29,485
Disposals (14,600 )
As at 31 March 2024 181,193
Depreciation
As at 1 April 2023 77,597
Provided during the period 29,110
Disposals (7,319 )
As at 31 March 2024 99,388
Net Book Value
As at 31 March 2024 81,805
As at 1 April 2023 88,711
6. Stocks
2024 2023
£ £
Materials 4,687 4,978
Work in progress 2,975 3,791
7,662 8,769
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Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 78,120 30,120
Prepayments and accrued income 713 -
Other debtors 7,711 7,711
Called up share capital not paid 5,344 5,344
91,888 43,175
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 144,172 164,736
Corporation tax 104,702 60,667
Other taxes and social security 15,423 12,829
VAT 56,181 46,089
Net wages 8,355 -
Accruals and deferred income 4,490 6,159
Directors' loan accounts 13,220 7,943
346,543 298,423
9. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 5,344 5,344
Called Up Share Capital has been paid up 75 75
Amount of Allotted, Called Up Share Capital 5,419 5,419
Page 5