COMPANY REGISTRATION NUMBER:
SC417360
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 March 2024
Current assets
Cash at bank and in hand |
205,823 |
|
170,081 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
11,321 |
|
11,574 |
|
--------- |
|
--------- |
Net current assets |
|
194,502 |
158,507 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
194,502 |
158,507 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
194,402 |
158,407 |
|
|
--------- |
--------- |
Shareholders funds |
|
194,502 |
158,507 |
|
|
--------- |
--------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 July 2024
, and are signed on behalf of the board by:
Company registration number:
SC417360
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Greenwall Farm, Climpy, Forth, Lanarkshire, ML11 8EN.
2.
Statement of compliance
These abridged 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts. Revenue from the sale of goods is recognised when the power units are generated, significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the amount of current 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.
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. Debt instruments are subsequently measured at amortised cost.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4.
Employee numbers
The average number of persons employed during the year amounted to 1 (2023: 3).
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
9,635 |
7,948 |
Other creditors |
1,686 |
3,626 |
|
-------- |
-------- |
|
11,321 |
11,574 |
|
-------- |
-------- |
|
|
|
6.
Related party transactions
The company was not controlled by any individual throughout the current and previous year.
Mrs L Gibson
is the managing director and members of her close family control 100% of the issued share capital. Loans from the Gibson family to the company of £995 (2023: £2,995) were outstanding at the balance sheet date. Loans totalling £120,000 (2023: £10,000) were made to J Gibson Agri Ltd in the year, a company controlled by one of the directors of Gibson Climpy Ltd. This loan was fully repaid in the year, and the amount owing from J Gibson Agri Ltd at the balance sheet date was £nil (2023: £nil). No interest has been charged on this loan and the balance is repayable on demand.