Company Registration No. 12985233 (England and Wales)
Absolute Gases Limited
Unaudited accounts
for the year ended 31 October 2023
Absolute Gases Limited
Unaudited accounts
Contents
Absolute Gases Limited
Company Information
for the year ended 31 October 2023
Directors
Keith Stoddart
Andrew Peter Stevenson
Company Number
12985233 (England and Wales)
Registered Office
2A DURHAM ROAD
GILLINGHAM
ME8 0JW
Accountants
Rustrick Accountants Limited
380A New Hythe lane
Larkfield
Maidstone
Kent
ME20 6RZ
Absolute Gases Limited
Statement of financial position
as at 31 October 2023
Tangible assets
11,011
13,636
Cash at bank and in hand
30,307
-
Creditors: amounts falling due within one year
(99,077)
(110,504)
Net current liabilities
(5,794)
(16,000)
Net assets/(liabilities)
5,217
(2,364)
Called up share capital
100
100
Profit and loss account
5,117
(2,464)
Shareholders' funds
5,217
(2,364)
For the year ending 31 October 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by
Keith Stoddart
Director
Company Registration No. 12985233
Absolute Gases Limited
Notes to the Accounts
for the year ended 31 October 2023
Absolute Gases Limited is a private company, limited by shares, registered in England and Wales, registration number 12985233. The registered office is 2A DURHAM ROAD, GILLINGHAM, ME8 0JW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
25% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Absolute Gases Limited
Notes to the Accounts
for the year ended 31 October 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
15,987
1,517
1,188
18,692
At 31 October 2023
15,987
1,517
1,188
18,692
At 1 November 2022
4,157
379
520
5,056
Charge for the year
2,174
284
167
2,625
At 31 October 2023
6,331
663
687
7,681
At 31 October 2023
9,656
854
501
11,011
At 31 October 2022
11,830
1,138
668
13,636
Amounts falling due within one year
Trade debtors
35,802
39,198
Absolute Gases Limited
Notes to the Accounts
for the year ended 31 October 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
41,112
99,731
Taxes and social security
36,418
9,973
Loans from directors
908
-
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 3 (2022: 3).