Company registration number 05621197 (England and Wales)
Andrew Gibbens Furniture Limited
Annual report and unaudited financial statements
For the year ended 30 April 2024
Pages for filing with registrar
Andrew Gibbens Furniture Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
Andrew Gibbens Furniture Limited
Director's report
For the year ended 30 April 2024
- 1 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of furniture makers.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A R Gibbens
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A R Gibbens
Director
13 September 2024
Andrew Gibbens Furniture Limited
Balance sheet
As at 30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,000
7,500
Tangible assets
4
27,238
36,880
32,238
44,380
Current assets
Stocks
1,250
1,250
Debtors
5
944
14,918
Cash at bank and in hand
87,383
74,650
89,577
90,818
Creditors: amounts falling due within one year
6
(21,039)
(21,904)
Net current assets
68,538
68,914
Total assets less current liabilities
100,776
113,294
Creditors: amounts falling due after more than one year
7
(21,386)
(26,260)
Provisions for liabilities
(5,175)
(7,007)
Net assets
74,215
80,027
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
74,115
79,927
Shareholders' funds
74,215
80,027
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
A R Gibbens
Director
Company Registration No. 05621197
Andrew Gibbens Furniture Limited
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information
Andrew Gibbens Furniture Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 35 Thomas Way, Lakesview International Business Park, Hersden, Canterbury, Kent, CT3 4JZ.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life of twenty years.
1.4
Tangible fixed assets
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:
Plant and machinery
25% straight line basis
Fixtures, fittings & equipment
25% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the net book value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stock is valued at the lower of cost and net realisable value.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
Deferred tax 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.
Andrew Gibbens Furniture Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
50,000
Amortisation
At 1 May 2023
42,500
Amortisation charged for the year
2,500
At 30 April 2024
45,000
Net book value
At 30 April 2024
5,000
At 30 April 2023
7,500
Andrew Gibbens Furniture Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
12,969
14,960
37,050
64,979
Depreciation
At 1 May 2023
12,969
14,358
772
28,099
Depreciation charged in the year
379
9,263
9,642
At 30 April 2024
12,969
14,737
10,035
37,741
Net book value
At 30 April 2024
223
27,015
27,238
At 30 April 2023
602
36,278
36,880
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,562
Other debtors
1,069
Prepayments and accrued income
944
1,287
944
14,918
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,873
4,873
Trade creditors
2,656
4,949
Corporation tax
9,265
4,355
Other taxation and social security
1,353
278
Other creditors
692
119
Accruals and deferred income
2,200
7,330
21,039
21,904
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
21,386
26,260
Andrew Gibbens Furniture Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,175
7,007
2024
Movements in the year:
£
Liability at 1 May 2023
7,007
Credit to profit or loss
(1,832)
Liability at 30 April 2024
5,175
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
8,695
8,695
10
Related party transactions
During the period the company paid £7,700 (2023: £7,700) to A R Gibbens, a director and Mrs L M Gibbens in respect of the rental of the company premises. At the balance sheet date there was no amount outstanding (2023: £Nil).
11
Directors' transactions
Dividends totalling £26,250 (2023 - £6,750) were paid in the year in respect of shares held by the company's director.
The director's loan account was not overdrawn during the year.