IRIS Accounts Production v24.2.0.383 02738237 director 1.9.23 31.8.24 31.8.24 true false true true false false true false Ordinary 1.00000 Ordinary B non-voting 1.00000 Ordinary C non-voting 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027382372023-08-31027382372024-08-31027382372023-09-012024-08-31027382372022-08-31027382372022-09-012023-08-31027382372023-08-3102738237ns15:EnglandWales2023-09-012024-08-3102738237ns14:PoundSterling2023-09-012024-08-3102738237ns10:Director12023-09-012024-08-3102738237ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102738237ns10:FRS1022023-09-012024-08-3102738237ns10:Audited2023-09-012024-08-3102738237ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3102738237ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3102738237ns10:FullAccounts2023-09-012024-08-3102738237ns10:OrdinaryShareClass12023-09-012024-08-3102738237ns10:OrdinaryShareClass22023-09-012024-08-3102738237ns10:OrdinaryShareClass32023-09-012024-08-3102738237ns10:RegisteredOffice2023-09-012024-08-3102738237ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3102738237ns5:CurrentFinancialInstruments2024-08-3102738237ns5:CurrentFinancialInstruments2023-08-3102738237ns5:ShareCapital2024-08-3102738237ns5:ShareCapital2023-08-3102738237ns5:RetainedEarningsAccumulatedLosses2024-08-3102738237ns5:RetainedEarningsAccumulatedLosses2023-08-3102738237ns5:ShareCapital2022-08-3102738237ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2022-08-3102738237ns5:PreviouslyStatedAmount2022-08-3102738237ns5:PriorPeriodIncreaseDecrease2022-09-012023-08-3102738237ns5:RetainedEarningsAccumulatedLosses2022-08-3102738237ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3102738237ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-310273823712023-09-012024-08-3102738237ns5:ShortLeaseholdAssetsns5:LandBuildings2023-09-012024-08-3102738237ns5:PlantMachinery2023-09-012024-08-3102738237ns5:MotorVehicles2023-09-012024-08-3102738237ns10:HighestPaidDirector2023-09-012024-08-3102738237ns5:OwnedAssets2023-09-012024-08-3102738237ns5:OwnedAssets2022-09-012023-08-3102738237ns10:OrdinaryShareClass22022-09-012023-08-3102738237ns10:OrdinaryShareClass32022-09-012023-08-3102738237ns5:ShortLeaseholdAssetsns5:LandBuildings2023-08-3102738237ns5:PlantMachinery2023-08-3102738237ns5:FurnitureFittings2023-08-3102738237ns5:MotorVehicles2023-08-3102738237ns5:FurnitureFittings2023-09-012024-08-3102738237ns5:ShortLeaseholdAssetsns5:LandBuildings2024-08-3102738237ns5:PlantMachinery2024-08-3102738237ns5:FurnitureFittings2024-08-3102738237ns5:MotorVehicles2024-08-3102738237ns5:ShortLeaseholdAssetsns5:LandBuildings2023-08-3102738237ns5:PlantMachinery2023-08-3102738237ns5:FurnitureFittings2023-08-3102738237ns5:MotorVehicles2023-08-3102738237ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-08-3102738237ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3102738237ns5:WithinOneYear2024-08-3102738237ns5:WithinOneYear2023-08-3102738237ns5:BetweenOneFiveYears2024-08-3102738237ns5:BetweenOneFiveYears2023-08-3102738237ns5:AllPeriods2024-08-3102738237ns5:AllPeriods2023-08-3102738237ns5:DeferredTaxation2023-08-3102738237ns5:DeferredTaxation2023-09-012024-08-3102738237ns5:DeferredTaxation2024-08-3102738237ns10:OrdinaryShareClass12024-08-3102738237ns10:OrdinaryShareClass22024-08-3102738237ns10:OrdinaryShareClass32024-08-3102738237ns5:RetainedEarningsAccumulatedLosses2023-08-31
REGISTERED NUMBER: 02738237 (England and Wales)















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: S Seagrove





REGISTERED OFFICE: 7, Tower Park Road,
Crayford,
Dartford,
KENT,
DA1 4LD.





REGISTERED NUMBER: 02738237 (England and Wales)





AUDITORS: WaightSharnock
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:





S Seagrove - Director


20 March 2025

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
S Seagrove held office during the whole of the period from 1 September 2023 to the date of this report.

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:





S Seagrove - Director


20 March 2025

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.




Peter Waight (Senior Statutory Auditor)
for and on behalf of WaightSharnock
8b Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

20 March 2025

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 9,928,212 11,860,312

Cost of sales 4,916,490 5,063,402
GROSS PROFIT 5,011,722 6,796,910

Distribution costs 35,147 26,966
Administrative expenses 3,599,632 1,958,260
3,634,779 1,985,226
OPERATING PROFIT 4 1,376,943 4,811,684

Interest receivable and similar income 40,925 7,277
PROFIT BEFORE TAXATION 1,417,868 4,818,961

Tax on profit 5 444,729 1,134,851
PROFIT FOR THE FINANCIAL YEAR 973,139 3,684,110

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 973,139 3,684,110


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

973,139
Prior year adjustment 98,295
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 2,979,316 1,440,201

CURRENT ASSETS
Stocks 8 144,689 136,812
Debtors 9 1,433,898 2,088,188
Cash at bank and in hand 1,772,064 2,635,446
3,350,651 4,860,446
CREDITORS
Amounts falling due within one year 10 809,270 1,901,491
NET CURRENT ASSETS 2,541,381 2,958,955
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,520,697

4,399,156

PROVISIONS FOR LIABILITIES 12 438,731 290,329
NET ASSETS 5,081,966 4,108,827

CAPITAL AND RESERVES
Called up share capital 13 9 9
Retained earnings 14 5,081,957 4,108,818
SHAREHOLDERS' FUNDS 5,081,966 4,108,827

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:





S Seagrove - Director


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 9 3,486,428 3,486,437
Prior year adjustment - 98,295 98,295
As restated 9 3,584,723 3,584,732

Changes in equity
Dividends - (3,160,015 ) (3,160,015 )
Total comprehensive income - 3,684,110 3,684,110
Balance at 31 August 2023 9 4,108,818 4,108,827

Changes in equity
Total comprehensive income - 973,139 973,139
Balance at 31 August 2024 9 5,081,957 5,081,966

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 2,592,204 5,444,383
Tax paid (1,285,262 ) (1,013,479 )
Net cash from operating activities 1,306,942 4,430,904

Cash flows from investing activities
Purchase of tangible fixed assets (2,229,083 ) (76,035 )
Sale of tangible fixed assets 17,834 7,426
Interest received 40,925 7,277
Net cash from investing activities (2,170,324 ) (61,332 )

Cash flows from financing activities
Equity dividends paid - (3,160,015 )
Net cash from financing activities - (3,160,015 )

(Decrease)/increase in cash and cash equivalents (863,382 ) 1,209,557
Cash and cash equivalents at beginning of
year

2

2,635,446

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 1,417,868 4,818,961
Depreciation charges 668,654 468,577
Loss/(profit) on disposal of fixed assets 3,482 (2,147 )
Finance income (40,925 ) (7,277 )
2,049,079 5,278,114
(Increase)/decrease in stocks (7,877 ) 9,187
Decrease in trade and other debtors 654,289 140,128
(Decrease)/increase in trade and other creditors (103,287 ) 16,954
Cash generated from operations 2,592,204 5,444,383

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 (863,382 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 4,204,955 2,854,223
Social security costs 503,588 323,206
Other pension costs 83,988 79,110
4,792,531 3,256,539

The average number of employees during the year was as follows:
31.8.24 31.8.23

Administration 14 14
Engineers 46 46
60 60

31.8.24 31.8.23
£    £   
Director's remuneration 575,767 12,588

Information regarding the highest paid director for the year ended 31 August 2024 is as follows:
31.8.24
£   
Emoluments etc 575,767

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 668,652 468,577
Loss/(profit) on disposal of fixed assets 3,482 (2,147 )
Auditors' remuneration 19,000 18,000

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 296,327 1,128,326

Deferred tax 148,402 6,525
Tax on profit 444,729 1,134,851

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 1,417,868 4,818,961
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.515%)

354,467

1,036,799

Effects of:
Expenses not deductible for tax purposes 5,170 911
Capital allowances in excess of depreciation (871 ) -
Depreciation in excess of capital allowances - 75,993
Adjustments to tax charge in respect of previous periods - 21,148
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 - 173,410
Ordinary C non-voting share of £1
Interim - 2,986,605
- 3,160,015

7. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 16,269 5,997,907 349,103 131,779 6,495,058
Additions - 2,167,147 10,586 51,350 2,229,083
Disposals - - (2,286 ) (45,336 ) (47,622 )
At 31 August 2024 16,269 8,165,054 357,403 137,793 8,676,519
DEPRECIATION
At 1 September 2023 16,269 4,709,716 252,581 76,291 5,054,857
Charge for year - 638,254 15,991 14,407 668,652
Eliminated on disposal - - (357 ) (25,949 ) (26,306 )
At 31 August 2024 16,269 5,347,970 268,215 64,749 5,697,203
NET BOOK VALUE
At 31 August 2024 - 2,817,084 89,188 73,044 2,979,316
At 31 August 2023 - 1,288,191 96,522 55,488 1,440,201

8. STOCKS
31.8.24 31.8.23
£    £   
Stocks 18,995 17,700
Work-in-progress 125,694 119,112
144,689 136,812

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 1,238,717 1,725,215
Sundry debtors 45,797 242,236
Prepayments 149,384 120,737
1,433,898 2,088,188

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 356,243 390,699
Tax 139,391 1,128,326
Social security and other taxes 169,989 85,441
Pension Control Account 14,893 14,323
VAT 30,396 197,661
Other creditors 1,143 1,454
Accrued expenses 97,215 83,587
809,270 1,901,491

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 274,625 243,750
Between one and five years - 274,625
274,625 518,375

12. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 438,731 290,329

Deferred
tax
£   
Balance at 1 September 2023 290,329
Charge to Income Statement during year 148,402
Balance at 31 August 2024 438,731

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: £    £   
6 Ordinary £1 6 6
2 Ordinary B non-voting £1 2 2
1 Ordinary C non-voting £1 1 1
9 9

14. RESERVES
Retained
earnings
£   

At 1 September 2023 4,108,818
Profit for the year 973,139
At 31 August 2024 5,081,957

15. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 946,581 (2023 - £ 3,064,053 ) was paid.