Company Registration No. SC427692 (Scotland)
R W GIBSON & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
R W GIBSON & SONS LIMITED
COMPANY INFORMATION
Directors
Mr R Gibson
Mr D Gibson
Company number
SC427692
Registered office
3 Wellington Square
Ayr
KA7 1EN
Accountants
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
R W GIBSON & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
R W GIBSON & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
112,325
103,961
Current assets
Debtors
5
2,555
4,930
Cash at bank and in hand
57,143
89,460
59,698
94,390
Creditors: amounts falling due within one year
6
(87,289)
(124,079)
Net current liabilities
(27,591)
(29,689)
Total assets less current liabilities
84,734
74,272
Creditors: amounts falling due after more than one year
7
(16,930)
(55,137)
Provisions for liabilities
(20,475)
(18,823)
Net assets
47,329
312
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
47,229
212
Total equity
47,329
312
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R W GIBSON & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Mr R Gibson
Director
Company Registration No. SC427692
R W GIBSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
R W Gibson & Sons Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Square, Ayr, Ayrshire, United Kingdom, KA7 1EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
The turnover shown in the profit & loss account represents revenue recognised by the company in respect of operating a fiishing vessel during the period, exclusive of value added tax and any trade discounts if appropriate.
1.3
Intangible fixed assets - goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 2013, has been fully amortised evenly over its estimated useful life of ten yers.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Plant and equipment
15% reducing balance and 5% on cost
Motor vehicles
5% on cost
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Cuttent tax is recognised at the
amount of tax payable using the tax rates and laws that have been enacted or substanively enacted by
the balance sheet date.
R W GIBSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
20,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
20,000
Carrying amount
At 31 March 2024
At 31 March 2023
R W GIBSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
167,394
18,250
185,644
Additions
600
26,494
27,094
Disposals
(8,750)
(8,750)
At 31 March 2024
600
193,888
9,500
203,988
Depreciation and impairment
At 1 April 2023
78,743
2,940
81,683
Depreciation charged in the year
50
11,643
584
12,277
Eliminated in respect of disposals
(2,297)
(2,297)
At 31 March 2024
50
90,386
1,227
91,663
Carrying amount
At 31 March 2024
550
103,502
8,273
112,325
At 31 March 2023
88,651
15,310
103,961
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,555
4,930
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
38,207
36,879
Trade creditors
6,647
4,157
Corporation tax
23,530
25,954
Other creditors
8
33,681
Accruals and deferred income
18,897
23,408
87,289
124,079
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,930
55,137
R W GIBSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Creditors due within one year
Taxation
(35,098)
9,144
(25,954)
Other creditors
(27,618)
(33,628)
(61,246)
Net assets
24,796
(24,484)
312
Capital and reserves
Profit and loss reserves
24,696
(24,484)
212
Notes to reconciliation
A prior period adjustment has been included to incorporate previously omitted expenses.