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COMPANY REGISTRATION NUMBER: 09052797
Delta Gas Ltd
Filleted Unaudited Financial Statements
31 May 2024
Delta Gas Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Delta Gas Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
15,286
21,135
Current assets
Debtors
6
55,833
49,518
Cash at bank and in hand
577
171
--------
--------
56,410
49,689
Creditors: amounts falling due within one year
7
44,072
35,957
--------
--------
Net current assets
12,338
13,732
--------
--------
Total assets less current liabilities
27,624
34,867
Creditors: amounts falling due after more than one year
8
27,453
33,962
--------
--------
Net assets
171
905
--------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
71
805
----
----
Shareholders funds
171
905
----
----
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Delta Gas Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr P Ljepic
Director
Company registration number: 09052797
Delta Gas Ltd
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 Printing House, 66 Lower Road, Harrow, HA2 0DH.
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. Accounting policies
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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicle
-
20% straight line
Equipment
-
25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2023
43,468
1,756
45,224
Disposals
( 15,716)
( 15,716)
--------
-------
--------
At 31 May 2024
27,752
1,756
29,508
--------
-------
--------
Depreciation
At 1 June 2023
22,654
1,435
24,089
Charge for the year
5,550
299
5,849
Disposals
( 15,716)
( 15,716)
--------
-------
--------
At 31 May 2024
12,488
1,734
14,222
--------
-------
--------
Carrying amount
At 31 May 2024
15,264
22
15,286
--------
-------
--------
At 31 May 2023
20,814
321
21,135
--------
-------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 May 2024
15,263
--------
At 31 May 2023
20,814
--------
6. Debtors
2024
2023
£
£
Trade debtors
6,100
7,507
Director's loan account
24,886
16,128
Other debtors
24,847
25,883
--------
--------
55,833
49,518
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
17,280
5,710
Accruals and deferred income
4,000
8,369
Corporation tax
6,882
6,166
Obligations under finance leases and hire purchase contracts
3,510
3,283
Other creditors
6,400
6,429
--------
--------
44,072
35,957
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee. The hire purchase agreements are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,000
16,000
Obligations under finance leases and hire purchase contracts
14,453
17,962
--------
--------
27,453
33,962
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee. The hire purchase agreements are secured on the assets to which they relate.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Ljepic
16,128
8,758
24,886
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P Ljepic
8,473
7,655
16,128
-------
-------
--------
The maximum amount outstanding on the directors loan account during the period was £24,886.