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Registered number: 3942450
Castle Gibson Limited
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Barnett Young & Partners
15 The Broadway
Woodford Green
IG8 0HL
Signed
02/08/2024
Page 1
Page 2
Balance Sheet
Registered number: 3942450
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 176,592 176,592
Tangible Assets 5 2,092,669 2,075,345
2,269,261 2,251,937
CURRENT ASSETS
Stocks 6 2,535 7,850
Debtors 7 38,061 78,083
Cash at bank and in hand 816,666 569,502
857,262 655,435
Creditors: Amounts Falling Due Within One Year 8 (140,320 ) (143,619 )
NET CURRENT ASSETS (LIABILITIES) 716,942 511,816
TOTAL ASSETS LESS CURRENT LIABILITIES 2,986,203 2,763,753
NET ASSETS 2,986,203 2,763,753
CAPITAL AND RESERVES
Called up share capital 9 96 96
Share premium account 176,592 176,592
Profit and Loss Account 2,809,515 2,587,065
SHAREHOLDERS' FUNDS 2,986,203 2,763,753
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Gibson
Director
Mrs Joyce Gibson
Director
02/08/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Castle Gibson Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3942450 . The registered office is 15 The Broadway, Woodford green, IG8 0HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is stated at Director's Valuation.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No dereciation charge during the year
Leasehold 20 year lease
Plant & Machinery 25% reducing balance method
Motor Vehicles 25 % reducing balance method
Computer Equipment 25 % reducing balance method
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 176,592
As at 30 April 2024 176,592
Net Book Value
As at 30 April 2024 176,592
As at 1 May 2023 176,592
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Page 6
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 May 2023 1,998,289 80,000 105,660 12,916
Additions - - - 31,644
Disposals - - - (12,916 )
As at 30 April 2024 1,998,289 80,000 105,660 31,644
Depreciation
As at 1 May 2023 - 16,000 100,418 11,192
Provided during the period - 4,000 1,049 6,329
Disposals - - - (11,192 )
As at 30 April 2024 - 20,000 101,467 6,329
Net Book Value
As at 30 April 2024 1,998,289 60,000 4,193 25,315
As at 1 May 2023 1,998,289 64,000 5,242 1,724
Computer Equipment Total
£ £
Cost
As at 1 May 2023 41,332 2,238,197
Additions - 31,644
Disposals - (12,916 )
As at 30 April 2024 41,332 2,256,925
Depreciation
As at 1 May 2023 35,242 162,852
Provided during the period 1,218 12,596
Disposals - (11,192 )
As at 30 April 2024 36,460 164,256
Net Book Value
As at 30 April 2024 4,872 2,092,669
As at 1 May 2023 6,090 2,075,345
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Page 7
6. Stocks
2024 2023
£ £
Materials 2,535 7,850
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,061 78,083
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,250 -
Corporation tax 67,139 89,861
Other taxes and social security 21,258 36,019
Other creditors 767 3,492
Accruals and deferred income 12,906 14,247
140,320 143,619
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 96 96
Page 7