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REGISTERED NUMBER: NI013926 (Northern Ireland)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GABBEY BUSINESS MACHINES (1979) LIMITED

GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


GABBEY BUSINESS MACHINES (1979) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M. Irvine
G Irvine
A R Irvine



REGISTERED OFFICE: Unit 34 - 35
East Belfast Enterprise Park
308 Albertbridge Road
Belfast
Co. Antrim
BT5 4GX



REGISTERED NUMBER: NI013926 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
Chartered Certified Accountants
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: Bank of Ireland
1 Donegall Square South
Belfast
BT1 5LR

GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,201 7,585
Investments 5 8 8
7,209 7,593

CURRENT ASSETS
Stocks 6 76,252 70,633
Debtors 7 91,905 111,885
Cash at bank and in hand 126,421 112,197
294,578 294,715
CREDITORS
Amounts falling due within one year 8 62,811 80,956
NET CURRENT ASSETS 231,767 213,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

238,976

221,352

PROVISIONS FOR LIABILITIES 1,729 1,820
NET ASSETS 237,247 219,532

CAPITAL AND RESERVES
Called up share capital 6 6
Share premium 21,037 21,037
Retained earnings 216,204 198,489
SHAREHOLDERS' FUNDS 237,247 219,532

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

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

GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

BALANCE SHEET - continued
31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





A R Irvine - Director


GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Gabbey Business Machines (1979) Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Preparation of consolidated financial statements
The financial statements contain information about Gabbey Business Machines (1979) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements and estimates:

(a) Recoverability of Debtors

Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provisions required, factors considered include current experience of debtor book, historical rates of non-recoverability and the ageing profile of debtors. See note 8 for the net carrying amount of debtors.


(b) Carrying value of stock

Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value it the estimated selling price in the ordinary course of business, less the estimated costs to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Pension costs and other post-retirement benefits
The company operates a money purchase (defined contribution) pension scheme. Contributions payable for the year are charged in the profit and loss account. These contributions are invested separately from the company's assets.


GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investments
Investments held as fixed assets are stated at cost less provision for permanent diminution in value. Those held as current assets are stated at the lower of cost and net realisable value. Dividends are brought to account in the profit and loss account when received.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 18,272 838 14,954 34,064
Additions 1,105 993 - 2,098
Disposals - - (6,199 ) (6,199 )
At 31 December 2023 19,377 1,831 8,755 29,963
DEPRECIATION
At 1 January 2023 14,734 445 11,300 26,479
Charge for year 1,011 181 914 2,106
Eliminated on disposal - - (5,823 ) (5,823 )
At 31 December 2023 15,745 626 6,391 22,762
NET BOOK VALUE
At 31 December 2023 3,632 1,205 2,364 7,201
At 31 December 2022 3,538 393 3,654 7,585

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 8
NET BOOK VALUE
At 31 December 2023 8
At 31 December 2022 8

The company owns eight of the ten issued ordinary £1 shares in Island Office Supplies Limited. The directors are of the opinion that their shares are not worth more than their par value. Island Office Supplies Limited ceased trading on the 31 December 2012. The company had no transactions in the year ended 31 December 2023 (2022: no transactions), and had no capital and reserves as at 31 December 2023 (2022 - £0).

GABBEY BUSINESS MACHINES (1979) LIMITED (REGISTERED NUMBER: NI013926)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 76,252 70,633

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 88,108 110,484
Other debtors 3,797 1,401
91,905 111,885

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 721 4,005
Taxation and social security 51,892 45,765
Other creditors 10,198 31,186
62,811 80,956

Included in other creditors is an amount of £6,567 (2022: £26,794) in relation to directors current accounts. This amount is interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

Gabbey Business Machines (1979) Limited hold an eighty per cent interest in the equity capital of Island Office Supplies Limited. Island Office Supplies Limited ceased trading on the 31 December 2012, and there was therefore no related party transactions during the year.

10. ULTIMATE CONTROLLING PARTY

The company continues to be controlled by the Irvine family.