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Company Registration No. 4205161 (England and Wales)
GASP Systems Limited Unaudited accounts for the year ended 31 October 2024
GASP Systems Limited Unaudited accounts Contents
Page
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GASP Systems Limited Company Information for the year ended 31 October 2024
Directors
Stephen Richard Gould Janet Louise Gould
Secretary
Mrs Janet Louise Gould
Company Number
4205161 (England and Wales)
Registered Office
LLOYDS BANK CHAMBERS HIGH STREET CREDITON DEVON EX17 3AH England
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GASP Systems Limited Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
20,201 
26,636 
Current assets
Inventories
123,811 
88,151 
Debtors
144,164 
129,924 
Cash at bank and in hand
70,240 
127,430 
338,215 
345,505 
Creditors: amounts falling due within one year
(119,310)
(71,916)
Net current assets
218,905 
273,589 
Total assets less current liabilities
239,106 
300,225 
Creditors: amounts falling due after more than one year
(17,500)
(27,500)
Net assets
221,606 
272,725 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
221,604 
272,723 
Shareholders' funds
221,606 
272,725 
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2025 and were signed on its behalf by
Stephen Richard Gould Director Company Registration No. 4205161
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GASP Systems Limited Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
GASP Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 4205161. The registered office is LLOYDS BANK CHAMBERS, HIGH STREET, CREDITON, DEVON, EX17 3AH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20%
Motor vehicles
25%
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 November 2023
7,500 
At 31 October 2024
7,500 
Amortisation
At 1 November 2023
7,500 
At 31 October 2024
7,500 
Net book value
At 31 October 2024
- 
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GASP Systems Limited Notes to the Accounts for the year ended 31 October 2024
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2023
96,133 
59,522 
155,655 
At 31 October 2024
96,133 
59,522 
155,655 
Depreciation
At 1 November 2023
89,369 
39,650 
129,019 
Charge for the year
1,353 
5,082 
6,435 
At 31 October 2024
90,722 
44,732 
135,454 
Net book value
At 31 October 2024
5,411 
14,790 
20,201 
At 31 October 2023
6,764 
19,872 
26,636 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
143,164 
84,351 
Other debtors
1,000 
45,573 
144,164 
129,924 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
409 
2,862 
Trade creditors
81,423 
44,222 
Taxes and social security
20,797 
17,297 
Other creditors
6,322 
5,535 
Loans from directors
8,359 
- 
Accruals
2,000 
2,000 
119,310 
71,916 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
17,500 
27,500 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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