Registration number:
Ian Gibb Leisure Limited
Unaudited Financial Statements
for the
Year Ended 31 March 2023
Ian Gibb Leisure Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ian Gibb Leisure Limited
Company Information
Directors |
Mr J Gibb Mrs G S Gibb Miss F Gibb |
Company secretary |
Mr J Gibb |
Registered office |
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Accountants |
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Ian Gibb Leisure Limited
(Registration number: 03950113)
Balance Sheet
as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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.
Approved and authorised by the
Ian Gibb Leisure Limited
(Registration number: 03950113)
Balance Sheet
as at 31 March 2023
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Ian Gibb Leisure Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales within the United Kingdom..
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The financial statements have been presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.
Revenue recognition
Turnover represents cash and credit shop sales and online sales net of Value Added Tax. Turnover is recognised when the goods are physically taken by the customer or posted to the custmer,
Government grants
Grants for Covid-19 support of the Retail, Hospitality and Leisure sectors are accounted for as received. Grants received under the Coronavirus Job Retention Scheme are accounted for in accordance with the payroll periods to which they relate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 UK, which is the country where the company operates and generates taxable income.
Ian Gibb Leisure Limited
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.
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 statement of financial position 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% on cost |
Office equipment |
20% on cost |
Goodwill
Goodwill represented the amount paid in connection with the acquisition of a business in 2001. This was amortised over its useful life of 10 years.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. These are included at invoice price, including Value Added Tax.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the value of the cash received .
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.
Ian Gibb Leisure Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Ian Gibb Leisure Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors |
Current |
2023 |
2022 |
Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Ian Gibb Leisure Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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260 |
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260 |
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260 |
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260 |
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240 |
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240 |
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240 |
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240 |
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