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Registration number: 04838763

Gaslec Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 September 2025

Gaslec Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 10

Gaslec Limited

Company Information

Directors | Mr Paul Milford Mrs Kim Milford

Registered office | 1 Colleton Crescent Exeter Devon EX2 4DG

Accountants | Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG

Gaslec Limited

(Registration number: 04838763)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 1,700 | 3,400
Tangible assets | 5 | 121,068 | 5,146
|  | 122,768 | 8,546
Current assets |  |  |
Stocks | 6 | 5,000 | 5,000
Debtors | 7 | 101,863 | 78,333
Cash at bank and in hand |  | 189,481 | 208,803
|  | 296,344 | 292,136
Creditors: Amounts falling due within one year | 8 | (237,221) | (210,053)
Net current assets |  | 59,123 | 82,083
Total assets less current liabilities |  | 181,891 | 90,629
Creditors: Amounts falling due after more than one year | 8 | (101,774) | (4,000)
Net assets |  | 80,117 | 86,629
Capital and reserves |  |  |
Called up share capital |  | 2 | 2
Retained earnings |  | 80,115 | 86,627
Shareholders' funds |  | 80,117 | 86,629

For the financial year ending 30 September 2025 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 16 April 2026 and signed on its behalf by:

Gaslec Limited

(Registration number: 04838763)
Balance Sheet as at 30 September 2025

......................................... Mr Paul Milford Director

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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

The financial statements have 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 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.

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Tools and equipment | 15% reducing balance
Motor vehicle | 25% reducing balance
Computer equipment | 50% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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
Goodwill | 10% 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.

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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.

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.

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

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

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 8).

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 October 2024 | 17,000 | 17,000
At 30 September 2025 | 17,000 | 17,000
Amortisation
At 1 October 2024 | 13,600 | 13,600
Amortisation charge | 1,700 | 1,700
At 30 September 2025 | 15,300 | 15,300
Carrying amount
At 30 September 2025 | 1,700 | 1,700
At 30 September 2024 | 3,400 | 3,400

5 | Tangible assets

| Computer equipment £ | Motor vehicles £ | Tools and equipment £ | Total £
Cost or valuation
At 1 October 2024 | 8,394 | 6,523 | 10,894 | 25,811
Additions | 559 | 132,000 | 608 | 133,167
At 30 September 2025 | 8,953 | 138,523 | 11,502 | 158,978
Depreciation
At 1 October 2024 | 7,023 | 6,431 | 7,211 | 20,665
Charge for the year | 713 | 15,912 | 620 | 17,245
At 30 September 2025 | 7,736 | 22,343 | 7,831 | 37,910
Carrying amount
At 30 September 2025 | 1,217 | 116,180 | 3,671 | 121,068
At 30 September 2024 | 1,371 | 92 | 3,683 | 5,146

6 | Stocks

| 2025 £ | 2024 £
Other stocks | 5,000 | 5,000

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

7 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 48,919 | 35,820
Amounts owed by group undertakings and undertakings in which the company has a participating interest |  | 39,004 | 39,004
Prepayments and accrued income |  | 13,940 | 3,509
Total current trade and other debtors |  | 101,863 | 78,333

8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 21,879 | 6,000
Trade creditors |  | 34,506 | 26,773
Taxation and social security |  | 19,774 | 24,949
Other creditors |  | 158,802 | 150,071
Accrued expenses |  | 2,260 | 2,260
|  | 237,221 | 210,053

The finance lease liabilities are secured on the assets to which they relate.

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 101,774 | 4,000

The finance lease liabilities are secured on the assets to which they relate.

Gaslec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 4,000 | 6,000
Finance lease liabilities | 17,879 | -
| 21,879 | 6,000

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 4,000
Finance lease liabilities | 101,774 | -
| 101,774 | 4,000