| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Gas-Elec Safety (UK) Ltd |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 March 2025 |
| for |
| Gas-Elec Safety (UK) Ltd |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Gas-Elec Safety (UK) Ltd |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Statement of Financial Position |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Statement of Financial Position - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Gas-Elec Safety (UK) Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation - non-going concern |
| The financial statements have been prepared on a basis other than the going concern basis. |
| Following a significant deterioration in its trading position subsequent to the year-end, the directors have concluded that the company is no longer a going concern. |
| The directors are currently taking professional advice regarding the company's future and are evaluating all available options to protect the interests of creditors. As a result, the company's assets and liabilities have been revalued to their estimated net realisable values and estimated settlement amounts. These adjustments include the full impairment of amounts due from group undertakings totalling £628,055, which the directors have determined are no longer recoverable. |
| No provision has been made for any potential costs of implementing the option decided upon by the directors, as these will be determined by the relevant stakeholders at the appropriate time. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| The goodwill paid in connection with the acquisition of the business in 2017 is being amortised evenly over its estimated useful life of ten years. |
| The goodwill paid in connection with the expansion of the business in subsequent years is being amortised evenly over its estimated useful life of five years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| An impairment loss has been recognised in the Income Statement, following an assessment at the Statement of Financial Position date indicating the recoverable amount was less than its carrying value. |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Office equipment | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank and invoice discounting facilities, and loans with related parties. |
| Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| Amortisation for year |
| Impairments |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Office | Motor | Computer |
| machinery | equipment | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Gas-Elec Safety (UK) Ltd (Registered number: 10310709) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors | 233,443 | 197,819 |
| GBS creditors | 406,756 | 586 |
| Invoice discounting facilities | 630,553 | - |
| Other loans | 256,404 | 42,068 |
| Amounts owed to group undertakings | 1,674 | 187,288 |
| Social security and other taxes | 134,331 | 275,488 |
| VAT | 455,315 | 14,868 |
| Directors' current accounts | 59,206 | - |
| Accruals | 19,378 | 42,486 |
| 2,197,060 | 760,603 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Invoice discounting facilities | 630,553 | - |
| The invoice discounting facilities are secured by way of fixed and floating charges over the company's assets and undertaking. |