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Company No: 08812843 (England and Wales)

GOSOUTH GAS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

GOSOUTH GAS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

GOSOUTH GAS LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024
GOSOUTH GAS LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 141,631 135,105
141,631 135,105
Current assets
Stocks 5 4,000 4,000
Debtors 6 11,949 35,937
Cash at bank and in hand 7 57,335 60,413
73,284 100,350
Creditors: amounts falling due within one year 8 ( 131,801) ( 138,200)
Net current liabilities (58,517) (37,850)
Total assets less current liabilities 83,114 97,255
Creditors: amounts falling due after more than one year 9 ( 30,167) ( 64,167)
Provision for liabilities ( 5,408) ( 3,140)
Net assets 47,539 29,948
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 47,439 29,848
Total shareholder's funds 47,539 29,948

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:

The financial statements of GoSouth Gas Ltd (registered number: 08812843) were approved and authorised for issue by the Director on 27 June 2025. They were signed on its behalf by:

Przemyslaw Rawski
Director
GOSOUTH GAS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
GOSOUTH GAS 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

GoSouth Gas 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 15 English Road, Southampton, SO15 8PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 3 years straight line
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:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, 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 Profit and Loss Account as described below.

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.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 81,000 81,000
At 31 December 2024 81,000 81,000
Accumulated amortisation
At 01 January 2024 81,000 81,000
At 31 December 2024 81,000 81,000
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 120,000 38,908 158,908
Additions 0 11,500 11,500
At 31 December 2024 120,000 50,408 170,408
Accumulated depreciation
At 01 January 2024 0 23,803 23,803
Charge for the financial year 0 4,975 4,975
Rounding 0 ( 1) ( 1)
At 31 December 2024 0 28,777 28,777
Net book value
At 31 December 2024 120,000 21,631 141,631
At 31 December 2023 120,000 15,105 135,105

5. Stocks

2024 2023
£ £
Stocks 4,000 4,000

6. Debtors

2024 2023
£ £
Trade debtors 11,949 35,937

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 57,335 60,413

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,000 10,000
Trade creditors 26,308 34,038
Amounts owed to director 22,418 22,768
Other loans 24,000 24,000
Accruals 2,300 2,260
Taxation and social security 46,775 45,134
131,801 138,200

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 4,167 14,167
Other loans 26,000 50,000
30,167 64,167

Bank loans totalling £14,167 (2023 - £24,167) are in relation to amounts borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

10. Called-up share capital

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