27 8 April 2024 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 785 785 785 xbrli:pure xbrli:shares iso4217:GBP 0155167 2023-01-01 2023-12-31 0155167 2023-12-31 0155167 2022-12-31 0155167 2022-01-01 2022-12-31 0155167 2022-12-31 0155167 2021-12-31 0155167 core:FurnitureFittings 2023-01-01 2023-12-31 0155167 bus:Director1 2023-01-01 2023-12-31 0155167 bus:Director2 2023-01-01 2023-12-31 0155167 core:PlantMachinery 2022-12-31 0155167 core:FurnitureFittings 2022-12-31 0155167 core:LandBuildings 2023-12-31 0155167 core:PlantMachinery 2023-12-31 0155167 core:FurnitureFittings 2023-12-31 0155167 core:WithinOneYear 2023-12-31 0155167 core:WithinOneYear 2022-12-31 0155167 core:ShareCapital 2023-12-31 0155167 core:ShareCapital 2022-12-31 0155167 core:RetainedEarningsAccumulatedLosses 2023-12-31 0155167 core:RetainedEarningsAccumulatedLosses 2022-12-31 0155167 core:BetweenOneFiveYears 2023-12-31 0155167 core:BetweenOneFiveYears 2022-12-31 0155167 core:PlantMachinery 2023-01-01 2023-12-31 0155167 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 0155167 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 0155167 core:Non-currentFinancialInstruments 2023-12-31 0155167 core:LandBuildings 2022-12-31 0155167 core:FurnitureFittings 2022-12-31 0155167 bus:Director1 2022-12-31 0155167 bus:Director1 2023-12-31 0155167 bus:Director2 2022-12-31 0155167 bus:Director2 2023-12-31 0155167 bus:Director1 2021-12-31 0155167 bus:Director1 2022-12-31 0155167 bus:Director2 2022-12-31 0155167 bus:Director1 2022-01-01 2022-12-31 0155167 bus:Director2 2022-01-01 2022-12-31 0155167 bus:SmallEntities 2023-01-01 2023-12-31 0155167 bus:Audited 2023-01-01 2023-12-31 0155167 bus:FullAccounts 2023-01-01 2023-12-31 0155167 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 0155167 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 0155167 core:OfficeEquipment 2023-12-31 0155167 core:OfficeEquipment 2022-12-31 0155167 core:OfficeEquipment 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 0155167
Gibsons Games Limited
Filleted Financial Statements
31 December 2023
Gibsons Games Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,053,250
1,055,492
Investments
6
785
------------
------------
1,054,035
1,055,492
Current assets
Stocks
899,934
1,356,012
Debtors
7
1,624,552
1,380,610
Cash at bank and in hand
692,895
710,712
------------
------------
3,217,381
3,447,334
Creditors: amounts falling due within one year
8
1,172,573
1,345,642
------------
------------
Net current assets
2,044,808
2,101,692
------------
------------
Total assets less current liabilities
3,098,843
3,157,184
------------
------------
Net assets
3,098,843
3,157,184
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
3,088,843
3,147,184
------------
------------
Shareholders funds
3,098,843
3,157,184
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr M G Gibson
Mrs K E Gibson
Chairman
Director
Company registration number: 0155167
Gibsons Games Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gemini Court, 42a Throwley Way, Sutton, Surrey, SM1 4AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of income received and receivable during the year, for the sale of jigsaw puzzles, indoor games and playing cards, exclusive of value added tax and discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to property
-
10% to 20% straight line
Fixture and fittings
-
20% straight line
Office equipment
-
20% to 33% straight line
No depreciation is provided on the freehold property as the directors believe that their maintenance policy is sufficient to prevent any diminution in the value of the property.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company makes payments to defined contribution schemes on behalf of the directors and staff. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 28 ).
5. Tangible assets
Land and buildings
Improvements to property
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,050,955
64,500
15,919
22,141
1,153,515
------------
--------
--------
--------
------------
Depreciation
At 1 January 2023
64,500
12,484
21,039
98,023
Charge for the year
1,140
1,102
2,242
------------
--------
--------
--------
------------
At 31 December 2023
64,500
13,624
22,141
100,265
------------
--------
--------
--------
------------
Carrying amount
At 31 December 2023
1,050,955
2,295
1,053,250
------------
--------
--------
--------
------------
At 31 December 2022
1,050,955
3,435
1,102
1,055,492
------------
--------
--------
--------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
Additions
785
----
At 31 December 2023
785
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
785
----
At 31 December 2022
----
7. Debtors
2023
2022
£
£
Trade debtors
1,399,416
1,170,021
Other debtors
225,136
210,589
------------
------------
1,624,552
1,380,610
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
596,842
618,246
Social security and other taxes
86,237
199,803
Other creditors
489,494
527,593
------------
------------
1,172,573
1,345,642
------------
------------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
2,113,498
1,880,734
------------
------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
1,096,335
1,046,531
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,132
11,928
Later than 1 year and not later than 5 years
11,227
3,207
--------
--------
22,359
15,135
--------
--------
11. Summary audit opinion
The auditor's report for the year dated 8 April 2024 was unqualified .
The senior statutory auditor was Robert Bedford , for and on behalf of Miller Davies LLP .
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M G Gibson
( 149,200)
( 149,200)
Mrs K E Gibson
( 57,500)
( 57,500)
---------
----
---------
( 206,700)
( 206,700)
---------
----
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M G Gibson
( 397,200)
248,000
( 149,200)
Mrs K E Gibson
( 57,500)
( 57,500)
---------
---------
---------
( 397,200)
190,500
( 206,700)
---------
---------
---------