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Company registration number: 03621037
Geoff Gilbert Air Cargo Ltd
Unaudited filleted financial statements
31 August 2023
Geoff Gilbert Air Cargo Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Geoff Gilbert Air Cargo Ltd
Directors and other information
Directors Mrs Louise Holmes
Mr Richard Geoffrey Gilbert
Mr Joseph Jeffrey Gilbert
Secretary Mrs L Holmes
Company number 03621037
Registered office Chapel Lane
Sibsey
Boston
Lincolnshire
PE22 0SN
Business address C/o Mrs L Holmes
Steep House
1 Sawyers Yard
Mill Road, Brancaster
PE31 8FW
Accountants Lister and Co
75 High Street
Boston
Lincs
PE21 8SX
Geoff Gilbert Air Cargo Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Geoff Gilbert Air Cargo Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Geoff Gilbert Air Cargo Ltd for the year ended 31 August 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Geoff Gilbert Air Cargo Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Geoff Gilbert Air Cargo Ltd and state those matters that we have agreed to state to the board of directors of Geoff Gilbert Air Cargo Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geoff Gilbert Air Cargo Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Geoff Gilbert Air Cargo 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 loss of Geoff Gilbert Air Cargo Ltd. You consider that Geoff Gilbert Air Cargo 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 financial statements of Geoff Gilbert Air Cargo 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.
Lister and Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
4 October 2023
Geoff Gilbert Air Cargo Ltd
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 280,483 1,327
Cash at bank and in hand - 385,929
_______ _______
280,483 387,256
Creditors: amounts falling due
within one year 6 ( 480) ( 17,575)
_______ _______
Net current assets 280,003 369,681
_______ _______
Total assets less current liabilities 280,003 369,681
_______ _______
Net assets 280,003 369,681
_______ _______
Capital and reserves
Called up share capital 7 280,000 280,000
Profit and loss account 3 89,681
_______ _______
Shareholders funds 280,003 369,681
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 October 2023 , and are signed on behalf of the board by:
Mrs Louise Holmes
Director
Company registration number: 03621037
Geoff Gilbert Air Cargo Ltd
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 280,000 72,797 532,772
(Loss)/profit for the year 177,604 177,604
Other comprehensive income for the year:
Revaluation of tangible assets ( 197,126)
Tax relating to components of other comprehensive income - 17,151
_______ _______ _______
Total comprehensive income for the year - 177,604 ( 2,371)
Dividends paid and payable ( 160,720) ( 160,720)
_______ _______ _______
Total investments by and distributions to owners - ( 160,720) ( 160,720)
_______ _______ _______
At 31 August 2022 and 1 September 2022 280,000 89,681 369,681
(Loss)/profit for the year ( 1,310) ( 1,310)
_______ _______ _______
Total comprehensive income for the year - ( 1,310) ( 1,310)
Dividends paid and payable ( 88,368) ( 88,368)
_______ _______ _______
Total investments by and distributions to owners - ( 88,368) ( 88,368)
_______ _______ _______
At 31 August 2023 280,000 3 280,003
_______ _______ _______
Geoff Gilbert Air Cargo Ltd
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Manor House, Chapel Lane, Sibsey, Boston, Lincolnshire, PE22 0SN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. All income is in respect of property rental activity and adjusted for cut off to reflect the accounting period. Turnover for the company for the year has been derived from its principle activity and wholly undertaken in the UK.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Debtors
2023 2022
£ £
Prepayments and accrued income - 927
Other debtors 280,483 400
_______ _______
280,483 1,327
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 480 980
Corporation tax - 16,595
_______ _______
480 17,575
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares shares of £ 1.00 each 224,000 224,000 224,000 224,000
Ordinary B shares shares of £ 1.00 each 56,000 56,000 56,000 56,000
_______ _______ _______ _______
280,000 280,000 280,000 280,000
_______ _______ _______ _______