Registration number: NI035369

KP Gas Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 9

KP Gas Ltd

(Registration number: NI035369)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	479,839	501,942
Current assets
Stocks	5	24,535	45,585
Debtors	6	102,570	107,953
		127,105	153,538
Creditors: Amounts falling due within one year	7	(265,818)	(262,192)
Net current liabilities		(138,713)	(108,654)
Total assets less current liabilities		341,126	393,288
Creditors: Amounts falling due after more than one year	7	(316,553)	(322,164)
Net assets		24,573	71,124
Capital and reserves
Called up share capital	8	100	100
Retained earnings		24,473	71,024
Shareholders' funds		24,573	71,124

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 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 11 September 2025
 

......................................... Martin Kearney Director

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
15 Comber Road
Carryduff
County Antrim
BT8 8AN
Northern Ireland

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.

The presentation currency is £ Sterling and the level of rounding is to the nearest £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.

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.

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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
Freehold	2% Straight line
Plant & Machinery	20% Reducing balance
Motor Vehicles	20% Reducing balance

Investment property

Investment properties are revalued annually by the director, with the assistance of professional advice as required.

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.

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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

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 and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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.

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

The company operates a defined contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial Instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	689,641	79,064	165,319	934,024
At 31 December 2024	689,641	79,064	165,319	934,024
Depreciation
At 1 January 2024	229,252	71,622	131,208	432,082
Charge for the year	13,793	1,488	6,822	22,103
At 31 December 2024	243,045	73,110	138,030	454,185
Carrying amount
At 31 December 2024	446,596	5,954	27,289	479,839
At 31 December 2023	460,389	7,442	34,111	501,942

5

Stocks

	2024 £	2023 £
Other inventories	24,535	45,585

6

Debtors

Current	2024 £	2023 £
Trade debtors	83,202	92,487
Other debtors	19,368	15,466
	102,570	107,953

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	117,140	103,201
Trade creditors		115,016	138,157
Taxation and social security		20,121	11,176
Accruals and deferred income		5,335	6,600
Other creditors		8,206	3,058
		265,818	262,192

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	316,553	322,164

The bank loan and overdraft are secured by an all monies debenture creating a fixed and floating security over the property assets undertaking rights and revenues (both present and future) of the company, a legal charge over the company's property and a personal guarantee from the director and shareholder.

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary A of £1 each	45	45	45	45
Ordinary B of £1 each	45	45	45	45
Ordinary C of £1 each	10	10	10	10
	100	100	100	100

9	Related party transactions

The company owed to a shareholder £Nil (2023: £1,803) at the end of the financial period.

The company owed to a shareholder £2,340 (2023: £216) at the end of the financial period.

 

Loans to/(from) directors

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Martin Kearney
	(1,039)	41,286	(32,843)	7,404

The above loan is unsecured, interest free and repayable on demand.

KP Gas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	309,608	309,608
Hire purchase contracts	6,945	12,556
	316,553	322,164

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	51,601	51,601
Bank overdrafts	59,926	44,779
Hire purchase contracts	5,613	6,821
	117,140	103,201