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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
Page
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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
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Absolute Gases Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
11,011 
13,636 
Current assets
Inventories
27,174 
27,174 
Debtors
35,802 
67,330 
Cash at bank and in hand
30,307 
- 
93,283 
94,504 
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)
Capital and reserves
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
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Absolute Gases Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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 taxation
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
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
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.
Pension 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.
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Absolute Gases Limited Notes to the Accounts for the year ended 31 October 2023
Foreign exchange
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.
Leased assets
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
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.
4
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 
Depreciation
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 
Net book value
At 31 October 2023
9,656 
854 
501 
11,011 
At 31 October 2022
11,830 
1,138 
668 
13,636 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
1,452 
Trade debtors
35,802 
39,198 
Other debtors
- 
26,680 
35,802 
67,330 
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Absolute Gases Limited Notes to the Accounts for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
15,189 
- 
Trade creditors
41,112 
99,731 
Taxes and social security
36,418 
9,973 
Loans from directors
908 
- 
Accruals
5,450 
800 
99,077 
110,504 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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