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Company No: 10625538 (England and Wales)

GIBBON PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

GIBBON PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

GIBBON PROPERTIES LIMITED

BALANCE SHEET

As at 29 February 2024
GIBBON PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 285,704 285,704
285,704 285,704
Current assets
Debtors 84 84
84 84
Creditors: amounts falling due within one year 4 ( 2,702) ( 1,762)
Net current liabilities (2,618) (1,678)
Total assets less current liabilities 283,086 284,026
Creditors: amounts falling due after more than one year 5 ( 244,943) ( 252,926)
Net assets 38,143 31,100
Capital and reserves
Called-up share capital 100 100
Profit and loss account 38,043 31,000
Total shareholder's funds 38,143 31,100

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gibbon Properties Limited (registered number: 10625538) were approved and authorised for issue by the Director on 12 October 2024. They were signed on its behalf by:

B Darrer
Director
GIBBON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
GIBBON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gibbon Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated as rent receivable, accounted for in the period that it relates to.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 285,704
As at 29 February 2024 285,704

4. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 1,652 712
Other creditors 1,050 1,050
2,702 1,762

5. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 244,943 252,926

There are no amounts included above in respect of which any security has been given by the small entity.