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Registered number: 04669216
Gas-Link Wales Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2025
South Wales Accountancy & Taxation Limited
25 Rectory Close
Sarn
Bridgend
CF32 9QB
Contents
Page
Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04669216
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 567,811 525,218
567,811 525,218
CURRENT ASSETS
Stocks 6 14,437 14,134
Debtors 7 478,763 468,116
Cash at bank and in hand 213,663 98,991
706,863 581,241
Creditors: Amounts Falling Due Within One Year 8 (483,314 ) (446,492 )
NET CURRENT ASSETS (LIABILITIES) 223,549 134,749
TOTAL ASSETS LESS CURRENT LIABILITIES 791,360 659,967
Creditors: Amounts Falling Due After More Than One Year 9 (158,507 ) (63,824 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (75,810 ) (64,981 )
NET ASSETS 557,043 531,162
CAPITAL AND RESERVES
Called up share capital 12 100 100
Share premium account 30,000 30,000
Revaluation reserve 13 261,241 261,241
Profit and Loss Account 265,702 239,821
SHAREHOLDERS' FUNDS 557,043 531,162
Page 1
Page 2
For the year ending 31 March 2025 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 March 2025 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr James Wood
Director
30/12/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Gas-Link Wales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04669216 . The registered office is Unit 4, Llwyna Farm, Llanharry Road, Brynsadler, Pontyclun, CF72 9DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years. It was purchased on the acquistion of a business in 2008.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% and 33% reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 5%, 7&, 10% & 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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 the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. 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 statement of comprehensive income 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 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 assets reflect 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2024: 11)
12 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 15,000
As at 31 March 2025 15,000
Amortisation
As at 1 April 2024 15,000
As at 31 March 2025 15,000
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 -
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2024 1,234,241
Additions 109,291
As at 31 March 2025 1,343,532
Depreciation
As at 1 April 2024 709,023
Provided during the period 66,698
As at 31 March 2025 775,721
...CONTINUED
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Page 5
Net Book Value
As at 31 March 2025 567,811
As at 1 April 2024 525,218
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Plant & Machinery 18,132 -
Fixtures & Fittings 62,962 69,993
Motor Vehicles 66,914 50,956
148,008 120,949
Cost or valuation as at 31 March 2025 represented by:
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
At cost 203,273 275,328 864,931 1,343,532
203,273 275,328 864,931 1,343,532
The gas bottles were valued by the directors as at 31 March 2015. The revaluation was carried out by the directors using open market value of gas bottles.
6. Stocks
2025 2024
£ £
Materials 14,437 14,134
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 409,339 391,297
Other debtors 69,424 76,819
478,763 468,116
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 33,334 27,459
Trade creditors 133,437 87,439
Bank loans and overdrafts 19,000 19,000
Other creditors 249,084 233,460
Taxation and social security 48,459 79,134
483,314 446,492
The directors loan accounts are interest free and repayable on demand.
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Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 34,674 17,477
Bank loans 6,333 25,333
Other creditors 117,500 21,014
158,507 63,824
10. Secured Creditors
Of the creditors the following amounts are secured.
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 68,008 44,936
11. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,334 27,459
Later than one year and not later than five years 34,674 17,477
68,008 44,936
68,008 44,936
12. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
13. Reserves
Share Premium Revaluation reserve Profit and Loss Account
£ £ £
As at 1 April 2024 30,000 261,241 239,821
Profit for the year and total comprehensive income - - 100,881
Dividends paid - - (75,000)
As at 31 March 2025 30,000 261,241 265,702
14. Related Party Transactions
As at 31 March 2025 there was a balance owed from Gas Link Industrial Limited of £50,009 (2024 - £50,483). Also within trade debtors there is a balance owed from Gas Link Industrial Limited of £28,701. There were goods and services provided to Gas Link Industrial Limited of 7,630.There was also a balance owed to Gas Link Wales Limited for services provided to it of £20,367, included in trade creditors.
As at 31 March 2025 there was a balance owed from Gas Link Wales & West Limited of £19,165 (2024 - £20,156). Also within trade debtors/trade creditors there is a net balance owed from Gas Link Wales & West Limited of £168,444. There was an accrual owed to Gas Link Wales & West Limited of £132,967.  During the year there were products/services provided from Gas Link Wales & West Limited to Gas-Link Wales Limited of £64,420.
The companies above have common directors and shareholders.
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Page 7
15. Ultimate Controlling Party
In the opinion of the directors there is no ultimate controlling party.
Page 7