Gas Fast Limited 05784955 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is plumbing, heat and air conditioning installation & environmental consulting activities. 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Registration number: 05784955

Gas Fast Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Gas Fast Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 22

 

Gas Fast Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is plumbing, heat and air conditioning installation & environmental consulting activities.

Fair review of the business

The year ended 30 April 2024 saw a fall in revenue as we move on from the Ukraine war energy price increases period.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

% Change

Turonver

£'000

27,044

33,136

(18%)

Gross Profit

£'000

6,527

5,919

10%

Gross Profit Margin

%

24

18

33%

Operating Profit

£'000

3,129

3,941

(21%)

Operating Profit Margin

%

12

12

0%


Whilst revenues have fallen by 18% gross margin has improved over the period with the result that the operating profit margins have been maintained at 12% across the year.

The expectation is that the next accounting period will show a further fall in revenues before revenues start to recover in 2025 due to improvements in the general market.

On 21st May 2024 Wickes Group Holdings Limited (Wickes) purchased 51% of the issued share capital of the company. Wickes has the option to purchase the remaining 49% for a period of 5 years following completion, based on a pre-agreed earnings based valuation multiple at that time.

Principal risks and uncertainties

In the ordinary course of business, the Company is exposed to and manages a variety of risks in relation to its activities, including financial risk. The management of credit, interest rate, liquidity and currency risks are fundamental to the Company, with the Board of Directors having responsibility for the overall system of internal control and for reviewing its effectiveness.

The key areas of risk in relation to the use of financial statements are listed below and are properly addressed by the management of the Company.

Credit risk
Losses due to the inability or unwillingness of a customer to meet its obligations. This is mitigated by the Company entering into price agreements with creditworthy counterparties for the purchase of equipment or services.

Interest risk
Fluctuations in the prevailing levels of market rates of interest. Interest risk is not considered to be significant, interest charges are modest in relation to the overall costs of the business and although small rises in interest rates are anticipated there would be no material effect on profitability.

Liquidity risk
Failure to meet financial obligations in a timely and cost effective manner due to mismatches in the maturity profile of assets and liabilities. The Company closely monitors its cashflow levels and financial obligations to anticipate its future cash commitments.

 

Gas Fast Limited

Strategic Report for the Year Ended 30 April 2024

Currency Risk
The business trades with overseas suppliers in Europe with currency and FX volatility being managed through agreements, financial instruments and supply contracts. Such agreements protect the business from uncertainty and short-term fluctuations in the FX market.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
D Draper
Director

 

Gas Fast Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

D Draper

E Shaw (appointed 1 November 2023 and resigned 21 May 2024)

A Draper

K Draper (resigned 21 May 2024)

The following directors were appointed after the year end:

G Kibble (appointed 21 May 2024)

M Cooke (appointed 21 May 2024)

M George (appointed 21 May 2024)

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
D Draper
Director

 

Gas Fast Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Qualified opinion

We have audited the financial statements of Gas Fast Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified opinion

We were appointed as auditors of the company on 23 May 2024 and thus did not observe the counting of the physical stock at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 30 April 2023. Since opening stock enters into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the Profit and Loss and Statement of Retained Earnings and the net cash flows from operating activities reported in the Statement of Cash Flows.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

We then performed audit procedures after consideration of the above risks which included the following:

obtaining a detailed understanding of the methodology adopted by management and any key assumptions underpinning the calculation of stock;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC, FCA, and the company’s legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other Matter

The financial statements of Gas Fast Limited for the year ended 30 April 2023 were not audited.

 

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

7 November 2024

 

Gas Fast Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

27,044,042

33,135,638

Cost of sales

 

(20,516,867)

(27,216,891)

Gross profit

 

6,527,175

5,918,747

Administrative expenses

 

(3,397,736)

(1,977,704)

Operating profit

4

3,129,439

3,941,043

Other interest receivable and similar income

5

26,917

2,010

Profit before tax

 

3,156,356

3,943,053

Taxation

9

(801,709)

(787,000)

Profit for the financial year

 

2,354,647

3,156,053

Retained earnings brought forward

 

3,760,719

634,475

Restatements of retained earnings

 

-

(29,809)

Retained earnings carried forward

 

6,115,366

3,760,719

 

Gas Fast Limited

(Registration number: 05784955)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

10

 

16,658

 

37,262

Tangible assets

11

 

366,912

 

217,468

Other financial assets

12

 

16,240

 

16,240

   

399,810

 

270,970

Current assets

   

 

Stocks

13

574,293

 

1,111,964

 

Debtors

14

2,847,446

 

1,000,594

 

Cash at bank and in hand

 

3,576,700

 

3,545,103

 

 

6,998,439

 

5,657,661

 

Creditors: Amounts falling due within one year

16

(1,200,782)

 

(2,118,811)

 

Net current assets

   

5,797,657

 

3,538,850

Total assets less current liabilities

   

6,197,467

 

3,809,820

Provisions for liabilities

17

 

(82,000)

 

(49,000)

Net assets

   

6,115,467

 

3,760,820

Capital and reserves

   

 

Called up share capital

19

101

 

101

 

Retained earnings

20

6,115,366

 

3,760,719

 

Shareholders' funds

   

6,115,467

 

3,760,820

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
D Draper
Director

 

Gas Fast Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,354,647

3,156,053

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

98,940

27,150

Finance income

5

(26,917)

(2,010)

Corporation tax expense

 

801,709

787,000

 

3,228,379

3,968,193

Working capital adjustments

 

Decrease/(increase) in stocks

 

537,671

(1,057,574)

Increase in trade debtors

 

(1,846,852)

(493,493)

(Decrease)/increase in trade creditors

 

(483,999)

415,055

Cash generated from operations

 

1,435,199

2,832,181

Corporation taxes paid

 

(1,202,739)

(71,035)

Net cash flow from operating activities

 

232,460

2,761,146

Cash flows from investing activities

 

Interest received

5

26,917

2,010

Acquisitions of tangible assets

(217,507)

(154,362)

Acquisition of intangible assets

10

(10,273)

(14,250)

Net cash flows from investing activities

 

(200,863)

(166,602)

Cash flows from financing activities

 

Repayment of other borrowing

 

-

(224)

Net increase in cash and cash equivalents

 

31,597

2,594,320

Cash and cash equivalents at 1 May

 

3,545,103

950,783

Cash and cash equivalents at 30 April

 

3,576,700

3,545,103

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
Vision House
19 Colonial Way
Watford
WD24 4JL

The principal place of business is:
Unit 17 Allerton Bywater Network Centre
Letchmire Road
Allerton Bywater
Castleford
WF10 2DB

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK 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.

The company's functional and presentation currency is pound sterling.

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Changes in accounting estimate

Depreciation and Amortisation

During the course of 2024 depreciation and amortisation policies were adjusted to be in line with the new parent company. An adjustment has been made in the current year to bring the depreciation and amortisation charges, as well as the net book values, of the assets in line with the new policies.

The effect of the change on assets, liabilities, income and expense in the current year is as follows:

£

Depreciation charge

(9,033)

Amortisation charge

25,129

Tangilble assets net book value

9,033

Intangible assets net book value

(25,129)

 

Key sources of estimation uncertainty

Stock provision
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. The carrying amount is £574,293 (2023 -£1,111,964).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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.

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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 Machinery

20% straight line

Furniture, Fittings and Equipment

10% straight line

Office Equipment

20% straight line

Motor Vehicles

12.5% straight line

Land & Buildings

10% straight line

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

Other Intangible Assets

33% straight line

Investments

Investments where the fair value can be measured reliably are initially measured at fair value, with changes in the fair value recognised in profit or loss.

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.

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.

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.

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

27,044,042

33,135,638

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

68,063

24,395

Amortisation expense

30,877

2,755

Foreign exchange gains

(475)

(48,587)

5

Other interest receivable and similar income

2024
£

2023
£

Other finance income

26,917

2,010

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,308,241

944,440

Social security costs

127,458

-

Pension costs, defined contribution scheme

67,619

89,527

1,503,318

1,033,967

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

48

33

48

33

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

128,287

37,345

Contributions paid to money purchase schemes

50,661

80,000

178,948

117,345

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

26,000

-


 

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

769,000

738,000

UK corporation tax adjustment to prior periods

(291)

-

768,709

738,000

Deferred taxation

Arising from origination and reversal of timing differences

33,000

49,000

Tax expense in the income statement

801,709

787,000

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,156,356

3,943,053

Corporation tax at standard rate

789,089

749,180

(Decrease)/increase in UK and foreign current tax from adjustment for prior periods

(291)

14,000

Tax decrease from effect of capital allowances and depreciation

-

(6,386)

Effect of expense not deductible in determining taxable profit (tax loss)

12,911

2,103

Deferred tax expense relating to changes in tax rates or laws

-

28,103

Total tax charge

801,709

787,000

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Accelerated capital allowances

82,000

82,000

2023

Asset
£

Accelerated capital allowances

48,000

Provisions

1,000

49,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £12,040 (2023 - £13,749).

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

48,375

48,375

Additions acquired separately

10,273

10,273

At 30 April 2024

58,648

58,648

Amortisation

At 1 May 2023

11,113

11,113

Amortisation charge

30,877

30,877

At 30 April 2024

41,990

41,990

Carrying amount

At 30 April 2024

16,658

16,658

At 30 April 2023

37,262

37,262

11

Tangible assets

Land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

50,665

16,506

82,371

56,170

86,539

292,251

Additions

8,178

459

13,331

7,012

188,527

217,507

At 30 April 2024

58,843

16,965

95,702

63,182

275,066

509,758

Depreciation

At 1 May 2023

-

2,045

13,827

21,570

37,342

74,784

Charge for the year

12,498

1,667

31,176

5,375

17,346

68,062

At 30 April 2024

12,498

3,712

45,003

26,945

54,688

142,846

Carrying amount

At 30 April 2024

46,345

13,253

50,699

36,237

220,378

366,912

At 30 April 2023

49,671

14,345

69,654

34,600

49,198

217,468

Included within the net book value of land and buildings above is £(12,498) (2023 - £Nil) in respect of freehold land and buildings and £58,843 (2023 - £49,671) in respect of short leasehold land and buildings.
 

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

12

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

16,240

16,240

At 30 April 2024

16,240

16,240

Carrying amount

At 30 April 2024

16,240

16,240

13

Stocks

2024
£

2023
£

Finished goods and goods for resale

574,293

1,111,964

14

Debtors

Current

2024
£

2023
£

Trade debtors

318,074

319,063

Other debtors

2,446,481

640,916

Prepayments

82,891

40,615

 

2,847,446

1,000,594

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

100

131,373

Cash at bank

3,064,595

2,914,202

Short-term deposits

512,005

499,528

3,576,700

3,545,103

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

625,952

872,898

Social security and other taxes

 

33,240

39,565

Outstanding defined contribution pension costs

 

3,770

3,572

Other creditors

 

172,981

463,667

Accruals

 

86,513

26,753

Corporation tax liability

9

278,326

712,356

 

1,200,782

2,118,811

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

49,000

49,000

Increase (decrease) in existing provisions

33,000

33,000

At 30 April 2024

82,000

82,000

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £67,619 (2023 - £89,527).

Contributions totalling £3,770 (2023 - £3,572) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

-

-

100

100

A Ordinary shares of £0.01 (2023 - £1) each

4,949

49

-

-

B Ordinary shares of £0.01 (2023 - £1) each

5,151

52

1

1

10,100

101

101

101

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
All shares rank pari passu for income, capital and voting rights.

A Ordinary have the following rights, preferences and restrictions:
All shares rank pari passu for income, capital and voting rights.

B Ordinary have the following rights, preferences and restrictions:
All shares rank pari passu for income, capital and voting rights.

20

Reserves

Share capital

Represents the nominal value of the issued shares.

Profit and loss account

Includes all current and prior periods retained profits and losses.

21

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

126,713

113,285

Later than one year and not later than five years

10,559

107,030

137,272

220,315

The amount of non-cancellable operating lease payments recognised as an expense during the year was £107,619 (2023 - £77,663).

 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

22

Related party transactions

2024

At 1 May 2023
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2024
£

Interest free loan repayable on demand

288,126

1,778,200

(83,307)

-

1,983,019

           
         

 

This loan has been repaid post year end.

2023

At 1 May 2022
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2023
£

Interest free loan repayable on demand

7,170

280,956

-

-

288,126

           
         

 

Summary of transactions with other related parties

Companies under common control
 

Income and receivables from related parties

2024

Key management
£

Other related parties
£

Amounts receivable from related party

1,983,019

943

2023

Key management
£

Other related parties
£

Amounts receivable from related party

288,126

70,000