Silverfin false 28/02/2023 01/03/2022 28/02/2023 G Gibbs 26/09/2012 R I M Gordon 26/09/2012 27 November 2023 The principal activity of the Company during the financial year was that of building contractor. 08230216 2023-02-28 08230216 bus:Director1 2023-02-28 08230216 bus:Director2 2023-02-28 08230216 2022-02-28 08230216 core:CurrentFinancialInstruments 2023-02-28 08230216 core:CurrentFinancialInstruments 2022-02-28 08230216 core:ShareCapital 2023-02-28 08230216 core:ShareCapital 2022-02-28 08230216 core:RetainedEarningsAccumulatedLosses 2023-02-28 08230216 core:RetainedEarningsAccumulatedLosses 2022-02-28 08230216 core:PlantMachinery 2022-02-28 08230216 core:Vehicles 2022-02-28 08230216 core:FurnitureFittings 2022-02-28 08230216 core:OfficeEquipment 2022-02-28 08230216 core:PlantMachinery 2023-02-28 08230216 core:Vehicles 2023-02-28 08230216 core:FurnitureFittings 2023-02-28 08230216 core:OfficeEquipment 2023-02-28 08230216 2022-03-01 2023-02-28 08230216 bus:FullAccounts 2022-03-01 2023-02-28 08230216 bus:SmallEntities 2022-03-01 2023-02-28 08230216 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08230216 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08230216 bus:Director1 2022-03-01 2023-02-28 08230216 bus:Director2 2022-03-01 2023-02-28 08230216 core:PlantMachinery 2022-03-01 2023-02-28 08230216 core:Vehicles core:TopRangeValue 2022-03-01 2023-02-28 08230216 core:FurnitureFittings 2022-03-01 2023-02-28 08230216 core:OfficeEquipment core:TopRangeValue 2022-03-01 2023-02-28 08230216 2021-03-01 2022-02-28 08230216 core:Vehicles 2022-03-01 2023-02-28 08230216 core:OfficeEquipment 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 08230216 (England and Wales)

GIBGOR LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

GIBGOR LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

GIBGOR LIMITED

BALANCE SHEET

As at 28 February 2023
GIBGOR LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 37,416 44,948
37,416 44,948
Current assets
Debtors 4 35,623 37,824
Cash at bank and in hand 7,301 19,933
42,924 57,757
Creditors: amounts falling due within one year 5 ( 68,380) ( 53,347)
Net current (liabilities)/assets (25,456) 4,410
Total assets less current liabilities 11,960 49,358
Provision for liabilities 6 ( 9,354) ( 11,237)
Net assets 2,606 38,121
Capital and reserves
Called-up share capital 10 10
Profit and loss account 2,596 38,111
Total shareholders' funds 2,606 38,121

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gibgor Limited (registered number: 08230216) were approved and authorised for issue by the Director on 27 November 2023. They were signed on its behalf by:

R I M Gordon
Director
GIBGOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
GIBGOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gibgor Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, England, United Kingdom. The principal place of business is New Park, Stammery Hill, Axminster, Devon, EX13 5UQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have advised that following the completion of its last remaining contract, the company will cease its activities on 31 May 2023 and after this date, the company will settle its affairs only.

The directors believe that the assets recorded in the balance sheet are not materially different to their net realisable value, and therefore expect all recorded creditors to be settled in full.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 5 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 March 2022 79,599 44,275 1,269 5,750 130,893
Additions 3,574 1,650 0 2,346 7,570
Disposals ( 9,772) 0 ( 358) ( 700) ( 10,830)
At 28 February 2023 73,401 45,925 911 7,396 127,633
Accumulated depreciation
At 01 March 2022 47,071 32,506 682 5,686 85,945
Charge for the financial year 6,961 4,687 117 362 12,127
Disposals ( 6,894) 0 ( 261) ( 700) ( 7,855)
At 28 February 2023 47,138 37,193 538 5,348 90,217
Net book value
At 28 February 2023 26,263 8,732 373 2,048 37,416
At 28 February 2022 32,528 11,769 587 64 44,948

4. Debtors

2023 2022
£ £
Other debtors 35,623 37,824

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,857 17,040
Taxation and social security 6,221 16,860
Obligations under finance leases and hire purchase contracts 0 5,507
Other creditors 48,302 13,940
68,380 53,347

6. Provision for liabilities

2023 2022
£ £
Deferred tax 9,354 11,237

7. Contingencies

Contingent liabilities

2023 2022
£ £
Total contingent liabilities 350,000 0

The directors are aware of a potential claim against the company for defective work completed by a sub contractor. The directors are disputing the claim and have advised that no liability is likely to arise. Accordingly no provision has been made in the accounts. If the claim was successful it is understood that the maximum liability would be £350,000.