Silverfin false false 31/12/2024 01/01/2024 31/12/2024 C W Teale 23/12/2011 10 April 2025 The principal activity of the Company during the financial year was that of providing gas, heating and plumbing services. 07891875 2024-12-31 07891875 bus:Director1 2024-12-31 07891875 2023-12-31 07891875 core:CurrentFinancialInstruments 2024-12-31 07891875 core:CurrentFinancialInstruments 2023-12-31 07891875 core:ShareCapital 2024-12-31 07891875 core:ShareCapital 2023-12-31 07891875 core:RetainedEarningsAccumulatedLosses 2024-12-31 07891875 core:RetainedEarningsAccumulatedLosses 2023-12-31 07891875 core:Vehicles 2023-12-31 07891875 core:OfficeEquipment 2023-12-31 07891875 core:Vehicles 2024-12-31 07891875 core:OfficeEquipment 2024-12-31 07891875 core:ImmediateParent core:CurrentFinancialInstruments 2024-12-31 07891875 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 07891875 bus:OrdinaryShareClass1 2024-12-31 07891875 bus:OrdinaryShareClass2 2024-12-31 07891875 2024-01-01 2024-12-31 07891875 bus:FilletedAccounts 2024-01-01 2024-12-31 07891875 bus:SmallEntities 2024-01-01 2024-12-31 07891875 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07891875 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07891875 bus:Director1 2024-01-01 2024-12-31 07891875 core:Vehicles 2024-01-01 2024-12-31 07891875 core:OfficeEquipment 2024-01-01 2024-12-31 07891875 2023-01-01 2023-12-31 07891875 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 07891875 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07891875 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 07891875 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07891875 (England and Wales)

HITGAS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

HITGAS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

HITGAS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
HITGAS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,153 11,345
9,153 11,345
Current assets
Stocks 550 550
Debtors 4 1,779 2,912
Cash at bank and in hand 29,719 32,069
32,048 35,531
Creditors: amounts falling due within one year 5 ( 37,614) ( 17,570)
Net current (liabilities)/assets (5,566) 17,961
Total assets less current liabilities 3,587 29,306
Net assets 3,587 29,306
Capital and reserves
Called-up share capital 6 111 111
Profit and loss account 3,476 29,195
Total shareholders' funds 3,587 29,306

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hitgas Ltd (registered number: 07891875) were approved and authorised for issue by the Director. They were signed on its behalf by:

C W Teale
Director

10 April 2025

HITGAS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
HITGAS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hitgas Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 2 1

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2024 16,000 5,473 21,473
Additions 0 754 754
At 31 December 2024 16,000 6,227 22,227
Accumulated depreciation
At 01 January 2024 7,375 2,753 10,128
Charge for the financial year 2,156 790 2,946
At 31 December 2024 9,531 3,543 13,074
Net book value
At 31 December 2024 6,469 2,684 9,153
At 31 December 2023 8,625 2,720 11,345

4. Debtors

2024 2023
£ £
Trade debtors 1,516 2,912
Other debtors 263 0
1,779 2,912

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,247 2,574
Amounts owed to parent undertakings 1,753 977
Taxation and social security 33,614 13,434
Other creditors 0 585
37,614 17,570

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
11 Ordinary A shares of £ 1.00 each 11 11
100 Ordinary shares of £ 1.00 each 100 100
111 111

7. Related party transactions

At the balance sheet date £1,753 (2023 - £977) was owed to the parent company.