LEO GAS INSPECTION LTD Filleted Accounts Cover
LEO GAS INSPECTION LTD
Company No. 10537746
Information for Filing with The Registrar
31 December 2024
LEO GAS INSPECTION LTD Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 December 2024.
Principal activities
The principal activity of the company during the year under review was Plumbing, heat and air-conditioning installation.
Director
The Director who served at any time during the year was as follows:
K. GJOCI
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
K. GJOCI
Director
01 December 2025
LEO GAS INSPECTION LTD Balance Sheet Registrar
at
31 December 2024
Company No.
10537746
Notes
2024
2023
£
£
Fixed assets
Tangible assets
5
24,29719,297
24,29719,297
Current assets
Debtors
6
70,60041,176
70,60041,176
Creditors: Amount falling due within one year
7
(38,021)
(12,792)
Net current assets
32,57928,384
Total assets less current liabilities
56,87647,681
Creditors: Amounts falling due after more than one year
8
(40,749)
(47,400)
Net assets
16,127281
Capital and reserves
Called up share capital
1010
Profit and loss account
10
16,117271
Total equity
16,127281
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 01 December 2025 and signed on its behalf by:
K. GJOCI
Director
01 December 2025
LEO GAS INSPECTION LTD Notes to the Accounts Registrar
for the year ended 31 December 2024
1
General information
LEO GAS INSPECTION LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 10537746
Its registered office is:
83 Clarke Way
watford
WD25 0BS
The accounts have been prepared in accordance and comply with FRS 102 and Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Revenue recognition
Performance obligations in contracts with customers represent the specific promises a company makes to deliver goods or services, and they form the basis for revenue recognition in company accounts. For a construction company, this often means treating the design and build of a project as a single obligation if the services are integrated, or separating obligations when distinct services like maintenance or material supply are provided. Revenue is recognized either over time, as work progresses and the customer gains control of the asset, or at a point in time when the obligation is fully satisfied, with clear disclosure in the notes to the accounts to ensure transparency and compliance with accounting standards.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Motor vehicles
20 %% Straight Line
Leased assets
The company does not hold any leased assets, and therefore no right‑of‑use assets or lease liabilities are recognized in the financial statements. All property, plant, and equipment used in operations are owned outright or acquired through purchase, and lease accounting policies under IFRS 16 are not applicable to the company’s accounts.
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
21
4
Taxation
(a) Tax on profit on ordinary activities
2024
The tax charge is made up as follows:
£
UK corporation tax
Charge for the period
6,712
Total corporation tax
6,712
Tax on profit on ordinary activities
6,712
(b) Factors affecting the total tax charge for the period
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The differences are reconciled below:
Higher
2024
2023
6712
£
£
Profit on ordinary activities before tax
62,5585,600
Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom
--
Expenses not deductible for tax purposes
6,712-
Tax on profit on ordinary activities
6,712-
5
Tangible fixed assets
Motor vehicles
Total
£
£
Cost or revaluation
At 1 January 2024
24,12124,121
Additions
5,0005,000
At 31 December 2024
29,12129,121
Depreciation
At 1 January 2024
4,8244,824
At 31 December 2024
4,8244,824
Net book values
At 31 December 2024
24,29724,297
At 31 December 2023
19,297
19,297
6
Debtors
2024
2023
£
£
Loans to directors
70,60021,676
Other debtors
-19,500
70,60041,176
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,5139,557
Obligations under finance lease and hire purchase contracts
4,2363,235
Taxes and social security
6,403
-
Other creditors
69-
Accruals and deferred income
21,800-
38,02112,792
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,19230,548
Obligations under finance lease and hire purchase contracts
11,55716,852
40,74947,400
9
Share Capital
ordinary shares
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
11
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
40,000
-
40,000
-
Dividends by type:
Equity dividends
40,000-
40,000
-
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