5 false false false false false false false false false false true false false true true true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,360 3,753 26,113 21,112 2,278 23,390 2,723 1,248 xbrli:pure xbrli:shares iso4217:GBP 06900653 2023-06-01 2024-05-31 06900653 2024-05-31 06900653 2023-05-31 06900653 2022-06-01 2023-05-31 06900653 2023-05-31 06900653 2022-05-31 06900653 core:WithinOneYear 2024-05-31 06900653 core:WithinOneYear 2023-05-31 06900653 core:AfterOneYear 2023-05-31 06900653 core:ShareCapital 2024-05-31 06900653 core:ShareCapital 2023-05-31 06900653 core:RetainedEarningsAccumulatedLosses 2024-05-31 06900653 core:RetainedEarningsAccumulatedLosses 2023-05-31 06900653 bus:Director1 2023-06-01 2024-05-31 06900653 bus:SmallEntities 2023-06-01 2024-05-31 06900653 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06900653 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06900653 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06900653 bus:FullAccounts 2023-06-01 2024-05-31 06900653 core:OfficeEquipment 2023-06-01 2024-05-31 06900653 core:OfficeEquipment 2023-05-31 06900653 core:OfficeEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 06900653
Gasp Four Limited
Filleted Unaudited Financial Statements
Year ended
31 May 2024
Gasp Four Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
2,723
1,248
Current assets
Debtors
5
72,967
90,184
Cash at bank and in hand
199,669
294,517
---------
---------
272,636
384,701
Creditors: amounts falling due within one year
6
150,193
195,454
---------
---------
Net current assets
122,443
189,247
---------
---------
Total assets less current liabilities
125,166
190,495
Creditors: amounts falling due after more than one year
7
18,250
---------
---------
Net assets
125,166
172,245
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
124,966
172,045
---------
---------
Shareholders funds
125,166
172,245
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Gasp Four Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
MR G T EDWARDS Director
Company registration number: 06900653
Gasp Four Limited
Accounting Policies
Year ended 31 May 2024
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Fees are recognised when the right to consideration has arisen through the performance of each assignment undertaken. Consideration accrues as the assignment progresses by reference to the value of the work performed. Fees which had not been invoiced at the year end date are shown as unbilled debtors.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Gasp Four Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quadrant House, 20 Broad Street Mall, Reading, Berkshire, RG1 7QE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Particulars of employees
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
4. Tangible assets
Equipment
£
Cost
At 1 June 2023
22,360
Additions
3,753
--------
At 31 May 2024
26,113
--------
Depreciation
At 1 June 2023
21,112
Charge for the year
2,278
--------
At 31 May 2024
23,390
--------
Carrying amount
At 31 May 2024
2,723
--------
At 31 May 2023
1,248
--------
5. Debtors
2024
2023
£
£
Trade debtors
12,585
88,536
Other debtors
60,382
1,648
--------
--------
72,967
90,184
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,250
18,250
Trade creditors
14,838
77,048
Social security and other taxes
78,719
68,551
Other creditors
38,386
31,605
---------
---------
150,193
195,454
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,250
----
--------
8. Other financial commitments
The company had total financial commitments at the year end of £28,709 (2023 - £35,648).
9. Directors' advances, credits and guarantees
The directors owed the company £30,000 as at 31 May 2024. This was repaid in full within nine months of the year end.