Registration number: 07259344

SGS Gases Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 10

SGS Gases Limited

(Registration number: 07259344)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	15,944,003	14,092,996
Current assets
Stocks	5	348,342	258,568
Debtors	6	4,774,627	5,250,428
Cash at bank and in hand		304,334	242,839
		5,427,303	5,751,835
Creditors: Amounts falling due within one year	7	(1,226,039)	(1,404,531)
Net current assets		4,201,264	4,347,304
Total assets less current liabilities		20,145,267	18,440,300
Creditors: Amounts falling due after more than one year	7	(17,757,933)	(16,229,309)
Provisions for liabilities		(1,880,530)	(1,644,042)
Net assets		506,804	566,949
Capital and reserves
Called up share capital	8	100	100
Retained earnings		506,704	566,849
Shareholders' funds		506,804	566,949

SGS Gases Limited

(Registration number: 07259344)
Balance Sheet as at 31 December 2024

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.

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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:
 

Mr J Holly Director

SGS Gases Limited

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 England and Wales.

The address of its registered office is:
Poplar Farm
Eastertown
Lympsham
Somerset
BS24 0HY
England

These financial statements were authorised for issue by the Board on 25 September 2025.

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 financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The accounts have therefore been prepared on a going concern basis.

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 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.

SGS Gases Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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
Plant and machinery	2-5% straight Line
Motor vehicles	25% reducing balance
Office equipment	25% straight line
Short Leasehold improvements	20% straight line

The company undertakes periodic refurbishments to certain classes of fixed assets to extend their useful economic lives and these refurbishment costs are taken to the profit and loss account in the year of expenditure. The depreciation policy adopted for the initial acquisition costs of these assets reflects the anticipated programme of periodic refurbishments.

SGS Gases Limited

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 stocks 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.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

SGS Gases Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

A 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.

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.

Cylinder deposits

Deposits are taken at the time of supply of cylinders to customers and these are refundable when a cylinder is returned. In practice, the majority of returned cylinders are replaced with new cylinders and therefore the balance of cylinder deposits is disclosed in the accounts as due after more than one year.

A proportion of gas cylinders held by customers are unlikely to be returned. Therefore, 7.5% of the balance of deposits held is released to the profit and loss account each year.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2023 - 16).

SGS Gases Limited

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

4	Tangible assets

	Short leasehold land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	87,305	17,478,099	69,280	203,841	17,838,525
Additions	93,483	2,378,017	6,233	86,929	2,564,662
Disposals	-	(206,788)	-	(60,553)	(267,341)
At 31 December 2024	180,788	19,649,328	75,513	230,217	20,135,846
Depreciation
At 1 January 2024	21,100	3,569,964	59,590	94,877	3,745,531
Charge for the year	22,092	374,969	7,835	64,560	469,456
Eliminated on disposal	-	-	-	(23,144)	(23,144)
At 31 December 2024	43,192	3,944,933	67,425	136,293	4,191,843
Carrying amount
At 31 December 2024	137,596	15,704,395	8,088	93,924	15,944,003
At 31 December 2023	66,205	13,908,135	9,691	108,965	14,092,996

Included within the net book value of land and buildings above is £137,596 (2023 - £66,205) in respect of short leasehold land and buildings.
 

5

Stocks

	2024 £	2023 £
Stocks	348,342	258,568

6

Debtors

	Note	2024 £	2023 £
Trade debtors		970,553	1,347,383
Amounts owed by related parties	11	3,774,895	3,847,556
Other debtors		-	20,775
Prepayments		29,179	34,714
		4,774,627	5,250,428

SGS Gases Limited

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

7

Creditors

Due within one year	Note	2024 £	2023 £
Loans and borrowings	9	36,865	32,410
Trade creditors		970,356	1,203,419
Amounts due to related parties	11	6,471	6,471
Social security and other taxes		195,132	150,995
Other creditors		13,088	2,109
Accruals		4,127	9,127
		1,226,039	1,404,531
Due after one year
Loans and borrowings	9	102,901	111,448
Other non-current financial liabilities		17,655,032	16,117,861
		17,757,933	16,229,309