Company No: 11551487

GD Heating & Gas Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

GD Heating & Gas Ltd

Company Information

Directors

G A D Priest D R P Vincent

Registered office

Unit 12 46 Holton Road Holton Heath Trading Park Poole Dorset BH16 6LT

Accountants

Brett Pittwood Chartered Certified AccountantsSuite 8 Bourne Gate 25 Bourne Valley Road Poole Dorset BH12 1DY

GD Heating & Gas Ltd

(Registration number: 11551487)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	90,122	25,775
Current assets
Stocks	5	6,000	6,000
Debtors	6	103,739	243,483
Cash at bank and in hand		40,147	6,408
		149,886	255,891
Creditors: Amounts falling due within one year	7	(148,840)	(225,699)
Net current assets		1,046	30,192
Total assets less current liabilities		91,168	55,967
Creditors: Amounts falling due after more than one year	7	(62,603)	(6,896)
Provisions for liabilities		(11,527)	(4,897)
Net assets		17,038	44,174
Capital and reserves
Called up share capital		88	88
Retained earnings		16,950	44,086
Shareholders' funds		17,038	44,174

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2025 and signed on its behalf by:
 

G A D Priest
Director

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12
46 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT
United Kingdom

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.

Going concern

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 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.

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

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.

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
Motor Vehicles	25% reducing balance
Plant and Equipment	25% reducing balance
Computer Equipment	33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, 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. Financial liabilities classified as payable within one year are not amortised.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2023	30,650	60,332	90,982
Additions	3,286	92,136	95,422
At 30 September 2024	33,936	152,468	186,404
Depreciation
At 1 October 2023	22,051	43,156	65,207
Charge for the year	3,747	27,328	31,075
At 30 September 2024	25,798	70,484	96,282
Carrying amount
At 30 September 2024	8,138	81,984	90,122
At 30 September 2023	8,599	17,176	25,775

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	6,000	6,000

6

Debtors

	2024 £	2023 £
Trade debtors	93,749	232,052
Other debtors	4,854	7,926
Prepayments	5,136	3,505
	103,739	243,483

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	11,929	9,101
Trade creditors		47,612	81,413
Taxation and social security		4,531	23,914
Accruals and deferred income		4,975	4,750
Other creditors		79,793	106,521
		148,840	225,699

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	62,603	6,896

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	2,758	6,896
Finance lease liabilities	59,845	-
	62,603	6,896

GD Heating & Gas Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,138	4,138
Finance lease liabilities	7,791	4,963
	11,929	9,101

9	Related party transactions

Summary of transactions with related parties

Net advances of £1,602 were made during the year to the participator, Mr G A D Priest. At 30 September 2024 a total of £1,602 was owed to the company by Mr G A D Priest on his loan account.

Net advances of £1,602 were made during the year to the participator, Mr D R P Vincent. At 30 September 2024 a total of £1,602 was owed to the company by Mr D R P Vincent on his loan account.