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Company registration number: 13940764

Gibbs Surfacing (Northern) Limited

Filleted Unaudited Financial Statements

for the Period from 25 February 2022 to 31 August 2023

 

Gibbs Surfacing (Northern) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Gibbs Surfacing (Northern) Limited

Company Information

Directors

Mr V Gibbs

Mr C Philbin

Mr C Daly

Ms V Gibbs

Company secretary

Ms V Gibbs

Registered office

21 Turnpike Road
Blunsdon
Swindon
Wiltshire
SN26 7EA

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gibbs Surfacing (Northern) Limited
for the Period Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gibbs Surfacing (Northern) Limited for the period ended 31 August 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gibbs Surfacing (Northern) Limited, as a body, in accordance with the terms of our engagement letter dated 29 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of Gibbs Surfacing (Northern) Limited and state those matters that we have agreed to state to the Board of Directors of Gibbs Surfacing (Northern) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gibbs Surfacing (Northern) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gibbs Surfacing (Northern) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gibbs Surfacing (Northern) Limited. You consider that Gibbs Surfacing (Northern) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Gibbs Surfacing (Northern) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

23 February 2024

 

Gibbs Surfacing (Northern) Limited

(Registration number: 13940764)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

222,777

Current assets

 

Stocks

2,981

Debtors

6

795,993

Cash at bank and in hand

 

135,185

 

934,159

Creditors: Amounts falling due within one year

7

(1,041,261)

Net current liabilities

 

(107,102)

Total assets less current liabilities

 

115,675

Creditors: Amounts falling due after more than one year

7

(28,179)

Provisions for liabilities

(42,328)

Net assets

 

45,168

Capital and reserves

 

Called up share capital

1,000

Retained earnings

44,168

Shareholders' funds

 

45,168

For the financial period ending 31 August 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 period 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.

 

Gibbs Surfacing (Northern) Limited

(Registration number: 13940764)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Mr C Daly
Director

 

Gibbs Surfacing (Northern) Limited

Notes to the Unaudited Financial Statements for the Period from 25 February 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Turnpike Road
Blunsdon
Swindon
Wiltshire
SN26 7EA
England

The principal place of business is:
Burtonhead Road
St Helens
Merseyside
WA9 5EA
United Kingdom

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 except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gibbs Surfacing (Northern) Limited

Notes to the Unaudited Financial Statements for the Period from 25 February 2022 to 31 August 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other 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 balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

15% Reducing balance

Plant and machinery

15% Reducing balance

Office equipment

33% Straight line

 

Gibbs Surfacing (Northern) Limited

Notes to the Unaudited Financial Statements for the Period from 25 February 2022 to 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 period, was 14.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

67,616

 

Gibbs Surfacing (Northern) Limited

Notes to the Unaudited Financial Statements for the Period from 25 February 2022 to 31 August 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

193,764

8,279

88,350

290,393

At 31 August 2023

193,764

8,279

88,350

290,393

Depreciation

Charge for the period

43,597

4,140

19,879

67,616

At 31 August 2023

43,597

4,140

19,879

67,616

Carrying amount

At 31 August 2023

150,167

4,139

68,471

222,777

6

Debtors

2023
£

Trade debtors

706,698

Other debtors

89,295

795,993

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

8

57,168

Trade creditors

 

429,756

Other creditors

 

554,337

 

1,041,261

 

Gibbs Surfacing (Northern) Limited

Notes to the Unaudited Financial Statements for the Period from 25 February 2022 to 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

28,179

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

28,179

2023
£

Current loans and borrowings

Other borrowings

57,168

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £36,350.

10

Related party transactions

Key management personnel


Included within other creditors is £484,901 being amounts owed to P Sweeney, part of the companies key management personnel.