13 13 Gas & Controls Limited NI052041 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is repair of other equipments. Digita Accounts Production Advanced 6.30.9574.0 true NI052041 2023-12-01 2024-11-30 NI052041 2024-11-30 NI052041 bus:Director1 1 2024-11-30 NI052041 core:CurrentFinancialInstruments 2024-11-30 NI052041 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 NI052041 core:Non-currentFinancialInstruments 2024-11-30 NI052041 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 NI052041 core:LandBuildings core:LongLeaseholdAssets 2024-11-30 NI052041 core:PlantMachinery 2024-11-30 NI052041 bus:SmallEntities 2023-12-01 2024-11-30 NI052041 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 NI052041 bus:FullAccounts 2023-12-01 2024-11-30 NI052041 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 NI052041 bus:RegisteredOffice 2023-12-01 2024-11-30 NI052041 bus:Director1 2023-12-01 2024-11-30 NI052041 bus:Director1 1 2023-12-01 2024-11-30 NI052041 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 NI052041 core:LandBuildings core:LongLeaseholdAssets 2023-12-01 2024-11-30 NI052041 core:PlantMachinery 2023-12-01 2024-11-30 NI052041 core:OtherRelatedParties 2023-12-01 2024-11-30 NI052041 countries:NorthernIreland 2023-12-01 2024-11-30 NI052041 2023-11-30 NI052041 bus:Director1 1 2023-11-30 NI052041 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 NI052041 core:PlantMachinery 2023-11-30 NI052041 2022-12-01 2023-11-30 NI052041 2023-11-30 NI052041 core:CurrentFinancialInstruments 2023-11-30 NI052041 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 NI052041 core:Non-currentFinancialInstruments 2023-11-30 NI052041 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 NI052041 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 NI052041 core:PlantMachinery 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI052041

Gas & Controls Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Gas & Controls Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Gas & Controls Limited

(Registration number: NI052041)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

93,974

70,485

Current assets

 

Stocks

5

77,864

65,130

Debtors

6

485,099

557,678

Cash at bank and in hand

 

426,498

336,360

 

989,461

959,168

Creditors: Amounts falling due within one year

7

(252,302)

(260,019)

Net current assets

 

737,159

699,149

Total assets less current liabilities

 

831,133

769,634

Creditors: Amounts falling due after more than one year

7

(12,585)

(21,860)

Provisions for liabilities

(23,493)

(7,530)

Net assets

 

795,055

740,244

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

795,054

740,243

Shareholders' funds

 

795,055

740,244

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and 1A FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 13 May 2025
 

.........................................
James Warren Kerr
Director

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
156 Woodburn Road
Carrickfergus
Co Antrim
Northern Ireland
BT38 9AB

These financial statements were authorised for issue by the director on 13 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements are prepared under the historical cost convention and in accordance with the
FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and
Republic of Ireland and the Companies Act 2006.

The presentation currency is £ Sterling.

The level of rounding used in presenting amounts in the financial statements is £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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 - 10% straight line
Plant and machinery - 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 13).

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

272,501

181,310

453,811

Additions

-

59,806

59,806

Disposals

-

(17,494)

(17,494)

At 30 November 2024

272,501

223,622

496,123

Depreciation

At 1 December 2023

240,500

142,826

383,326

Charge for the year

8,001

10,822

18,823

At 30 November 2024

248,501

153,648

402,149

Carrying amount

At 30 November 2024

24,000

69,974

93,974

At 30 November 2023

32,001

38,484

70,485

Included within the net book value of land and buildings above is £24,000 (2023 - £32,001) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

77,864

65,130

6

Debtors

Current

2024
£

2023
£

Trade debtors

375,732

416,321

Prepayments

11,354

11,357

Other debtors

98,013

130,000

 

485,099

557,678

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,638

10,000

Trade creditors

 

138,474

175,390

Taxation and social security

 

68,102

69,306

Accruals and deferred income

 

32,767

2,649

Other creditors

 

3,321

2,674

 

252,302

260,019

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,585

21,860

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £0.01 each

50

1

50

1

Ordinary B of £0.01 each

30

-

30

-

80

1

80

1

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,585

21,860

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,638

10,000

 

Gas & Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Related party transactions

Transactions with the director

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

James Warren Kerr

37,326

101,641

(130,954)

8,013

Summary of transactions with other related parties

Included in debtors is amounts owed to a company with common directors of £90,000 (2023: £90,000).