Registration number: 05784955

Gas Fast Limited

Contents

Gas Fast Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the supply and installation of solar PV systems.

Fair review of the business

2025 was a transitional year. Wickes Group Holdings Limited acquired 51 per cent of the company in May 2024 and the year under review was the first full year of trading under the transition plan, with investment in people, processes and systems.

The comparative period is not directly comparable with the current year. It covers only the eight months from 1 May 2024 to 31 December 2024, following the change of accounting reference date to align with the wider group.

Gross margin was 22 per cent (eight months ended 31 December 2024: 24 per cent).

Administrative expenses were £3.9 million, against £2.1 million for the eight month comparative period. The increase reflects the investment in the operating platform, principally employment costs, customer acquisition and systems, as the company built the capability to serve the Wickes channel.

The combination of lower volume, lower gross margin and a higher cost base produced an operating loss of £1,483,299 for the year, against an operating profit of £525,952 for the eight months ended 31 December 2024.

The company's key financial and other performance indicators during the period were as follows:

Gas Fast Limited

Strategic Report for the Year Ended 31 December 2025

Principal risks and uncertainties

The Company faces a number of risks in the ordinary course of business, and the Board of Directors is responsible for establishing appropriate internal controls and regularly reviewing their effectiveness to ensure these risks are identified, monitored and managed.

Cyber and data security
The Company processes customer information as part of surveys, financing and installation scheduling, and any cyber breach could disrupt operations and damage trust. This risk is managed through strong access controls, regular staff training, encryption of sensitive data and an incident response framework.

Climate change
As a renewable energy business, the Company benefits from long-term decarbonisation trends but remains exposed to changes in weather patterns, policy incentives and environmental regulation. Mitigation includes monitoring policy developments, diversifying suppliers, and designing propositions aligned with evolving customer sustainability goals.

Business change
Growth in battery storage, EV integration and smart-home systems requires continuous adaptation of skills and processes. The Company mitigates this risk by investing in staff training, adopting new technologies in a phased manner and partnering with experienced product manufacturers.

People and safety
Installation work at height presents health and safety risks for employees and subcontractors, while the availability of skilled labour is critical to fulfil demand. Risks are managed through structured training, safe-working practices, close supervision and initiatives to attract and retain skilled installers.

Brand integrity and reputation
Customer confidence is essential in a high-value purchase such as solar PV. Any quality failures, mis-selling or poor after-sales service could harm the brand. The Company addresses this through rigorous quality control, transparent quoting and warranties backed by trusted manufacturers.

Commercial and supply chain
The Company relies on the timely supply of panels, inverters and batteries, with exposure to global pricing and currency fluctuations. This risk is mitigated by multi-vendor sourcing, maintaining buffer stocks of fast-moving products and favouring sterling-denominated contracts where possible.

Regulatory and legal compliance
The Company operates in a regulated environment and is exposed to potential changes in laws, standards and enforcement practices. To manage this risk, policies and training programmes are in place, supported by monitoring and oversight to ensure compliance with applicable requirements.

Financial risk management
At 31 December 2025 the company had no bank or other external borrowings and no financing covenants. The board reviews the principal financial risks as follows.

Credit risk. Domestic installations are substantially paid on or before completion, and work delivered through the Wickes channel is invoiced to a single counterparty within the same group. Trade debtors at the year end were £44,567 (31 December 2024: £186,280). Exposure is managed by agreeing payment terms before work is scheduled and by monthly review of aged debt.

Gas Fast Limited

Strategic Report for the Year Ended 31 December 2025

Liquidity risk. Working capital fluctuates with customer deposits, supplier terms and installation scheduling. The company manages liquidity through rolling cash flow forecasts reviewed monthly by the board, by aligning procurement with the confirmed order book, and through the continuing support of its majority shareholder.

Interest rate risk. The company had no borrowings at the reporting date, so its exposure is limited to interest earned on cash balances and is not considered significant.

Currency risk. A proportion of panel and inverter purchases is denominated in euros. The company manages this through supply agreements that fix pricing for defined periods and by favouring sterling denominated contracts where they are available.

IT operations
Operational systems support scheduling, inventory management and finance. Outages or failures could disrupt installation capacity and customer communication. The Company mitigates this through resilient cloud-based systems, data back-ups and business continuity planning.

Customer experience
Conversion and referral rates depend on delivering a smooth journey from quote through installation to after-sales. Risks are managed by monitoring satisfaction metrics, investing in digital tools and training staff to provide clear, consistent advice to customers.

Growth strategy
The Company aims to grow by expanding in core regions and increasing battery and smart-home attachment rates. Strategic risk arises if expansion outpaces operational capacity or market demand. This is mitigated by phased scaling, disciplined investment appraisal and continuous monitoring of demand drivers.
 

Disclosure of information to the auditors

Approved and authorised by the Board on 24 September 2026 and signed on its behalf by:
 

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Opinion

We have audited the financial statements of Gas Fast Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the .

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

Gas Fast Limited

Independent Auditor's Report to the Members of Gas Fast Limited

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
 Bradford
 

25 September 2026

Gas Fast Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2025

Gas Fast Limited

(Registration number: 05784955)
Balance Sheet as at 31 December 2025

Approved and authorised by the Board on 24 September 2026 and signed on its behalf by:
 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vision House
19 Colonial Way
Watford
WD24 4JL

The principal place of business is:
Unit 17 Allerton Bywater Network Centre
Letchmire Road
Allerton Bywater
Castleford
WF10 2DB

These financial statements were authorised for issue by the Board on 24 September 2026.

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

Basis of preparation

Summary of disclosure exemptions

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

The comparative period is the eight months from 1 May 2024 to 31 December 2024. The company's accounting reference date was changed in order to align with the wider group. The comparative amounts are therefore not directly comparable with those for the current year.

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £181,404 (2024 -£170,173).

Stock provision
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. The carrying amount is £213,516 (2024 -£384,582).

Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors and other debtors. When assessing the impairment of trade debtors and other debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £683,845 (2024 -£594,748).

Revenue recognition

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

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Depreciation

Amortisation

Stocks

Warranties

The company provides a workmanship warranty on solar photovoltaic installations for a period of 2 years from the date of installation. The manufacturers' product warranties on panels, inverters and batteries are passed through to the customer, and the installers engaged by the company are responsible for rectifying defects in their own workmanship. A provision is recognised for the expected cost of remedial work falling to the company where it is probable that an outflow of resources will be required and the amount can be estimated reliably. The estimate is based on the historical incidence and cost of remedial visits applied to the population of installations remaining within the warranty period, and is reviewed at each reporting date. No provision has been recognised at 31 December 2025 (31 December 2024: none).

Share capital

Defined contribution pension obligation

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

The analysis of the company's turnover for the year by class of business is as follows:

All of the company's turnover arose within the United Kingdom.

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Arrived at after charging/(crediting)

The aggregate payroll costs (including directors' remuneration) were as follows:

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

In respect of the highest paid director:

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The company has taken the exemption from disclosing remuneration receivable by auditors for other services as the information is disclosed within the group accounts.

Tax charged/(credited) in the profit and loss account

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

A deferred tax asset of £136,000 has been recognised at 31 December 2025 (31 December 2024: deferred tax liability of £37,000), of which £176,000 arises on trading losses carried forward. The company made a loss in the year, and recovery of the asset depends on future taxable profits.

The directors have recognised the asset on the basis of the cash flow and profit forecasts approved by the board, which indicate that taxable profits will be available against which the losses can be relieved. Those forecasts reflect the actions taken on gross margin and on the cost base, and the expected growth in installation volumes through the Wickes channel.

Deferred tax assets and liabilities

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(191,246) (2024 - £10,027).

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2025	58,648	58,648
At 31 December 2025	58,648	58,648
Amortisation
At 1 January 2025	47,477	47,477
Amortisation charge	8,174	8,174
At 31 December 2025	55,651	55,651
Carrying amount
At 31 December 2025	2,997	2,997
At 31 December 2024	11,171	11,171

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

	Leasehold improvements £	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Office equipment £	Total £
Cost or valuation
At 1 January 2025	58,843	95,026	85,334	10,465	74,119	323,787
Additions	-	2,195	24,990	5,791	28,508	61,484
Disposals	-	(11,260)	-	-	-	(11,260)
At 31 December 2025	58,843	85,961	110,324	16,256	102,627	374,011
Depreciation
At 1 January 2025	16,476	63,854	35,165	3,037	35,082	153,614
Charge for the year	5,826	15,565	10,318	2,188	17,289	51,186
Eliminated on disposal	-	(12,193)	-	-	-	(12,193)
At 31 December 2025	22,302	67,226	45,483	5,225	52,371	192,607
Carrying amount
At 31 December 2025	36,541	18,735	64,841	11,031	50,256	181,404
At 31 December 2024	42,367	31,172	50,169	7,428	39,037	170,173

Included within the net book value of leasehold improvements above is £36,541 (2024 - £42,367) in respect of short leasehold land and buildings.
 

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £26,124 (2024 - £23,055).

Contributions totalling £4,572 (2024 - £4,094) were payable to the scheme at the end of the year and are included in creditors.

Allotted, called up and fully paid shares

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Rights, preferences and restrictions

Share capital

Profit and loss account

Operating leases

The total of future minimum lease payments is as follows:

The amount of non-cancellable operating lease payments recognised as an expense during the year was £101,681 (2024 - £73,303).

Gas Fast Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Summary of transactions with other related parties

Companies under common control

Income and receivables from related parties

Expenditure with and payables to related parties

The company's immediate parent is Wickes Group Holdings Limited, incorporated in England. The registered address of Vision House, 19 Colonial Way, Watford, WD24 4JL, United Kingdom.

 The ultimate parent is Wickes Group PLC, incorporated in England.