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Registration number: 04138148

Gasworld Parts UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Gasworld Parts UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Gasworld Parts UK Limited

Company Information

Directors

Mr Albert Manuel Dalmedo

Mr Joseph Albert Dalmedo

Mr John Chamberlin

Registered office

82 St Elmo Road
Shepherds Bush
London
W12 9DX

Accountants

SK Accountants 53 Hurstdene Avenue
Staines Upon Thames
Surrey
TW18 1JG

 

Gasworld Parts UK Limited

(Registration number: 04138148)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

141,684

146,230

Current assets

 

Stocks

5

898,786

917,887

Debtors

6

276,814

511,810

Cash at bank and in hand

 

107,778

56,130

 

1,283,378

1,485,827

Creditors: Amounts falling due within one year

7

(308,297)

(526,963)

Net current assets

 

975,081

958,864

Total assets less current liabilities

 

1,116,765

1,105,094

Creditors: Amounts falling due after more than one year

7

(50,203)

(72,163)

Net assets

 

1,066,562

1,032,931

Capital and reserves

 

Called up share capital

8

1,177

1,177

Share premium reserve

598,923

598,923

Retained earnings

466,462

432,831

Shareholders' funds

 

1,066,562

1,032,931

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................
Mr Albert Manuel Dalmedo
Director

 

Gasworld Parts UK Limited

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

1

General information

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

The address of its registered office is:
82 St Elmo Road
Shepherds Bush
London
W12 9DX
United Kingdom

These financial statements were authorised for issue by the Board on 20 June 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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises current 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.

 

Gasworld Parts UK Limited

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

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

Straight line - 10%

Office equipment

Straight line - 10%

Motor vehicles

Straight line - 10%

Leasehold improvements

Straight line - 5%

Plant and machinery

Straight line - 10%

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.

 

Gasworld Parts UK Limited

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

Borrowings

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

The total investment fund received and held by the company as at 30th September 2021 is £600,000.

The company received an investment from MsYue Li on 30/10/2017. The share capital value on date of
purchase held by Yue Li is equal to £200,000 GBP (59 shares totalling 5%).

The company received an investment from Mr J Zhou on 13/12/2018 The share capital value on date of
purchase held by J Zhou is equal to £200,000 GBP (59 shares totalling 5%).

The company received an investment from Mr L Jia on 23/04/2019 The share capital value on date of
purchase held by L Jia is equal to £200,000 GBP (59 shares totalling 5%).

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.

 

Gasworld Parts UK Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 16).

 

Gasworld Parts UK Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

80,321

53,652

329,418

9,441

472,832

Additions

-

21,575

-

-

21,575

At 30 September 2024

80,321

75,227

329,418

9,441

494,407

Depreciation

At 1 October 2023

46,791

30,152

244,574

5,085

326,602

Charge for the year

3,383

6,804

14,990

944

26,121

At 30 September 2024

50,174

36,956

259,564

6,029

352,723

Carrying amount

At 30 September 2024

30,147

38,271

69,854

3,412

141,684

At 30 September 2023

33,530

23,500

84,844

4,356

146,230

 

Gasworld Parts UK Limited

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

5

Stocks

2024
£

2023
£

Other inventories

898,786

917,887

6

Debtors

Current

2024
£

2023
£

Trade debtors

265,607

492,567

Prepayments

3,435

1,226

Other debtors

7,772

18,017

 

276,814

511,810

 

Gasworld Parts UK Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

36,099

28,021

Trade creditors

 

191,318

457,555

Taxation and social security

 

24,662

22,436

Other creditors

 

56,218

18,951

 

308,297

526,963

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

50,203

72,163

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,177

1,177

1,177

1,177

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,481

72,163

Finance lease liabilities

18,722

-

50,203

72,163

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

33,551

20,741

Finance lease liabilities

2,548

7,280

36,099

28,021

 

Gasworld Parts UK Limited

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

Bank borrowings

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2030. The carrying amount at year end is £31,482 (2023 - £37,037).

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

11

Related party transactions

 

Gasworld Parts UK Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

113,480

125,630

Contributions paid to money purchase schemes

20,144

24,739

133,624

150,369