1 January 2023 v2024.43.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP047336142023-01-012023-12-31047336142023-12-31047336142022-12-3104733614core:WithinOneYear2023-12-3104733614core:WithinOneYear2022-12-3104733614core:AfterOneYear2023-12-3104733614core:AfterOneYear2022-12-3104733614core:ShareCapital2023-12-3104733614core:ShareCapital2022-12-3104733614core:RetainedEarningsAccumulatedLosses2023-12-3104733614core:RetainedEarningsAccumulatedLosses2022-12-3104733614bus:Director12023-01-012023-12-3104733614bus:RegisteredOffice2023-01-012023-12-3104733614core:PlantMachinery2023-01-012023-12-3104733614core:OfficeEquipment2023-01-012023-12-3104733614core:MotorVehicles2023-01-012023-12-31047336142022-01-012022-12-3104733614core:PlantMachinery2023-01-0104733614core:PlantMachinery2023-12-3104733614core:PlantMachinery2022-12-310473361412023-01-012023-12-3104733614countries:EnglandWales2023-01-012023-12-3104733614bus:AuditExemptWithAccountantsReport2023-01-012023-12-3104733614bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104733614bus:SmallEntities2023-01-012023-12-3104733614bus:FullAccounts2023-01-012023-12-31
Company registration number:
04733614
Tim Gibson Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
The Barker Partnership
Chartered Accountants
44 Kirkgate, Ripon, North Yorkshire, HG4 1PB, England
Tim Gibson Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
26,073
 
17,084
 
Current assets    
Stocks
189,792
 
248,849
 
Debtors 6
58,568
 
40,529
 
Cash at bank and in hand
3,840
 
17,958
 
252,200
 
307,336
 
Creditors: amounts falling due within one year 7
(135,969
)
(174,548
)
Net current assets
116,231
 
132,788
 
Total assets less current liabilities 142,304   149,872  
Creditors: amounts falling due after more than one year 8
(22,124
)
(31,679
)
Provisions for liabilities
(4,954
)
(3,246
)
Net assets
115,226
 
114,947
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
115,126
 
114,847
 
Shareholders funds
115,226
 
114,947
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
T J Gibson
Director
Company registration number:
04733614
Tim Gibson Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Hunters Hill Farm
,
Little Crakehall
,
Bedale
,
North Yorkshire
,
DL8 1LA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% reducing balance
Office equipment
33% straight line
Motor vehicles
10% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
2.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
81,298
 
Additions
18,377
 
Disposals
(5,000
)
At
31 December 2023
94,675
 
Depreciation  
At
1 January 2023
64,214
 
Charge
8,499
 
Disposals
(4,111
)
At
31 December 2023
68,602
 
Carrying amount  
At
31 December 2023
26,073
 
At 31 December 2022
17,084
 

6 Debtors

20232022
££
Trade debtors
56,903
 
35,518
 
Other debtors
1,665
 
5,011
 
58,568
 
40,529
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,200
 
23,825
 
Trade creditors
103,694
 
74,964
 
Taxation and social security
13,052
 
11,040
 
Other creditors
9,023
 
64,719
 
135,969
 
174,548
 
The bank loans and overdrafts are secured on the assets of the company. Included within other creditors is £6,374 relating to the hire purchases that are secured on the asset specifically purchased with the finance.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
18,967
 
28,133
 
Other creditors
3,157
 
3,546
 
22,124
 
31,679
 
All amounts are secured on the assets of the company.