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Registration number: 13872722

Future Gas Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Future Gas Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Future Gas Solutions Ltd

Company Information

Directors

Mr L D Walker

Mrs G Walker

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Future Gas Solutions Ltd

(Registration number: 13872722)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

456

456

Tangible assets

4

7,673

13,534

 

8,129

13,990

Current assets

 

Debtors

5

5,966

560

Cash at bank and in hand

 

16,146

19,792

 

22,112

20,352

Creditors: Amounts falling due within one year

6

(22,425)

(29,010)

Net current liabilities

 

(313)

(8,658)

Total assets less current liabilities

 

7,816

5,332

Provisions for liabilities

(1,545)

(1,863)

Net assets

 

6,271

3,469

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

6,171

3,369

Shareholders' funds

 

6,271

3,469

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

 

Future Gas Solutions Ltd

(Registration number: 13872722)
Balance Sheet as at 31 January 2024

.........................................
Mr L D Walker
Director

 

Future Gas Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Future Gas Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Asset class

Depreciation method and rate

Plant and Machinery

- 25% Reducing Balance

Office Equipment

-25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Future Gas Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

456

456

At 31 January 2024

456

456

Amortisation

Carrying amount

At 31 January 2024

456

456

At 31 January 2023

456

456

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

500

14,831

15,331

Additions

-

133

133

Disposals

-

(4,500)

(4,500)

At 31 January 2024

500

10,464

10,964

Depreciation

At 1 February 2023

125

1,672

1,797

Charge for the year

94

2,431

2,525

Eliminated on disposal

-

(1,031)

(1,031)

At 31 January 2024

219

3,072

3,291

Carrying amount

At 31 January 2024

281

7,392

7,673

At 31 January 2023

375

13,159

13,534

 

Future Gas Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,412

-

Prepayments

705

560

Other debtors

849

-

 

5,966

560

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,673

-

Taxation and social security

189

1,465

Accruals and deferred income

303

195

Other creditors

20,260

27,350

22,425

29,010

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

90

90

90

90

Ordinary A of £1 each

10

10

10

10

100

100

100

100

8

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Mr L D Walker

No interest is charged on the loan and there is no fixed date of repayment.

27,350

(9,454)

17,896

 

Future Gas Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2023

At 26 January 2022
£

Repayments by director
£

At 31 January 2023
£

Mr L D Walker

No interest is charged on the loan and there is no fixed date of repayment.

-

27,350

27,350