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Registered number: 08113676
Kievel Gas Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Naylor Accountancy Services Limited
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08113676
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 638 1,102
638 1,102
CURRENT ASSETS
Stocks 6 1,000 1,000
Debtors 7 15,235 13,998
Cash at bank and in hand 23,558 46,610
39,793 61,608
Creditors: Amounts Falling Due Within One Year 8 (28,868 ) (41,938 )
NET CURRENT ASSETS (LIABILITIES) 10,925 19,670
TOTAL ASSETS LESS CURRENT LIABILITIES 11,563 20,772
Creditors: Amounts Falling Due After More Than One Year 9 (4,100 ) (10,250 )
NET ASSETS 7,463 10,522
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 7,461 10,520
SHAREHOLDERS' FUNDS 7,463 10,522
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For the year ending 30 September 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
H Weston
Director
17th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kievel Gas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08113676 . The registered office is 25 Hursley Road, Chandler's Ford, Eastleigh, Hampshire, SO53 2FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 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. The principal accounting policies adopted are set out below.
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.
2.3. 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:
Plant & Machinery 25% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
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 porfit or loss.
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, wher applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their pressent location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
2.5. 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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2.6. Cash at bank and in hand
Cash and cash equivalent are basic financial assets and include cash in hand, deposits held at call with banks, other shor-term liquid investments with original maturrities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 20,000
As at 30 September 2024 20,000
Amortisation
As at 1 October 2023 20,000
As at 30 September 2024 20,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 5,862 17,233 128 23,223
Disposals 128 - (128 ) -
As at 30 September 2024 5,990 17,233 - 23,223
Depreciation
As at 1 October 2023 5,616 16,505 - 22,121
Provided during the period 282 182 - 464
As at 30 September 2024 5,898 16,687 - 22,585
Net Book Value
As at 30 September 2024 92 546 - 638
As at 1 October 2023 246 728 128 1,102
6. Stocks
2024 2023
£ £
Stock 1,000 1,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,657 13,466
Other debtors 578 532
15,235 13,998
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,718 3,731
Bank loans and overdrafts 6,150 6,150
Other creditors 2,097 13,755
Taxation and social security 15,903 18,302
28,868 41,938
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,100 10,250
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Ultimate Controlling Party
The ultimate controlling party are the directors J Weston and H Weston, by virtue of their shareholdings.
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