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Registered number: 08457715










LPGAS 4 WALES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 MARCH 2024

 
LPGAS 4 WALES LIMITED
REGISTERED NUMBER: 08457715

BALANCE SHEET
AS AT 29 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
594,824
208,512

  
594,824
208,512

Current assets
  

Stocks
  
86,256
91,600

Debtors: amounts falling due within one year
 6 
628,968
642,165

Cash at bank and in hand
 7 
386,115
55,834

  
1,101,339
789,599

Creditors: amounts falling due within one year
 8 
(516,500)
(292,937)

Net current assets
  
 
 
584,839
 
 
496,662

Total assets less current liabilities
  
1,179,663
705,174

Creditors: amounts falling due after more than one year
 9 
(282,112)
(203,390)

Provisions for liabilities
  

Deferred tax
  
(125,127)
(35,262)

  
 
 
(125,127)
 
 
(35,262)

Net assets
  
772,424
466,522


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
772,324
466,422

  
772,424
466,522


Page 1

 
LPGAS 4 WALES LIMITED
REGISTERED NUMBER: 08457715
    
BALANCE SHEET (CONTINUED)
AS AT 29 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




Stewart Herbert
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

1.


General information

LPGas 4 Wales Limited is a private company, limited by shares and registered in England and Wales. The company's registered office address is MHA House, Charter Court, Swansea, SA7 9FS.
The principal activity in the year was that of gas sales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future and to meet its financial obligations as they fall due. Accordingly the director continues to adopt the going concern basis in preparing the annual report and financial statements.

Page 3

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
15%
Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Basic financial instruments are recognised at amortised cost, except investments in non-convertible preference and non-puttable ordinary shares which are recognised at fair value, with changes recognised in the Income Statement. Derivative financial instruments are intially recorded at cost thereafter at fair value with changes recognised in the Income Statement.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

n the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
Stock provisions
Stock holdings are assessed for indicators of obsolescence at each balance sheet date. If there is objective evidence of obsolescence, a provision is recognised in the income statement.


4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
13
11

Page 8

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 30 March 2023
13,935
117,866
115,304
22,790
269,895


Additions
9,030
102,554
335,092
21,675
468,351



At 29 March 2024

22,965
220,420
450,396
44,465
738,246



Depreciation


At 30 March 2023
8,352
26,419
16,337
10,275
61,383


Charge for the year on owned assets
2,079
4,339
69,724
5,897
82,039



At 29 March 2024

10,431
30,758
86,061
16,172
143,422



Net book value



At 29 March 2024
12,534
189,662
364,335
28,293
594,824



At 29 March 2023
5,583
91,447
98,967
12,515
208,512

Motor vehicles and Plant and machinery include assets under hire purchase with a net book value of £267,744.


6.


Debtors

2024
2023
£
£


Trade debtors
328,956
245,607

Amounts owed by group undertakings
201,774
230,038

Other debtors
98,098
166,520

Prepayments and accrued income
140
-

628,968
642,165


Page 9

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
386,115
55,834

386,115
55,834



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,117
9,867

Other loans
79,535
74,059

Trade creditors
342,273
169,446

Corporation tax
26,609
-

Other taxation and social security
2,151
9,630

Obligations under finance lease and hire purchase contracts
51,630
11,351

Other creditors
1,185
1,084

Accruals and deferred income
3,000
17,500

516,500
292,937


Page 10

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,660
25,780

Other loans
76,682
141,217

Net obligations under finance leases and hire purchase contracts
189,770
36,393

282,112
203,390


The following liabilities were secured:

2024
2023
£
£



Bank loans
25,777
35,647

Other loans
141,217
215,276

Hire purchase contracts
241,400
47,744

408,394
298,667

Details of security provided:

Bank and other loans are secured by charges over the company's assets.
Hire purchase liabilities are secured by the underlying assets.

Page 11

 
LPGAS 4 WALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,117
9,867

Other loans
79,535
74,059


89,652
83,926

Amounts falling due 1-2 years

Bank loans
10,375
10,119

Other loans
70,519
64,535


80,894
74,654

Amounts falling due 2-5 years

Bank loans
5,285
15,661

Other loans
6,163
76,682


11,448
92,343


181,994
250,923



11.


Controlling party

The ultimate controlling party is Gas 4 Wales Limited

Page 12