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Company registration number: 04009565
GASWISE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
GASWISE SERVICES LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
GASWISE SERVICES LIMITED
Directors report
Year ended 30 September 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2024.
Directors
The directors who served the company during the year were as follows:
Mr F.A. Neal
Mrs S B Neal
Mr P. A. Neal
Mr M. J. Neal
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 November 2024 and signed on behalf of the board by:
Mr F.A. Neal
Director
GASWISE SERVICES LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Gaswise Services Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Gaswise Services Limited for the year ended 30 September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Gaswise Services Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Gaswise Services Limited and state those matters that we have agreed to state to the board of directors of Gaswise Services Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Gaswise Services Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Gaswise Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gaswise Services Limited. You consider that Gaswise Services Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Gaswise Services Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
29 November 2024
GASWISE SERVICES LIMITED
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 135,023 163,067
_______ _______
135,023 163,067
Current assets
Stocks 36,838 29,115
Debtors 6 507,773 233,595
Cash at bank and in hand 349,537 351,793
_______ _______
894,148 614,503
Creditors: amounts falling due
within one year 7 ( 419,348) ( 371,566)
_______ _______
Net current assets 474,800 242,937
_______ _______
Total assets less current liabilities 609,823 406,004
Provisions for liabilities 8 ( 25,654) ( 30,983)
_______ _______
Net assets 584,169 375,021
_______ _______
Capital and reserves
Called up share capital 10 2,000 2,000
Profit and loss account 582,169 373,021
_______ _______
Shareholders funds 584,169 375,021
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr P. A. Neal
Director
Company registration number: 04009565
GASWISE SERVICES LIMITED
Notes to the financial statements
Year ended 30 September 2024
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
3. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 39,666 47,902
_______ _______
4. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 80,871 30,533
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 5,329) ( 3,378)
_______ _______
Tax on profit 75,542 27,155
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 9,031 85,434 358,281 452,746
Additions - - 12,900 12,900
Disposals - - ( 8,840) ( 8,840)
_______ _______ _______ _______
At 30 September 2024 9,031 85,434 362,341 456,806
_______ _______ _______ _______
Depreciation
At 1 October 2023 8,339 61,197 220,143 289,679
Charge for the year 103 3,635 35,928 39,666
Disposals - - ( 7,562) ( 7,562)
_______ _______ _______ _______
At 30 September 2024 8,442 64,832 248,509 321,783
_______ _______ _______ _______
Carrying amount
At 30 September 2024 589 20,602 113,832 135,023
_______ _______ _______ _______
At 30 September 2023 692 24,237 138,138 163,067
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 492,324 217,571
Other debtors 15,449 16,024
_______ _______
507,773 233,595
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 240 -
Trade creditors 239,908 196,000
Corporation tax 80,828 30,533
Social security and other taxes 95,772 142,433
Other creditors 2,600 2,600
_______ _______
419,348 371,566
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 October 2023 30,983 30,983
Additions ( 5,329) ( 5,329)
_______ _______
At 30 September 2024 25,654 25,654
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 25,654 30,983
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 25,654 30,983
_______ _______
10. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100,000 100,000 100,000 100,000
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2,000 2,000 2,000 2,000
_______ _______ _______ _______