Company registration number 12335464 (England and Wales)
GIBSON POWER SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GIBSON POWER SYSTEMS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
GIBSON POWER SYSTEMS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GIBSON POWER SYSTEMS LTD FOR THE PERIOD ENDED 31 DECEMBER 2021
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gibson Power Systems Ltd for the Period ended 31 December 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Gibson Power Systems Ltd, as a body, in accordance with the terms of our engagement letter dated 26 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Gibson Power Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Gibson Power Systems Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gibson Power Systems Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Gibson Power Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Gibson Power Systems Ltd. You consider that Gibson Power Systems Ltd is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Gibson Power Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
29 April 2022
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
GIBSON POWER SYSTEMS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
31/12/2021
30/11/2020
Notes
£
£
£
£
Current assets
Debtors
4
100
100
Cash at bank and in hand
1,000
1,100
100
Creditors: amounts falling due within one year
5
(1,000)
Net current assets
100
100
Capital and reserves
-
-
Called up share capital
6
100
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 December 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 April 2022 and are signed on its behalf by:
Dr W H Gibson
Director
Company Registration No. 12335464
GIBSON POWER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
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1
Accounting policies
Company information
Gibson Power Systems Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Gibson Technology Ltd, Main Street, Repton, Derby, United Kingdom, DE65 6NZ.
1.1
Reporting period
The accounting reference date of the company was extended in the current period from 30 November 2021 to 31 December 2021, to bring it in line with other related entities. This has resulted in the current accounting period being for a period of 13 months. Since the company has no trading activity the longer current period has no impact on the comparability of the figures with the prior year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Profit and loss account
The company has not traded during the Period or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
GIBSON POWER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
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Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GIBSON POWER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
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3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
31/12/2021
30/11/2020
Number
Number
Total
4
Debtors
31/12/2021
30/11/2020
Amounts falling due within one year:
£
£
Other debtors
100
100
5
Creditors: amounts falling due within one year
31/12/2021
30/11/2020
£
£
Other creditors
1,000
6
Called up share capital
31/12/2021
30/11/2020
31/12/2021
30/11/2020
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary Shares of £1 each
-
100
-
100
Ordinary A Shares of £1 each
70
-
70
-
Ordinary B Shares of £1 each
30
-
30
-
100
100
100
100
On 25 May 2021, the Ordinary shares were split and redesigned as A Ordinary shares of £1 each and B Ordinary shares of £1.00 each and new rights were attached to each class as detailed in the new Articles of Association.
8
Related party transactions
During the year £1,000 (2020: £Nil) was received from Gibson Technology Limited, a company controlled by WH Gibson.
At the year-end Gibson Power Systems Ltd owed Gibson Technology Limited £1,000 (2020: £Nil).