2022-11-012023-10-312023-10-31falseNI604833Gibson Auctions 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Gibson Auctions Limited

Registered Number
NI604833
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 October 2023

Gibson Auctions Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Gary Nicholas Gibson
George Tyrone Gibson

Registered Address

34 High Street
Holywood
BT18 9AD

Registered Number

NI604833 (Northern Ireland)
Gibson Auctions Limited
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets34,2545,318
Tangible assets4115,99316,087
120,24721,405
Current assets
Debtors5470,343402,541
Cash at bank and on hand34,46135,280
504,804437,821
Creditors amounts falling due within one year6(499,742)(387,799)
Net current assets (liabilities)5,06250,022
Total assets less current liabilities125,30971,427
Creditors amounts falling due after one year7(17,862)(37,271)
Net assets107,44734,156
Capital and reserves
Called up share capital100100
Profit and loss account107,34734,056
Shareholders' funds107,44734,156
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
Gary Nicholas Gibson
Director
Registered Company No. NI604833
Gibson Auctions Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Amortisation is charged at 20% reducing balance.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings50
Plant and machinery5
Fixtures and fittings5
Vehicles5
2.Average number of employees

20232022
Average number of employees during the year66
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 2227,80027,800
At 31 October 2327,80027,800
Amortisation and impairment
At 01 November 2222,48222,482
Charge for year1,0641,064
At 31 October 2323,54623,546
Net book value
At 31 October 234,2544,254
At 31 October 225,3185,318
4.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 November 2272,00025,17331,151128,324
Additions107,773-432108,205
At 31 October 23179,77325,17331,583236,529
Depreciation and impairment
At 01 November 2272,00015,14425,093112,237
Charge for year2,1554,5721,5728,299
At 31 October 2374,15519,71626,665120,536
Net book value
At 31 October 23105,6185,4574,918115,993
At 31 October 22-10,0296,05816,087
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,72216,984
Other debtors461,106382,781
Prepayments and accrued income6,5152,776
Total470,343402,541
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables107,42926,979
Bank borrowings and overdrafts9,705-
Taxation and social security24,26116,646
Other creditors322,829273,335
Accrued liabilities and deferred income35,51870,839
Total499,742387,799
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,86237,271
Total17,86237,271