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COMPANY REGISTRATION NUMBER: SC417355
Gibson Heathland Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 March 2024
Gibson Heathland Limited
Abridged Financial Statements
Year ended 31 March 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Gibson Heathland Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
1,800
Cash at bank and in hand
84,754
68,514
--------
--------
84,754
70,314
Creditors: amounts falling due within one year
12,027
9,764
--------
--------
Net current assets
72,727
60,550
--------
--------
Total assets less current liabilities
72,727
60,550
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
72,627
60,450
--------
--------
Shareholders funds
72,727
60,550
--------
--------
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.
Gibson Heathland Limited
Abridged Statement of Financial Position (continued)
31 March 2024
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:
Mr J Gibson
Mrs L Gibson
Director
Director
Company registration number: SC417355
Gibson Heathland Limited
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 2 (2023: 2).
5. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Gibson
900
15,148
( 16,500)
( 452)
Mrs L Gibson
900
15,148
( 16,500)
( 452)
-------
--------
--------
----
1,800
30,296
( 33,000)
( 904)
-------
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Gibson
( 195)
13,595
( 12,500)
900
Mrs L Gibson
( 195)
13,595
( 12,500)
900
----
--------
--------
-------
( 390)
27,190
( 25,000)
1,800
----
--------
--------
-------
The loan is interest free and will be repaid within nine months of the balance sheet date.