Company registration number SC772327 (Scotland)
Gaulds Gas Limited
Unaudited financial statements
for the period ended 30 June 2024
Pages for filing with registrar
Gaulds Gas Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Gaulds Gas Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gaulds Gas Limited for the period ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Gaulds Gas Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gaulds Gas Limited and state those matters that we have agreed to state to the board of directors of Gaulds Gas Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gaulds Gas Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Gaulds Gas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gaulds Gas Limited. You consider that Gaulds Gas Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Gaulds Gas Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
8 July 2025
Gaulds Gas Limited
Balance sheet
as at 30 June 2024
2
2024
Notes
£
£
Fixed assets
Tangible assets
3
1,197,933
Investments
4
50
1,197,983
Current assets
Stocks
12,000
Debtors
173,780
Cash at bank and in hand
130,638
316,418
Creditors: amounts falling due within one year
(1,535,969)
Net current liabilities
(1,219,551)
Net liabilities
(21,568)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(21,668)
Total equity
(21,568)
Gaulds Gas Limited
Balance sheet (continued)
as at 30 June 2024
3

For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 July 2025 and are signed on its behalf by:
Mr I G Gauld
Mrs S D Gauld
Director
Director
Mr N Gauld
Mr K I Gauld
Director
Director
Company registration number SC772327 (Scotland)
Gaulds Gas Limited
Notes to thefinancial statements
for the period ended 30 June 2024
4
1
Accounting policies
Company information

Gaulds Gas Limited is a private company limited by shares incorporated in Scotland. The registered office is Uryside, Inverurie, Aberdeenshire, AB51 6HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Motor vehicles
25% reducing balance
Gas tanks
5% straight line

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Gaulds Gas Limited
Notes to thefinancial statements (continued)
for the period ended 30 June 2024
1
Accounting policies (continued)
5

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.7
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 current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Gaulds Gas Limited
Notes to thefinancial statements (continued)
for the period ended 30 June 2024
1
Accounting policies (continued)
6
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
9
3
Tangible fixed assets
Total
£
Cost
At 12 June 2023
-
0
Additions
1,209,380
At 30 June 2024
1,209,380
Depreciation and impairment
At 12 June 2023
-
0
Depreciation charged in the period
11,447
At 30 June 2024
11,447
Carrying amount
At 30 June 2024
1,197,933
4
Fixed asset investments
2024
£
Other investments
50
Gaulds Gas Limited
Notes to thefinancial statements (continued)
for the period ended 30 June 2024
4
Fixed asset investments (continued)
7
Movements in fixed asset investments
Investments
£
Cost or valuation
At 12 June 2023
-
Additions
50
At 30 June 2024
50
Carrying amount
At 30 June 2024
50
2024-06-302023-06-12falsefalsefalse08 July 2025CCH SoftwareCCH Accounts Production 2025.100The principal activity of the company continued to be the supply of commercial and domestic LPG for heating and road fuel.
Mr Ian G GauldMrs Sandra D GauldMr Neil GauldMr Kevin I Gauld
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