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REGISTERED NUMBER: 01664964 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

GIBBS PROPERTIES LIMITED

GIBBS PROPERTIES LIMITED (REGISTERED NUMBER: 01664964)

Contents of the Financial Statements
for the year ended 30 April 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GIBBS PROPERTIES LIMITED

Company Information
for the year ended 30 April 2023







DIRECTORS: Rock Nominees Limited
Mr M E Lemon
Mr C Fernando





SECRETARY: Gibraltar Company Secretaries Limited





REGISTERED OFFICE: c/o Thorne Lancaster Parker
4th Floor, Venture House
27/29 Glasshouse Street
London
W1B 5DF





REGISTERED NUMBER: 01664964 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
4th Floor
Venture House
27-29 Glasshouse Street
London
W1B 5DF

GIBBS PROPERTIES LIMITED (REGISTERED NUMBER: 01664964)

Statement of Financial Position
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 150,000 150,000

CURRENT ASSETS
Debtors 6 3,750 3,750
Cash at bank 53,900 59,258
57,650 63,008
CREDITORS
Amounts falling due within one year 7 31,114 40,758
NET CURRENT ASSETS 26,536 22,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,536

172,250

CAPITAL AND RESERVES
Called up share capital 9 5,000 5,000
Revaluation reserve 10 76,813 76,813
Retained earnings 94,723 90,437
SHAREHOLDERS' FUNDS 176,536 172,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Mr C Fernando - Director


GIBBS PROPERTIES LIMITED (REGISTERED NUMBER: 01664964)

Notes to the Financial Statements
for the year ended 30 April 2023


1. STATUTORY INFORMATION

Gibbs Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the rent receivable from properties.

Tangible fixed assets
The company's freehold property is stated at valuation. It is the company's practice to maintain this asset in a continual state of sound repair. Accordingly, the director considers that the life of this asset is so long and the residual value is so high that its depreciation is insignificant. Consequently, no charge for depreciation is made. This policy does not comply with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102.

Financial instruments
Basic financial assets

Cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities

Other creditors and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

GIBBS PROPERTIES LIMITED (REGISTERED NUMBER: 01664964)

Notes to the Financial Statements - continued
for the year ended 30 April 2023


3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Equity instruments
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Freehold
property
£   
COST OR VALUATION
At 1 May 2022
and 30 April 2023 150,000
NET BOOK VALUE
At 30 April 2023 150,000
At 30 April 2022 150,000

Cost or valuation at 30 April 2023 is represented by:

Freehold
property
£   
Valuation in 1991 140,813
Valuation in 1992 (40,000 )
Valuation in 1995 50,179
Valuation in 1996 (992 )
150,000

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 49,187 49,187

The freehold property was valued on an open market basis on 30 April 1992 by the director .

GIBBS PROPERTIES LIMITED (REGISTERED NUMBER: 01664964)

Notes to the Financial Statements - continued
for the year ended 30 April 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,750 3,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 829 2,817
Other creditors 24,083 33,653
Directors' loan accounts 1,402 -
Accruals and deferred income 4,800 4,288
31,114 40,758

8. FINANCIAL INSTRUMENTS

The company has the following financial instruments:
Note 2023 2022
£ £

Financial liabilities measured at amortised cost:-
- Corporation tax 6 829 2,817
- Other creditors 6 24,083 33,653
- Accruals and deferred income 6 4,800 4,288
29,712 40.758


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

10. RESERVES
Revaluation
reserve
£   
At 1 May 2022
and 30 April 2023 76,813

11. ULTIMATE CONTROLLING PARTY

Mr C Fernando is the ultimate controlling party.