Registration number:
Gas Fast Limited
for the Period from 1 May 2024 to 31 December 2024
Gas Fast Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Gas Fast Limited
Strategic Report for the Period from 1 May 2024 to 31 December 2024
The directors present their strategic report for the period from 1 May 2024 to 31 December 2024.
Principal activity
The principal activity of the company is the supply and installation of solar PV systems.
Fair review of the business
The period ended 31 December 2024 saw a fall in revenue for the period due to a combination of a short accounting period and general market conditions in the wake of the reduction in energy prices since the start of the war in Ukraine.
The company's key financial and other performance indicators during the period were as follows:
|
Financial KPIs |
Unit |
December 2024 |
April 2024 |
% Change |
|
Turnover |
£'000 |
10,984 |
27,044 |
(59%) |
|
Gross Profit |
£'000 |
2,631 |
6,527 |
(60%) |
|
Gross Profit Margin |
% |
24 |
24 |
(0%) |
|
Operating Profit |
£'000 |
526 |
3,129 |
(83%) |
|
Operating Profit Margin |
% |
5 |
12 |
(58%) |
Whilst revenues have fallen over the period, operating profit margins have been maintained at 12%.
On 21st May 2024, Wickes Group Holdings Limited (Wickes) purchased 51% of the issued share capital of the company. Wickes has the option to acquire the remaining 49% for a period of 5 years following completion, based on a pre-agreed earnings-based valuation multiple at that time.
Gas Fast Limited
Strategic Report for the Period from 1 May 2024 to 31 December 2024
Principal risks and uncertainties
The Company faces a number of risks in the ordinary course of business, and the Board of Directors is responsible for establishing appropriate internal controls and regularly reviewing their effectiveness to ensure these risks are identified, monitored and managed.
Cyber and data security
The Company processes customer information as part of surveys, financing and installation scheduling, and any cyber breach could disrupt operations and damage trust. This risk is managed through strong access controls, regular staff training, encryption of sensitive data and an incident response framework.
Climate change
As a renewable energy business, the Company benefits from long-term decarbonisation trends but remains exposed to changes in weather patterns, policy incentives and environmental regulation. Mitigation includes monitoring policy developments, diversifying suppliers, and designing propositions aligned with evolving customer sustainability goals.
Business change
Growth in battery storage, EV integration and smart-home systems requires continuous adaptation of skills and processes. The Company mitigates this risk by investing in staff training, adopting new technologies in a phased manner and partnering with experienced product manufacturers.
People and safety
Installation work at height presents health and safety risks for employees and subcontractors, while the availability of skilled labour is critical to fulfil demand. Risks are managed through structured training, safe-working practices, close supervision and initiatives to attract and retain skilled installers.
Brand integrity and reputation
Customer confidence is essential in a high-value purchase such as solar PV. Any quality failures, mis-selling or poor after-sales service could harm the brand. The Company addresses this through rigorous quality control, transparent quoting and warranties backed by trusted manufacturers.
Commercial and supply chain
The Company relies on the timely supply of panels, inverters and batteries, with exposure to global pricing and currency fluctuations. This risk is mitigated by multi-vendor sourcing, maintaining buffer stocks of fast-moving products and favouring sterling-denominated contracts where possible.
Regulatory and legal compliance
The Company operates in a regulated environment and is exposed to potential changes in laws, standards and enforcement practices. To manage this risk, policies and training programmes are in place, supported by monitoring and oversight to ensure compliance with applicable requirements.
Financial management
Working capital requirements fluctuate with deposits, supplier terms and installation scheduling. The Company manages this risk by maintaining rolling cash flow forecasts, monitoring covenant headroom and aligning procurement cycles with sales volumes.
IT operations
Operational systems support scheduling, inventory management and finance. Outages or failures could disrupt installation capacity and customer communication. The Company mitigates this through resilient cloud-based systems, data back-ups and business continuity planning.
Gas Fast Limited
Strategic Report for the Period from 1 May 2024 to 31 December 2024
Customer experience
Conversion and referral rates depend on delivering a smooth journey from quote through installation to after-sales. Risks are managed by monitoring satisfaction metrics, investing in digital tools and training staff to provide clear, consistent advice to customers.
Growth strategy
The Company aims to grow by expanding in core regions and increasing battery and smart-home attachment rates. Strategic risk arises if expansion outpaces operational capacity or market demand. This is mitigated by phased scaling, disciplined investment appraisal and continuous monitoring of demand drivers.
Approved and authorised by the
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Gas Fast Limited
Directors' Report for the Period from 1 May 2024 to 31 December 2024
The directors present their report and the financial statements for the period from 1 May 2024 to 31 December 2024.
Directors of the company
The directors who held office during the period were as follows:
Information included in the Strategic Report
All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Gas Fast Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Gas Fast Limited
Independent Auditor's Report to the Members of Gas Fast Limited
Opinion
We have audited the financial statements of Gas Fast Limited (the 'company') for the period from 1 May 2024 to 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
Gas Fast Limited
Independent Auditor's Report to the Members of Gas Fast Limited
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Gas Fast Limited
Independent Auditor's Report to the Members of Gas Fast Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We then performed audit procedures after consideration of the above risks which included the following:
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obtaining a detailed understanding of the methodology adopted by management and any key assumptions underpinning the calculation of stock; |
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• |
enquiring of management concerning actual and potential litigation and claims; |
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reviewing correspondence with HMRC, and the company’s legal advisors; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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reading minutes of meetings of those charged with governance; and |
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Gas Fast Limited
Independent Auditor's Report to the Members of Gas Fast Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Statutory Auditors & Chartered Accountants
Gas Fast Limited
Profit and Loss Account and Statement of Retained Earnings for the Period from 1 May 2024 to 31 December 2024
|
Note |
31 December |
30 April |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
- |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial period |
|
|
|
|
Retained earnings brought forward |
6,115,366 |
3,760,719 |
|
|
Dividends paid |
( |
- |
|
|
Retained earnings carried forward |
1,667,679 |
6,115,366 |
Gas Fast Limited
(Registration number: 05784955)
Balance Sheet as at 31 December 2024
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Note |
31 December |
30 April |
|||
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Fixed assets |
|||||
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Intangible assets |
|
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|||
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Tangible assets |
|
|
|||
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Other financial assets |
- |
16,240 |
|||
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Current assets |
|||||
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Stocks |
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Debtors |
|
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|||
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Cash at bank and in hand |
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|||
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||||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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|||
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Total assets less current liabilities |
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|||
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Provisions for liabilities |
( |
( |
|||
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Net assets |
|
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|||
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Capital and reserves |
|||||
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Called up share capital |
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|||
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Retained earnings |
|
|
|||
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Shareholders' funds |
|
|
|||
Approved and authorised by the
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Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 17 Allerton Bywater Network Centre
Letchmire Road
Allerton Bywater
Castleford
WF10 2DB
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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 company's functional and presentation currency is pound sterling.
Summary of disclosure exemptions
The company has taken advantage of the exemption to disclose transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.
Name of parent of group
These financial statements are consolidated in the financial statements of Wickes Building Supplies Limited.
The financial statements of Wickes Building Supplies Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Disclosure of long or short period
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
Key sources of estimation uncertainty
Stock provision
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. The carrying amount is £384,582 (2024 -£574,293).
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
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 |
|
Leasehold improvements |
10% straight line |
|
Furniture, Fittings and Equipment |
10% straight line |
|
Motor Vehicles |
12.5% straight line |
|
Plant and Machinery |
20% straight line |
|
Office Equipment |
20% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Other Intangible Assets |
33% straight line |
Investments
Investments where the fair value can be measured reliably are initially measured at fair value, with changes in the fair value recognised in profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost (AVCO) 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.
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.
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.
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
Financial instruments
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
|
Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
|
31 December |
30 April |
|
|
Sale of goods |
|
|
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
31 December |
30 April |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
31 December |
30 April |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
31 December |
30 April |
|
|
Interest expense on other finance liabilities |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
31 December |
30 April |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
|
31 December |
30 April |
|
|
Administration and support |
|
|
|
|
|
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
31 December |
30 April |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
170,305 |
178,948 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
31 December |
30 April |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
31 December |
30 April |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
31 December |
30 April |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
186,379 |
768,709 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
31 December |
30 April |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
|
Accelerated capital allowances |
|
|
|
|
2024 |
Asset |
|
Accelerated capital allowances |
|
|
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £10,027 (2024 - £12,040).
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Intangible assets |
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 May 2024 |
|
|
|
At 31 December 2024 |
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Amortisation |
||
|
At 1 May 2024 |
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Amortisation charge |
|
|
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At 31 December 2024 |
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|
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Carrying amount |
||
|
At 31 December 2024 |
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|
At 30 April 2024 |
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|
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Tangible assets |
|
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Office equipment |
Total |
|
|
Cost or valuation |
||||||
|
At 1 May 2024 |
|
|
|
|
|
|
|
Additions |
- |
|
- |
- |
|
|
|
Disposals |
- |
( |
( |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 May 2024 |
|
|
|
|
|
|
|
Charge for the period |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
|
Included within the net book value of leasehold improvements above is £42,367 (2024 - £46,345) in respect of short leasehold land and buildings.
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Other financial assets (current and non-current) |
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 May 2024 |
16,240 |
16,240 |
|
Disposals |
(16,240) |
(16,240) |
|
At 31 December 2024 |
- |
- |
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
At 30 April 2024 |
|
16,240 |
|
Stocks |
|
31 December |
30 April |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Current |
31 December |
30 April |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Creditors |
|
31 December |
30 April |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
65,573 |
278,326 |
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 May 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
30 April |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
52 |
|
52 |
|
|
|
49 |
|
49 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
A Ordinary have the following rights, preferences and restrictions: |
|
B Ordinary have the following rights, preferences and restrictions: |
|
Reserves |
Share capital
Represents the nominal value of the issued shares.
Profit and loss account
Includes all current and prior periods retained profits and losses.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
31 December |
30 April |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Gas Fast Limited
Notes to the Financial Statements for the Period from 1 May 2024 to 31 December 2024
|
Related party transactions |
|
2024 |
At 1 May 2024 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 31 December 2024 |
|
|
|||||
|
Interest free loan repayable on demand |
1,983,019 |
|
( |
- |
- |
|
2024 |
At 1 May 2023 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 30 April 2024 |
|
|
|||||
|
Interest free loan repayable on demand |
288,126 |
|
( |
- |
|
Summary of transactions with other related parties
Income and receivables from related parties
|
30 April 2024 |
Other related parties |
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
31 December 2024 |
Parent |
Key management |
Other related parties |
|
Rendering of services |
- |
- |
|
|
Dividends |
|
|
|
|
Amounts payable to related party |
- |
- |
|
|
|
|||
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is