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Registration number: SC324555

Gibson & Hall Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Gibson & Hall Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Gibson & Hall Ltd

Company Information

Directors

Mr C Hall

Mr G D Gibson

Company secretary

Mr G D Gibson

Registered office

Old Station Yard
Jedburgh
TD8 6EE

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gibson & Hall Ltd for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gibson & Hall Ltd for the year ended 31 March 2023 as set out on pages 3 to 9 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Gibson & Hall Ltd, as a body, in accordance with the terms of our engagement letter dated 23 April 2008. Our work has been undertaken solely to prepare for your approval the accounts of Gibson & Hall Ltd and state those matters that we have agreed to state to the Board of Directors of Gibson & Hall Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gibson & Hall Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gibson & Hall Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gibson & Hall Ltd. You consider that Gibson & Hall Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gibson & Hall 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
TD9 9BD

23 August 2023

 

Gibson & Hall Ltd

(Registration number: SC324555)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

56,458

43,575

Other financial assets

5

105,000

60,000

 

161,458

103,575

Current assets

 

Stocks

6

10,000

10,000

Debtors

7

443,861

380,964

Cash at bank and in hand

 

25,143

100,090

 

479,004

491,054

Creditors: Amounts falling due within one year

8

(286,665)

(272,131)

Net current assets

 

192,339

218,923

Total assets less current liabilities

 

353,797

322,498

Creditors: Amounts falling due after more than one year

8

(104,296)

(206,474)

Provisions for liabilities

(10,727)

(8,279)

Net assets

 

238,774

107,745

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

238,772

107,743

Shareholders' funds

 

238,774

107,745

For the financial year ending 31 March 2023 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 23 August 2023 and signed on its behalf by:
 

.........................................
Mr G D Gibson
Company secretary and director

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Old Station Yard
Jedburgh
TD8 6EE

These financial statements were authorised for issue by the Board on 23 August 2023.

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.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.

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.

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.

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

33.33% straight line

Motor vehicles

25% reducing balance

Plant and equipment

33.33% 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.

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.

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Leases

Rentals are payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Assets held under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 April 2022

4,668

95,272

37,045

136,985

Additions

-

9,537

17,660

27,197

At 31 March 2023

4,668

104,809

54,705

164,182

Depreciation

At 1 April 2022

4,668

51,697

37,045

93,410

Charge for the year

-

11,689

2,625

14,314

At 31 March 2023

4,668

63,386

39,670

107,724

Carrying amount

At 31 March 2023

-

41,423

15,035

56,458

At 31 March 2022

-

43,575

-

43,575

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

60,000

60,000

Additions

45,000

45,000

At 31 March 2023

105,000

105,000

Impairment

Carrying amount

At 31 March 2023

105,000

105,000

6

Stocks

2023
£

2022
£

Work in progress

10,000

10,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

99,545

51,370

Prepayments

524

536

Other debtors

343,792

329,058

 

443,861

380,964

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

102,180

102,180

Trade creditors

 

115,649

108,698

Taxation and social security

 

57,433

48,956

Accruals and deferred income

 

12,918

12,909

Other creditors

 

(1,515)

(612)

 

286,665

272,131

 

Gibson & Hall Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

104,296

206,474

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr C Hall

Loans are unsecured, undated and interest is charged at 2.00% per annum on overdrawn loan accounts

75,927

84,355

(55,000)

105,282

         
       

Mr G D Gibson

Loans are unsecured, undated and interest is charged at 2.00% per annum on overdrawn loan accounts

79,805

69,606

(55,000)

94,411

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr C Hall

Loans are unsecured, undated and interest is charged at 2.00% per annum on overdrawn loan accounts

(18,091)

336,850

(242,832)

75,927

         
       

Mr G D Gibson

Loans are unsecured, undated and interest is charged at 2.00% per annum on overdrawn loan accounts

(36,051)

169,938

(54,082)

79,805