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Registration number: 03950113

Ian Gibb Leisure Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2023

 

Ian Gibb Leisure Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ian Gibb Leisure Limited

Company Information

Directors

Mr J Gibb

Mrs G S Gibb

Miss F Gibb

Company secretary

Mr J Gibb

Registered office

43 High Street
Brecon
Powys
LD3 7AP
 

Accountants

WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Ian Gibb Leisure Limited

(Registration number: 03950113)

Balance Sheet
as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,409

10,498

Current assets

 

Stocks

287,175

212,632

Debtors

6

101

94

Cash at bank and in hand

 

131,474

208,243

 

418,750

420,969

Creditors: Amounts falling due within one year

7

(102,841)

(127,475)

Net current assets

 

315,909

293,494

Total assets less current liabilities

 

324,318

303,992

Provisions for liabilities

(1,598)

(1,995)

Net assets

 

322,720

301,997

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

321,720

300,997

Shareholders' funds

 

322,720

301,997

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 2 November 2023 and signed on its behalf by:
 

 

Ian Gibb Leisure Limited

(Registration number: 03950113)

Balance Sheet
as at 31 March 2023

.........................................
Mr J Gibb
Company secretary and director

.........................................
Mrs G S Gibb
Director

.........................................
Miss F Gibb
Director

 

Ian Gibb Leisure Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1

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:
43 High Street
Brecon
Powys
LD3 7AP
United Kingdom

These financial statements were authorised for issue by the Board on 2 November 2023.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Amortisation

At 1 April 2022

15,000

15,000

At 31 March 2023

15,000

15,000

Carrying amount

At 31 March 2023

-

-

 

Ian Gibb Leisure Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

20,512

1,781

22,293

At 31 March 2023

20,512

1,781

22,293

Depreciation

At 1 April 2022

10,902

893

11,795

Charge for the year

1,795

294

2,089

At 31 March 2023

12,697

1,187

13,884

Carrying amount

At 31 March 2023

7,815

594

8,409

At 31 March 2022

9,610

888

10,498

6

Debtors

Current

2023
£

2022
£

Prepayments

101

94

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

67,480

76,344

Taxation and social security

19,398

35,890

Accruals and deferred income

3,429

3,409

Other creditors

12,534

11,832

102,841

127,475

 

Ian Gibb Leisure Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

"A" Ordinary of £1 each

260

260

260

260

"B" Ordinary of £1 each

260

260

260

260

"C" Ordinary of £1 each

240

240

240

240

"D" Ordinary of £1 each

240

240

240

240

 

1,000

1,000

1,000

1,000