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REGISTERED NUMBER: 07629489 (England and Wales)























Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Preston Gas Centre Ltd

Preston Gas Centre Ltd (Registered number: 07629489)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Preston Gas Centre Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mr G P O'Hagan





REGISTERED OFFICE: Factory Lane Industrial Estate
Factory Lane
Penwortham
Preston
PR1 9UT





REGISTERED NUMBER: 07629489 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

Preston Gas Centre Ltd (Registered number: 07629489)

Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 44,239 32,918
44,239 32,918

CURRENT ASSETS
Stocks 55,217 101,717
Debtors 6 110,194 89,401
Cash at bank 100,859 72,286
266,270 263,404
CREDITORS
Amounts falling due within one year 7 136,417 207,906
NET CURRENT ASSETS 129,853 55,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

174,092

88,416

PROVISIONS FOR LIABILITIES 10,507 6,508
NET ASSETS 163,585 81,908

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 163,583 81,906
SHAREHOLDERS' FUNDS 163,585 81,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Preston Gas Centre Ltd (Registered number: 07629489)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 January 2025 and were signed by:





Mr G P O'Hagan - Director


Preston Gas Centre Ltd (Registered number: 07629489)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Preston Gas Centre Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statement
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Preston Gas Centre Ltd (Registered number: 07629489)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 34,000
AMORTISATION
At 1 June 2023
and 31 May 2024 34,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Preston Gas Centre Ltd (Registered number: 07629489)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 18,750 3,250 52,940 3,651 78,591
Additions 1,061 - 30,596 2,193 33,850
At 31 May 2024 19,811 3,250 83,536 5,844 112,441
DEPRECIATION
At 1 June 2023 12,750 3,250 26,731 2,942 45,673
Charge for year 3,212 - 18,234 1,083 22,529
At 31 May 2024 15,962 3,250 44,965 4,025 68,202
NET BOOK VALUE
At 31 May 2024 3,849 - 38,571 1,819 44,239
At 31 May 2023 6,000 - 26,209 709 32,918

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 59,061 52,994
Other debtors 2,688 2,688
VAT 42,790 33,310
Prepayments 5,655 409
110,194 89,401

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 2,013
Trade creditors 88,527 166,826
Tax 32,342 25,693
Social security and other taxes 1,781 1,587
Other creditors 130 231
Directors' loan accounts 13,637 11,556
136,417 207,906