REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
8b Lonsdale Gardens |
Tunbridge Wells |
Kent |
TN1 1NU |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
STRATEGIC REPORT |
for the Year Ended 31 August 2024 |
The director presents his strategic report for the year ended 31 August 2024. |
GASE Marine and General Engineering has its factories based in Crayford, Kent and provides precision metal fabrication to an AS9100 approved quality. The company has approvals to supply components to the aerospace, telecommunication and nuclear industries. |
REVIEW OF BUSINESS |
Margins have been affected over the course if the year due to the increased price of metal as a result of the ongoing war in the Ukraine. |
Key Performance Indicators: |
2024 | 2023 |
£ | £ |
Turnover | 9,928,212 | 11,860,312 |
Gross Profit | 5,011,722 | 6,796,910 |
Gross Profit Rate (% of turnover) | 50.5% | 57.3% |
Direct Wages | 2,727,533 | 2,709,565 |
Direct Wages Rate (% of turnover) | 27.5% | 22.9% |
The company has seen a drop in revenue to £9.9m (2023 - 11.9m) over the course of the year as a direct attempt to reduce the impact of increasing costs being passed on to customers. |
A new factory unit was opened in December 2023 and fully fitted out using available funds in the business, this included investing in £2.2m of new plant and machinery. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The war in Ukraine will continue to have an impact on utility prices, along with a knock on affect on the price of metal. |
GASE is committed to providing customers with premium precision products by way of its AS9100 accreditation, employing a team of inspectors to ensure conformity at every stage of the production process to mitigate any risk to quality. |
Due to the factory environment there will always be risks in respect of Health and Safety. GASE takes the safety and welfare of its employees and other persons who may be directly affected by activities arising out of its operations very seriously and is intent on complying with the requirements of Health and Safety at Work. |
ON BEHALF OF THE BOARD: |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
REPORT OF THE DIRECTOR |
for the Year Ended 31 August 2024 |
The director presents his report with the financial statements of the company for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of precision sheet metal products manufacturers. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, WaightSharnock, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
Opinion |
We have audited the financial statements of Gase Marine and General Engineering Services Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the Officers and other management (as required by auditing standards). It was determined that the most significant are Companies Act 2006, Health & Safety, Right to Work regulations and AS9100 certification for quality management systems in the aerospace industry. |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. |
- We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
8b Lonsdale Gardens |
Tunbridge Wells |
Kent |
TN1 1NU |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
INCOME STATEMENT |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,634,779 | 1,985,226 |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
3,782,405 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
BALANCE SHEET |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 August 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2022 |
Prior year adjustment | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 August 2024 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
CASH FLOW STATEMENT |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,425,889 |
Cash and cash equivalents at end of year | 2 | 1,772,064 | 2,635,446 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 August 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.8.24 | 31.8.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance income | (40,925 | ) | (7,277 | ) |
2,049,079 | 5,278,114 |
(Increase)/decrease in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 1,772,064 | 2,635,446 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 2,635,446 | 1,425,889 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,635,446 | (863,382 | ) | 1,772,064 |
2,635,446 | ( |
) | 1,772,064 |
Total | 2,635,446 | (863,382 | ) | 1,772,064 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Gase Marine and General Engineering Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The following judgements had a significant effect in the amounts recognised in the financial statements: |
Useful lives of property, plant and equipment |
The Company estimates the useful lives of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimate useful lives of property, plant and equipment are reviewed periodically and re-updated if expectations differ from previous estimates due to physical wear and tear, technical obsolescence and legal or other limits on use of the relevant assets. In addition, the estimation of the useful lives of property, plant and equipment are based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by the changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the useful lives of property, plant and equipment would increase the recorded expenses and decrease the non-current assets. |
Deferred tax |
Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. Judgement is required in assessing the extent to which the assets and liabilities should be recognised, taking into account the expected timing and levels of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised. |
Turnover |
Revenue represents sales from the production of metal fabricated components (excluding value added tax an other sales taxes). Sales are recognised at the date of goods despatched to customers. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition. |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, including credit and debit transactions awaiting clearance into a Company bank account. |
Financial instruments |
Financial assets and liabilities are recognised when the Company has become a party to the contractual provisions of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. |
Financial Assets |
Financial assets comprise cash and cash equivalents, trade receivables and other receivables. The Company classifies all of its financial assets as assets at amortised cost. Financial assets at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to their acquisition, less any provision for impairment. |
Financial Liabilities |
Financial liabilities comprise trade payables and other payables. The Company classified all of its financial liabilities as liabilities at amortised cost. Financial liabilities at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to the issue of the instrument. |
Provisions |
Provisions are recognised when the Company has a present legal obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Where the effect of the time value of money is material, the provision is based on the present value of future outflows, discounted at a risk-free rate. |
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 balance sheet date. |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 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 balance sheet 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. |
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 |
31.8.24 | 31.8.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.8.24 | 31.8.23 |
Administration | 14 | 14 |
Engineers | 46 | 46 |
31.8.24 | 31.8.23 |
£ | £ |
Director's remuneration |
Information regarding the highest paid director for the year ended 31 August 2024 is as follows: |
31.8.24 |
£ |
Emoluments etc |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.8.24 | 31.8.23 |
£ | £ |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.8.24 | 31.8.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Interest and fines | 85,963 | - |
Total tax charge | 444,729 | 1,134,851 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
6. | DIVIDENDS |
31.8.24 | 31.8.23 |
£ | £ |
Ordinary B non-voting shares of £1 each |
Interim |
Ordinary C non-voting share of £1 |
Interim |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
8. | STOCKS |
31.8.24 | 31.8.23 |
£ | £ |
Stocks |
Work-in-progress |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Sundry debtors | 45,797 | 242,236 |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Pension Control Account | 14,893 | 14,323 |
VAT | 30,396 | 197,661 |
Other creditors |
Accrued expenses |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |
Between one and five years |
12. | PROVISIONS FOR LIABILITIES |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 438,731 | 290,329 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Charge to Income Statement during year |
Balance at 31 August 2024 |
GASE MARINE AND GENERAL ENGINEERING |
SERVICES LIMITED (REGISTERED NUMBER: 02738237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
value: | £ | £ |
Ordinary | £1 | 6 | 6 |
Ordinary B non-voting | £1 | 2 | 2 |
Ordinary C non-voting | £1 | 1 | 1 |
9 | 9 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2023 |
Profit for the year |
At 31 August 2024 |
15. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ |