Property By Gibson Limited 10906766 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Property investment and management company Digita Accounts Production Advanced 6.30.9574.0 true true 10906766 2022-06-01 2023-05-31 10906766 2023-05-31 10906766 bus:OrdinaryShareClass1 2023-05-31 10906766 bus:OrdinaryShareClass2 2023-05-31 10906766 core:CurrentFinancialInstruments 2023-05-31 10906766 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10906766 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10906766 core:FurnitureFittingsToolsEquipment 2023-05-31 10906766 core:LandBuildings 2023-05-31 10906766 bus:SmallEntities 2022-06-01 2023-05-31 10906766 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10906766 bus:FilletedAccounts 2022-06-01 2023-05-31 10906766 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10906766 bus:RegisteredOffice 2022-06-01 2023-05-31 10906766 bus:Director1 2022-06-01 2023-05-31 10906766 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10906766 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 10906766 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10906766 core:FurnitureFittings 2022-06-01 2023-05-31 10906766 core:LandBuildings 2022-06-01 2023-05-31 10906766 core:OtherRelatedParties 2022-06-01 2023-05-31 10906766 countries:England 2022-06-01 2023-05-31 10906766 2022-05-31 10906766 core:FurnitureFittingsToolsEquipment 2022-05-31 10906766 core:LandBuildings 2022-05-31 10906766 2021-06-01 2022-05-31 10906766 2022-05-31 10906766 bus:OrdinaryShareClass1 2022-05-31 10906766 bus:OrdinaryShareClass2 2022-05-31 10906766 core:CurrentFinancialInstruments 2022-05-31 10906766 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10906766 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-05-31 10906766 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 10906766 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-05-31 10906766 core:FurnitureFittingsToolsEquipment 2022-05-31 10906766 core:LandBuildings 2022-05-31 10906766 core:PreviouslyStatedAmount 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10906766

Property By Gibson Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Property By Gibson Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Property By Gibson Limited

Company Information

Director

Mr Oisin Henry Gibson

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Property By Gibson Limited

(Registration number: 10906766)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

287,815

287,815

Current assets

 

Debtors

5

38,000

38,000

Cash at bank and in hand

 

49,651

49,651

 

87,651

87,651

Creditors: Amounts falling due within one year

6

(220,000)

(220,000)

Net current liabilities

 

(132,349)

(132,349)

Total assets less current liabilities

 

155,466

155,466

Creditors: Amounts falling due after more than one year

6

(103,500)

(103,500)

Net assets

 

51,966

51,966

capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

85,496

85,496

Profit and loss account

(33,630)

(33,630)

Shareholders' funds

 

51,966

51,966

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

.........................................
Mr Oisin Henry Gibson
Director

 

Property By Gibson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
United Kingdom

These financial statements were authorised for issue by the director on 30 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

 

Property By Gibson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Asset class

Depreciation method and rate

Furniture and fittings

25% net book value

Land and buildings

held at open market value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Property By Gibson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

286,857

4,036

290,893

At 31 May 2023

286,857

4,036

290,893

Depreciation

At 1 June 2022

-

3,078

3,078

At 31 May 2023

-

3,078

3,078

Carrying amount

At 31 May 2023

286,857

958

287,815

At 31 May 2022

286,857

958

287,815

Included within the net book value of land and buildings above is £286,857 (2022 - £286,857) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

38,000

38,000

 

38,000

38,000

 

Property By Gibson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

219,983

219,983

Directors' loan accounts

 

17

17

 

220,000

220,000

Due after one year

 

Other non-current financial liabilities

 

103,500

103,500

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

103,500

103,500

 

Property By Gibson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary O of £1 each

99

99

99

99

Ordinary G of £1 each

1

1

1

1

100

100

100

100

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

103,733

103,733

Bank overdrafts

116,250

116,250

219,983

219,983

9

Dividends

10

Related party transactions

Summary of transactions with other related parties

Hartex Limited
 The companies are associated by reason of common control and ownership