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Registered number: 05518245
Specialised Gas Installations Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05518245
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,909 59,545
35,909 59,545
CURRENT ASSETS
Debtors 5 94,677 141,576
Cash at bank and in hand 211,818 291,676
306,495 433,252
Creditors: Amounts Falling Due Within One Year 6 (63,527 ) (186,164 )
NET CURRENT ASSETS (LIABILITIES) 242,968 247,088
TOTAL ASSETS LESS CURRENT LIABILITIES 278,877 306,633
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,631 ) (5,792 )
NET ASSETS 277,246 300,841
CAPITAL AND RESERVES
Called up share capital 7 1,010 1,010
Profit and Loss Account 276,236 299,831
SHAREHOLDERS' FUNDS 277,246 300,841
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Baker
Director
16/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Specialised Gas Installations Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05518245 . The registered office is Unit 4, Wessenden Business Park, Prospect Road, Alresford, Hants, SO24 9QF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax. Income is recognised upon completion of an installation and as the right to consideration arises.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant & Machinery 33.33% Straight line
Motor Vehicles 25% Straight line
Computer Equipment 33.33% Straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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 assets reflect 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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2.6. Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
2.7. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.
2.8. Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently atamortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 12,275 92,910 3,785 108,970
Additions - - 922 922
As at 30 September 2024 12,275 92,910 4,707 109,892
Depreciation
As at 1 October 2023 12,000 35,306 2,119 49,425
Provided during the period 275 23,228 1,055 24,558
As at 30 September 2024 12,275 58,534 3,174 73,983
Net Book Value
As at 30 September 2024 - 34,376 1,533 35,909
As at 1 October 2023 275 57,604 1,666 59,545
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 86,818 135,110
Prepayments and accrued income 6,959 5,956
Other debtors 10 510
Director's loan account 890 -
94,677 141,576
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,999 47,525
Corporation tax 7,776 45,124
Other taxes and social security 4,657 3,300
VAT 23,521 15,031
Other creditors 397 70,397
Advance received from debtors 1,119 -
Accruals and deferred income 3,058 3,418
Director's loan account - 1,369
63,527 186,164
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary A shares of £ 1.00 each 1,000 1,000
10 Ordinary B shares of £ 1.00 each 10 10
1,010 1,010
8. Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9. Related Party Transactions
At the balance sheet date the company was owed £890 by the director (2023: the company owed £1,369 to the director).
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