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Registered number: 04788940
Xgas Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Meacher-Jones
Chartered Accountants
6 St John's Court
Vicars Lane
Chester
Cheshire
CH1 1QE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04788940
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 91,103 142,019
91,103 142,019
CURRENT ASSETS
Stocks 5 32,245 32,245
Debtors 6 183,638 164,650
Cash at bank and in hand 252,073 254,010
467,956 450,905
Creditors: Amounts Falling Due Within One Year 7 (308,025 ) (290,289 )
NET CURRENT ASSETS (LIABILITIES) 159,931 160,616
TOTAL ASSETS LESS CURRENT LIABILITIES 251,034 302,635
Creditors: Amounts Falling Due After More Than One Year 8 (22,826 ) (23,221 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,425 ) (12,652 )
NET ASSETS 193,783 266,762
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 193,683 266,662
SHAREHOLDERS' FUNDS 193,783 266,762
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mr Paul Jones
Director
18 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Xgas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04788940 . The registered office is Xgas Colliery Road, Rhostyllen, Wrexham, Wrexham, LL14 4EG.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold none
Leasehold 20% straight line
Plant & Machinery 25% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 25% striaght line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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 year 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 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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 22)
22 22
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 July 2023 14,889 244,367 31,088 290,344
Additions 7,261 23,001 1,158 31,420
Disposals - (167,512 ) (2,210 ) (169,722 )
Revaluation - 3,799 - 3,799
As at 30 June 2024 22,150 103,655 30,036 155,841
Depreciation
As at 1 July 2023 14,619 105,512 28,194 148,325
Provided during the period 1,923 19,571 2,641 24,135
Disposals - (105,512 ) (2,210 ) (107,722 )
As at 30 June 2024 16,542 19,571 28,625 64,738
Net Book Value
As at 30 June 2024 5,608 84,084 1,411 91,103
As at 1 July 2023 270 138,855 2,894 142,019
5. Stocks
2024 2023
£ £
Stock 32,245 32,245
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 73,777 67,940
Prepayments and accrued income 2,150 2,150
Other debtors 31,410 17,219
Directors' loan accounts 76,301 77,341
183,638 164,650
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,082 2,069
Trade creditors 63,786 117,368
Bank loans and overdrafts 10,000 10,000
Corporation tax 74,615 35,346
Other taxes and social security 12,190 13,528
VAT 35,231 43,852
Other creditors 101,234 64,897
Accruals and deferred income 1,887 3,229
308,025 290,289
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,702 4,054
Bank loans 9,124 19,167
22,826 23,221
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,082 2,069
Later than one year and not later than five years 13,702 4,054
22,784 6,123
22,784 6,123
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Alan Taylor 39,403 - 520 - 38,883
Mr Paul Jones 37,938 - 520 - 37,418
The above loan is unsecured, interest free and repayable on demand.
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