Registered number
06918760
Smith Gas & Oil Ltd
Filleted Accounts
31 July 2024
Smith Gas & Oil Ltd
Registered number: 06918760
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 218,571 222,178
Current assets
Stocks 10,700 10,700
Debtors 4 134,829 121,300
Cash at bank and in hand 106,224 135,143
251,753 267,143
Creditors: amounts falling due within one year 5 (140,821) (115,077)
Net current assets 110,932 152,066
Total assets less current liabilities 329,503 374,244
Creditors: amounts falling due after more than one year 6 (37,279) (46,001)
Net assets 292,224 328,243
Capital and reserves
Called up share capital 4 4
Profit and loss account 292,220 328,239
Shareholders' funds 292,224 328,243
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Smith
Director
Approved by the board on 13 November 2024
Smith Gas & Oil Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Office Equipment & Fixtures 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 142,500 65,470 212,531 420,501
Additions - - 21,750 21,750
At 31 July 2024 142,500 65,470 234,281 442,251
Depreciation
At 1 August 2023 - 53,317 145,006 198,323
Charge for the year - 3,038 22,319 25,357
At 31 July 2024 - 56,355 167,325 223,680
Net book value
At 31 July 2024 142,500 9,115 66,956 218,571
At 31 July 2023 142,500 12,153 67,525 222,178
4 Debtors 2024 2023
£ £
Trade debtors 124,073 95,124
Other debtors 10,756 26,176
134,829 121,300
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,689 28,408
Corporation tax 51,484 39,339
Other taxes and social security costs 65,862 44,131
Other creditors 3,786 3,199
140,821 115,077
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 37,279 46,001
7 Other information
Smith Gas & Oil Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Dyson Street
Bradford
BD9 4DE
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