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REGISTERED NUMBER: 04229844 (England and Wales)












REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

GIBBS SANDTECH LIMITED

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


GIBBS SANDTECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: W E Gibbs
A E Gibbs





SECRETARY: Mrs M Gibbs





REGISTERED OFFICE: 1 Station Road
Braughing
Ware
Hertfordshire
SG11 2PB





REGISTERED NUMBER: 04229844 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JULY 2023

The directors present their report with the financial statements of the company for the year ended 31st July 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st August 2022 to the date of this report.

W E Gibbs
A E Gibbs

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





W E Gibbs - Director


18th October 2023

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

BALANCE SHEET
31ST JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 70,720 78,578
Tangible assets 5 741,808 372,500
Investments 6 441,122 443,658
1,253,650 894,736

CURRENT ASSETS
Stocks 158,032 153,692
Debtors 7 329,747 256,706
Cash at bank 1,125,237 1,187,200
1,613,016 1,597,598
CREDITORS
Amounts falling due within one year 8 269,125 307,329
NET CURRENT ASSETS 1,343,891 1,290,269
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,597,541

2,185,005

CREDITORS
Amounts falling due after more than one
year

9

(25,079

)

-

PROVISIONS FOR LIABILITIES (36,836 ) (23,275 )
NET ASSETS 2,535,626 2,161,730

CAPITAL AND RESERVES
Called up share capital 952 952
Capital redemption reserve 50 50
Retained earnings 2,534,624 2,160,728
SHAREHOLDERS' FUNDS 2,535,626 2,161,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

BALANCE SHEET - continued
31ST JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2023 and were signed on its behalf by:





W E Gibbs - Director


GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Gibbs Sandtech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern Justification
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 July 2023 have been prepared using the going concern basis of accounting.

Revenue
Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed.

Goodwill
Purchased goodwill is regarded as having an indefinite useful economic life and is not amortised.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st August 2022
and 31st July 2023 78,578
AMORTISATION
Charge for year 7,858
At 31st July 2023 7,858
NET BOOK VALUE
At 31st July 2023 70,720
At 31st July 2022 78,578

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st August 2022 250,000 368,628 618,628
Additions 344,517 59,820 404,337
At 31st July 2023 594,517 428,448 1,022,965
DEPRECIATION
At 1st August 2022 - 246,128 246,128
Charge for year - 35,029 35,029
At 31st July 2023 - 281,157 281,157
NET BOOK VALUE
At 31st July 2023 594,517 147,291 741,808
At 31st July 2022 250,000 122,500 372,500

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st August 2022 443,658
Revaluations (2,536 )
At 31st July 2023 441,122
NET BOOK VALUE
At 31st July 2023 441,122
At 31st July 2022 443,658

Cost or valuation at 31st July 2023 is represented by:

Other
investments
£   
Valuation in 2023 (2,536 )
Cost 443,658
441,122

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 270,452 236,453
Other debtors 59,295 20,253
329,747 256,706

GIBBS SANDTECH LIMITED (REGISTERED NUMBER: 04229844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 6,632 -
Trade creditors 93,682 154,684
Taxation and social security 110,564 80,250
Other creditors 58,247 72,395
269,125 307,329

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 25,079 -

10. RELATED PARTY DISCLOSURES

Storage rental of £21,600 (2022: £21,600) was charged to the company by W E Gibbs.

Gibbs Finishing Systems, a partnership in which A E Gibbs and W E Gibbs are partners charged the company £50,000 (2022: £50,000) for rent.

All transactions are at an arms length and a commercial rate.