Surf AccountsProduction v1.0.0 v1.0.0 2022-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the retail of footwear and accessories. 17 October 2023 0 0 1360402 2023-01-31 1360402 2022-01-31 1360402 2021-01-31 1360402 2022-02-01 2023-01-31 1360402 2021-02-01 2022-01-31 1360402 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 1360402 uk-curr:PoundSterling 2022-02-01 2023-01-31 1360402 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 1360402 uk-bus:FullAccounts 2022-02-01 2023-01-31 1360402 uk-core:ShareCapital 2023-01-31 1360402 uk-core:ShareCapital 2022-01-31 1360402 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 1360402 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 1360402 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 1360402 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 1360402 uk-bus:FRS102 2022-02-01 2023-01-31 1360402 uk-core:PlantMachinery 2022-02-01 2023-01-31 1360402 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 1360402 uk-core:CostValuation 2023-01-31 1360402 uk-core:CurrentFinancialInstruments 2023-01-31 1360402 uk-core:CurrentFinancialInstruments 2022-01-31 1360402 uk-core:WithinOneYear 2023-01-31 1360402 uk-core:WithinOneYear 2022-01-31 1360402 uk-core:OtherMiscellaneousReserve 2022-01-31 1360402 uk-core:OtherMiscellaneousReserve 2022-02-01 2023-01-31 1360402 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 1360402 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 1360402 uk-core:OtherDeferredTax 2023-01-31 1360402 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-01-31 1360402 uk-core:OtherMiscellaneousReserve 2023-01-31 1360402 uk-core:ParentEntities 2022-02-01 2023-01-31 1360402 uk-countries:UnitedKingdom 2022-02-01 2023-01-31 1360402 uk-bus:Director1 2022-02-01 2023-01-31 1360402 uk-bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: 1360402
 
 
Gibbs of Ely Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2023



Gibbs of Ely Limited
Company Registration Number: 1360402
BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 7,916 6,775
Investments 5 3,380 3,380
───────── ─────────
11,296 10,155
───────── ─────────
 
Current Assets
Stocks 6 127,364 108,890
Debtors 7 81,527 73,019
Cash and cash equivalents 101,209 122,417
───────── ─────────
310,100 304,326
───────── ─────────
Creditors: amounts falling due within one year 8 (67,053) (57,108)
───────── ─────────
Net Current Assets 243,047 247,218
───────── ─────────
Total Assets less Current Liabilities 254,343 257,373
 
Provisions for liabilities 10 (297) (869)
───────── ─────────
Net Assets 254,046 256,504
═════════ ═════════
 
Capital and Reserves
Called up share capital 1,000 1,000
Retained earnings 253,046 255,504
───────── ─────────
Shareholders' Funds 254,046 256,504
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 17 October 2023
           
           
           
________________________________          
Mrs. K.M. Robb          
Director          
           



Gibbs of Ely Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Gibbs of Ely Limited is a company limited by shares incorporated in the United Kingdom. 4 Church Terrace, Wisbech, Cambridgeshire, PE13 1BH, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of sales made by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Shop improvement - 15% Reducing balance
  Fixtures, fittings and equipment - 15% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investments
Investments in associates held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when receivable.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 8, (2022 - 7).
         
4. Tangible assets
  Shop Fixtures, Total
  improvement fittings and  
    equipment  
  £ £ £
Cost
At 1 February 2022 3,562 71,240 74,802
Additions - 2,364 2,364
  ───────── ───────── ─────────
At 31 January 2023 3,562 73,604 77,166
  ───────── ───────── ─────────
Depreciation
At 1 February 2022 3,552 64,475 68,027
Charge for the financial year 2 1,221 1,223
  ───────── ───────── ─────────
At 31 January 2023 3,554 65,696 69,250
  ───────── ───────── ─────────
Net book value
At 31 January 2023 8 7,908 7,916
  ═════════ ═════════ ═════════
At 31 January 2022 10 6,765 6,775
  ═════════ ═════════ ═════════
     
5. Investments
  Other
  investments
   
Investments £
Cost
 
At 31 January 2023 3,380
  ─────────
Net book value
At 31 January 2023 3,380
  ═════════
At 31 January 2022 3,380
  ═════════
       
  2023 2022
  £ £
Director's valuation of unlisted investments 3,380 3,380
  ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 127,364 108,890
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Amounts owed by connected parties (Note 11) 71,438 71,058
Director's current account (Note 12) 8,193 -
Taxation  (Note 9) 8 203
Prepayments and accrued income 1,888 1,758
  ───────── ─────────
  81,527 73,019
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors 14,098 10,119
Amounts owed to group undertakings 39,016 31,848
Taxation  (Note 9) 8,616 8,545
Director's current account - 1,085
Other creditors 108 108
Accruals and deferred income:
Pension accrual 314 249
Other accruals 4,901 5,154
  ───────── ─────────
  67,053 57,108
  ═════════ ═════════
 
The bank facilities of this company and the following companies are linked by cross guarantee and therefore the company has a liability in respect of:-

Gibbs of Wisbech
Gibbs of Spalding
Gibbs of Peterborough (Holdings)
       
9. Taxation 2023 2022
  £ £
 
Debtors:
Corporation tax - 203
PAYE / NI 8 -
  ───────── ─────────
  8 203
  ═════════ ═════════
Creditors:
VAT 8,616 7,638
PAYE / NI - 907
  ───────── ─────────
  8,616 8,545
  ═════════ ═════════
       
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
  2023 2022
  £ £
 
At financial year start 869 597
Charged to profit and loss (572) 272
  ───────── ─────────
At financial year end 297 869
  ═════════ ═════════
       
11. Related party transactions
 
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with related parties conducted at market value.

The balances with connected parties are as follows:
 
  Balance Balance
  2023 2022
  £ £
 
Gibbs of Wisbech 38,179 38,071
Gibbs of Spalding 33,259 32,987
  ───────── ─────────
  71,438 71,058
  ═════════ ═════════
   
12. Director's advances, credits and guarantees
 
At the year end the director owed the company £8,193.
   
13. Parent company
 
The company regards Gibbs of Peterborough (Holdings) as its parent company.
 
   
14. Controlling interest
 
The company is under the ultimate control of the director.