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REGISTERED NUMBER: SC498345 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

C & S Gibson Ltd

C & S Gibson Ltd (Registered number: SC498345)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


C & S Gibson Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr C J Gibson
Mrs S N Strachan





REGISTERED OFFICE: 15 Bartlet Place
Banff
Aberdeenshire
AB45 1JN





REGISTERED NUMBER: SC498345 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

C & S Gibson Ltd (Registered number: SC498345)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,864 59,707

CURRENT ASSETS
Stocks 5 9,775 10,238
Debtors 6 1,603 2,074
Cash at bank and in hand 40,084 37,500
51,462 49,812
CREDITORS
Amounts falling due within one year 7 50,450 59,532
NET CURRENT ASSETS/(LIABILITIES) 1,012 (9,720 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

60,876

49,987

PROVISIONS FOR LIABILITIES 303 199
NET ASSETS 60,573 49,788

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 60,563 49,778
SHAREHOLDERS' FUNDS 60,573 49,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

C & S Gibson Ltd (Registered number: SC498345)

Balance Sheet - continued
31 May 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:




Mr C J Gibson - Director



Mrs S N Strachan - Director


C & S Gibson Ltd (Registered number: SC498345)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

C & S Gibson Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 15% on reducing balance
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

C & S Gibson Ltd (Registered number: SC498345)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Computer
property property machinery equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 56,040 6,953 2,179 2,130 67,302
Additions - - 511 708 1,219
Disposals - - (234 ) (1,751 ) (1,985 )
At 31 May 2023 56,040 6,953 2,456 1,087 66,536
DEPRECIATION
At 1 June 2022 - 4,332 1,387 1,876 7,595
Charge for year - 393 249 359 1,001
Eliminated on disposal - - (173 ) (1,751 ) (1,924 )
At 31 May 2023 - 4,725 1,463 484 6,672
NET BOOK VALUE
At 31 May 2023 56,040 2,228 993 603 59,864
At 31 May 2022 56,040 2,621 792 254 59,707

5. STOCKS
31.5.23 31.5.22
£    £   
Stock valuation 9,775 10,238

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 1,433 1,898
Prepayments 170 176
1,603 2,074

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 23,811 26,065
Trade creditors 2,042 4,016
Tax 3,456 5,488
VAT 4,533 3,109
Other creditors 1,040 1,169
Directors' current accounts 10,731 14,731
Accrued expenses 4,837 4,954
50,450 59,532

C & S Gibson Ltd (Registered number: SC498345)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr C Gibson and Mrs S Strachan.