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Company registration number: 04647493
Gasflair Wales Limited
Unaudited filleted financial statements
31 October 2024
Gasflair Wales Limited
Contents
Balance sheet
Notes to the financial statements
Gasflair Wales Limited
Balance sheet
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 601,591 533,981
_______ _______
601,591 533,981
Current assets
Debtors 6 3,384 2,888
Cash at bank and in hand 114,645 77,804
_______ _______
118,029 80,692
Creditors: amounts falling due
within one year 7 ( 279,625) ( 283,928)
_______ _______
Net current liabilities ( 161,596) ( 203,236)
_______ _______
Total assets less current liabilities 439,995 330,745
Provisions for liabilities 8 ( 21,154) ( 3,949)
_______ _______
Net assets 418,841 326,796
_______ _______
Capital and reserves
Called up share capital 10 50 50
Capital redemption reserve 50 50
Fair value reserve 122,505 70,005
Profit and loss account 296,236 256,691
_______ _______
Shareholders funds 418,841 326,796
_______ _______
For the year ending 31 October 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
..............................................
Mr A Roberts
Director
Company registration number: 04647493
Gasflair Wales Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Gasflair Wales Limited, Unit 8 Roundabout Court, Bedwas Industrial Estate, Caerphilly, CF83 8DW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument. All of the financial instruments applying to the company are basic as defined in the accounting standard, and as such are initially recognised at the transaction price. 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 in finance costs 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 1 (2023: 1 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 November 2023 530,863 23,219 21,717 575,799
Revaluation 70,000 - - 70,000
_______ _______ _______ _______
At 31 October 2024 600,863 23,219 21,717 645,799
_______ _______ _______ _______
Depreciation
At 1 November 2023 1,611 22,785 17,422 41,818
Charge for the year 1,208 108 1,074 2,390
_______ _______ _______ _______
At 31 October 2024 2,819 22,893 18,496 44,208
_______ _______ _______ _______
Carrying amount
At 31 October 2024 598,044 326 3,221 601,591
_______ _______ _______ _______
At 31 October 2023 529,252 434 4,295 533,981
_______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 November 2023 470,431
Fair value adjustments 70,000
_______
At 31 October 2024 540,431
_______
The investment properties were valued by the director based on his knowledge of the property market as at 31 October 2024.
6. Debtors
2024 2023
£ £
Trade debtors 322 878
Prepayments and accrued income 2,062 2,010
Other debtors 1,000 -
_______ _______
3,384 2,888
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 3,427 9,613
Accruals and deferred income 1,350 1,250
Social security and other taxes 12,386 11,103
Director loan accounts 255,462 255,462
Other creditors 7,000 6,500
_______ _______
279,625 283,928
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 November 2023 3,949 3,949
Charges against provisions 17,205 17,205
_______ _______
At 31 October 2024 21,154 21,154
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 8) 21,154 3,949
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 887 1,182
Fair value adjustment of investment property 20,267 2,767
_______ _______
21,154 3,949
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 50 50 50 50
_______ _______ _______ _______