Colemans Seller Gas Limited 06030974 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Filling and selling CO2 gasbottles to the licensed trade and others Digita Accounts Production Advanced 6.30.9574.0 true true true 06030974 2023-02-01 2024-01-31 06030974 2024-01-31 06030974 core:RetainedEarningsAccumulatedLosses 2024-01-31 06030974 core:ShareCapital 2024-01-31 06030974 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 06030974 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 06030974 core:CurrentFinancialInstruments 2024-01-31 06030974 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 06030974 core:Non-currentFinancialInstruments 2024-01-31 06030974 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 06030974 core:Goodwill 2024-01-31 06030974 core:FurnitureFittingsToolsEquipment 2024-01-31 06030974 core:MotorVehicles 2024-01-31 06030974 core:OtherPropertyPlantEquipment 2024-01-31 06030974 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-31 06030974 core:OtherRelatedParties 2024-01-31 06030974 core:ParentEntities 2024-01-31 06030974 1 2024-01-31 06030974 bus:SmallEntities 2023-02-01 2024-01-31 06030974 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06030974 bus:FilletedAccounts 2023-02-01 2024-01-31 06030974 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06030974 bus:RegisteredOffice 2023-02-01 2024-01-31 06030974 bus:Director2 2023-02-01 2024-01-31 06030974 bus:Director4 2023-02-01 2024-01-31 06030974 bus:Director5 2023-02-01 2024-01-31 06030974 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06030974 core:Goodwill 2023-02-01 2024-01-31 06030974 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 06030974 core:MotorVehicles 2023-02-01 2024-01-31 06030974 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-02-01 2024-01-31 06030974 core:OfficeEquipment 2023-02-01 2024-01-31 06030974 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 06030974 core:KeyManagementPersonnel 2023-02-01 2024-01-31 06030974 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-01 2024-01-31 06030974 core:OtherRelatedParties 2023-02-01 2024-01-31 06030974 core:OtherRelatedParties core:Leases 2023-02-01 2024-01-31 06030974 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-02-01 2024-01-31 06030974 core:ParentEntities 2023-02-01 2024-01-31 06030974 core:ParentEntities core:Leases 2023-02-01 2024-01-31 06030974 core:ParentEntities core:RenderingOrReceivingServices 2023-02-01 2024-01-31 06030974 core:UKTax 2023-02-01 2024-01-31 06030974 1 2023-02-01 2024-01-31 06030974 1 2023-02-01 2024-01-31 06030974 countries:EnglandWales 2023-02-01 2024-01-31 06030974 2023-01-31 06030974 core:Goodwill 2023-01-31 06030974 core:FurnitureFittingsToolsEquipment 2023-01-31 06030974 core:MotorVehicles 2023-01-31 06030974 core:OtherPropertyPlantEquipment 2023-01-31 06030974 2022-02-01 2023-01-31 06030974 2023-01-31 06030974 core:RetainedEarningsAccumulatedLosses 2023-01-31 06030974 core:ShareCapital 2023-01-31 06030974 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 06030974 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 06030974 core:CurrentFinancialInstruments 2023-01-31 06030974 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 06030974 core:Non-currentFinancialInstruments 2023-01-31 06030974 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 06030974 core:Goodwill 2023-01-31 06030974 core:FurnitureFittingsToolsEquipment 2023-01-31 06030974 core:MotorVehicles 2023-01-31 06030974 core:OtherPropertyPlantEquipment 2023-01-31 06030974 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-31 06030974 core:OtherRelatedParties 2023-01-31 06030974 core:ParentEntities 2023-01-31 06030974 1 2023-01-31 06030974 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2022-02-01 2023-01-31 06030974 core:OtherRelatedParties 2022-02-01 2023-01-31 06030974 core:OtherRelatedParties core:Leases 2022-02-01 2023-01-31 06030974 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-02-01 2023-01-31 06030974 core:ParentEntities 2022-02-01 2023-01-31 06030974 core:ParentEntities core:Leases 2022-02-01 2023-01-31 06030974 core:ParentEntities core:RenderingOrReceivingServices 2022-02-01 2023-01-31 06030974 core:UKTax 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 06030974

Colemans Seller Gas Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Colemans Seller Gas Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Colemans Seller Gas Limited

Company Information

Directors

D J Coleman

D L Coleman

B Coleman

Registered office

The Old Tram Depot
Bexhill Road
St. Leonards On Sea
East Sussex
TN38 8BG

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Colemans Seller Gas Limited

(Registration number: 06030974)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

8,630

13,647

Tangible assets

6

117,286

89,766

 

125,916

103,413

Current assets

 

Stocks

7

13,849

7,702

Debtors

8

185,959

290,342

Cash at bank and in hand

 

50,067

17,496

 

249,875

315,540

Creditors: Amounts falling due within one year

9

(318,252)

(293,499)

Net current (liabilities)/assets

 

(68,377)

22,041

Total assets less current liabilities

 

57,539

125,454

Creditors: Amounts falling due after more than one year

9

(27,939)

(66,191)

Provisions for liabilities

(29,322)

(23,468)

Net assets

 

278

35,795

Capital and reserves

 

Called up share capital

80

80

Retained earnings

198

35,715

Shareholders' funds

 

278

35,795

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 22 October 2024 and signed on its behalf by:
 

 

Colemans Seller Gas Limited

(Registration number: 06030974)
Balance Sheet as at 31 January 2024

.........................................
B Coleman
Director

 

Colemans Seller Gas Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Tram Depot
Bexhill Road
St. Leonards On Sea
East Sussex
TN38 8BG

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The directors intend to contribute to the finances of the business to ensure it continues as a going concern.

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.

 

Colemans Seller Gas Limited

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

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:

Asset class

Depreciation method and rate

Plant and equipment

20% straight line

Office equipment

20% reducing balance

Fixtures, Fitting and equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 at the transaction price, 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.

 

Colemans Seller Gas Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Colemans Seller Gas Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 16).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

2,894

-

Deferred taxation

Arising from origination and reversal of timing differences

5,853

14,225

Tax expense in the income statement

8,747

14,225

 

Colemans Seller Gas Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

100,344

100,344

At 31 January 2024

100,344

100,344

Amortisation

At 1 February 2023

86,697

86,697

Amortisation charge

5,017

5,017

At 31 January 2024

91,714

91,714

Carrying amount

At 31 January 2024

8,630

8,630

At 31 January 2023

13,647

13,647

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

3,845

30,848

365,003

399,696

Additions

-

6,990

75,951

82,941

Disposals

-

(30,848)

-

(30,848)

At 31 January 2024

3,845

6,990

440,954

451,789

Depreciation

At 1 February 2023

2,771

17,834

289,325

309,930

Charge for the year

214

1,747

40,446

42,407

Eliminated on disposal

-

(17,834)

-

(17,834)

At 31 January 2024

2,985

1,747

329,771

334,503

Carrying amount

At 31 January 2024

860

5,243

111,183

117,286

At 31 January 2023

1,074

13,014

75,678

89,766

The Company owns approximately 15,000 gas cylinders which are included in Fixtures,Fitting & Equipment and have been depreciated. The directors consider that they have appreciated and have a value of approximately £ 80 each giving a total value of £1,200,000. The company has CO2 tanks and other gas equipment with an approximate value of £250,000.

 

Colemans Seller Gas Limited

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

7

Stocks

2024
£

2023
£

Other inventories

13,849

7,702

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

13,724

11,728

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

156,788

255,540

Prepayments

 

4,197

11,441

Director loan account

 

11,250

11,633

 

185,959

290,342

 

Colemans Seller Gas Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

38,252

38,252

Trade creditors

 

41,901

29,393

Taxation and social security

 

51,348

39,151

Accruals and deferred income

 

3,500

3,500

Other creditors

 

183,193

183,203

Director loan account

 

58

-

 

318,252

293,499

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

27,939

66,191

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,439

45,691

Hire purchase contracts

14,500

20,500

27,939

66,191

Current loans and borrowings

2024
£

2023
£

Bank borrowings

32,252

32,252

Hire purchase contracts

6,000

6,000

38,252

38,252

Bank borrowings

Funding Circle Loan is denominated in £ with a nominal interest rate of 8.91%, and the final instalment is due on 31 May 2025. The carrying amount at year end is £45,691 (2023 - £77,944).

 

Colemans Seller Gas Limited

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

11

Related party transactions

Key management personnel

D L Coleman and B Coleman.

Summary of transactions with key management

Directors loan accounts.
 Interest is being charged at the statutory rate and loan repaid within 9 months.
 

Summary of transactions with parent

Colemans ABC Limited
 i) Colemans ABC Limited has secured the bank loan with Hsbc.
ii) The company pays rent ( inclusive of rates and electricity) to Colemans ABC Limited of £ 14,400 p.a.


 

Summary of transactions with entities with joint control or significant interest

Summary of transactions with other related parties

Crystal dispensing
A partnership in which D L Coleman has an interest

 Management fees and purchases
 

Income and receivables from related parties

2024

Parent
£

Key management
£

Amounts receivable from related party

156,788

11,250

2023

Parent
£

Key management
£

Receipt of services

56,000

-

Amounts receivable from related party

255,540

11,632

Expenditure with and payables to related parties

2024

Parent
£

Other related parties
£

Rendering of services

-

12,000

Leases

14,400

-

14,400

12,000

Amounts payable to related party

182,000

-

 

Colemans Seller Gas Limited

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

2023

Parent
£

Other related parties
£

Rendering of services

-

11,400

Leases

14,400

-

14,400

11,400

Amounts payable to related party

182,000

-

12

Parent and ultimate parent undertaking

The company holds 63.75% of the issued share capital

 The company's immediate parent is Colemans ABC Limited, incorporated in England and Wales.

  These financial statements are available upon request from The Old Tram Depot
161 Bexhill Road
St Leonard on Sea
East Sussex
TN38 8BG