KP Gas Ltd NI035369 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the wholesale of fuel and related products. Digita Accounts Production Advanced 6.30.9574.0 true NI035369 2023-01-01 2023-12-31 NI035369 2023-12-31 NI035369 bus:Director2 1 2023-12-31 NI035369 bus:OrdinaryShareClass1 2023-12-31 NI035369 bus:OrdinaryShareClass2 2023-12-31 NI035369 bus:OrdinaryShareClass3 2023-12-31 NI035369 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 NI035369 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 NI035369 core:CurrentFinancialInstruments 2023-12-31 NI035369 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI035369 core:Non-currentFinancialInstruments 2023-12-31 NI035369 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI035369 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 NI035369 core:MotorVehicles 2023-12-31 NI035369 core:PlantMachinery 2023-12-31 NI035369 bus:SmallEntities 2023-01-01 2023-12-31 NI035369 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI035369 bus:FilletedAccounts 2023-01-01 2023-12-31 NI035369 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI035369 bus:RegisteredOffice 2023-01-01 2023-12-31 NI035369 bus:Director2 2023-01-01 2023-12-31 NI035369 bus:Director2 1 2023-01-01 2023-12-31 NI035369 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI035369 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 NI035369 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 NI035369 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI035369 core:LandBuildings 2023-01-01 2023-12-31 NI035369 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI035369 core:MotorVehicles 2023-01-01 2023-12-31 NI035369 core:PlantMachinery 2023-01-01 2023-12-31 NI035369 core:Vehicles 2023-01-01 2023-12-31 NI035369 countries:NorthernIreland 2023-01-01 2023-12-31 NI035369 2022-12-31 NI035369 bus:Director2 1 2022-12-31 NI035369 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI035369 core:MotorVehicles 2022-12-31 NI035369 core:PlantMachinery 2022-12-31 NI035369 2022-01-01 2022-12-31 NI035369 2022-12-31 NI035369 bus:OrdinaryShareClass1 2022-12-31 NI035369 bus:OrdinaryShareClass2 2022-12-31 NI035369 bus:OrdinaryShareClass3 2022-12-31 NI035369 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 NI035369 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 NI035369 core:CurrentFinancialInstruments 2022-12-31 NI035369 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI035369 core:Non-currentFinancialInstruments 2022-12-31 NI035369 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI035369 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI035369 core:MotorVehicles 2022-12-31 NI035369 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI035369

KP Gas Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

KP Gas Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

KP Gas Ltd

(Registration number: NI035369)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

501,942

526,123

Current assets

 

Stocks

5

45,585

34,954

Debtors

6

107,953

144,625

 

153,538

179,579

Creditors: Amounts falling due within one year

7

(262,192)

(276,647)

Net current liabilities

 

(108,654)

(97,068)

Total assets less current liabilities

 

393,288

429,055

Creditors: Amounts falling due after more than one year

7

(322,164)

(328,555)

Net assets

 

71,124

100,500

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

71,024

100,400

Shareholders' funds

 

71,124

100,500

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 December 2024
 

.........................................
Martin Kearney
Director

   
     
 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
15 Comber Road
Carryduff
County Antrim
BT8 8AN
Northern Ireland

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 is £ Sterling and the level of rounding is to the nearest £1.

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 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.

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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

Freehold

2% Straight line

Plant & Machinery

20% Reducing balance

Motor Vehicles

20% Reducing balance

Investment property

Investment properties are revalued annually by the director, with the assistance of professional advice as required.

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.

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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.

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

The company operates a defined contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial Instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

689,641

79,064

165,319

934,024

At 31 December 2023

689,641

79,064

165,319

934,024

Depreciation

At 1 January 2023

215,459

69,762

122,680

407,901

Charge for the year

13,793

1,860

8,528

24,181

At 31 December 2023

229,252

71,622

131,208

432,082

Carrying amount

At 31 December 2023

460,389

7,442

34,111

501,942

At 31 December 2022

474,182

9,300

42,641

526,123

5

Stocks

2023
£

2022
£

Other inventories

45,585

34,954

6

Debtors

Current

2023
£

2022
£

Trade debtors

92,487

109,842

Other debtors

15,466

34,783

 

107,953

144,625

7

Creditors

Creditors: amounts falling due within one year

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

103,201

89,470

Trade creditors

 

138,157

143,090

Taxation and social security

 

11,176

9,107

Accruals and deferred income

 

6,600

3,700

Other creditors

 

3,058

31,280

 

262,192

276,647

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

322,164

328,555

The bank loan and overdraft are secured by an all monies debenture creating a fixed and floating security over the property assets undertaking rights and revenues (both present and future) of the company, a legal charge over the company's property and a personal guarantee from the director and shareholder.

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

45

45

45

45

Ordinary B of £1 each

45

45

45

45

Ordinary C of £1 each

10

10

10

10

100

100

100

100

9

Related party transactions

A shareholder in the company, was owed £1,803 (2022: £19,333) at the end of the financial period.

A shareholder in the company, was owed £216 (2022: £10,240) at the end of the financial period.

Loans to/(from) directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Martin Kearney

(1,708)

22,149

(21,480)

(1,039)

The above loan is unsecured, interest free and repayable on demand.

 

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

309,608

309,608

Hire purchase contracts

12,556

18,947

322,164

328,555

Current loans and borrowings

2023
£

2022
£

Bank borrowings

51,601

51,601

Bank overdrafts

44,779

26,634

Hire purchase contracts

6,821

11,235

103,201

89,470