BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the retail of footwear and accessories. 15 October 2024 0 0 1360402 2024-01-31 1360402 2023-01-31 1360402 2022-01-31 1360402 2023-02-01 2024-01-31 1360402 2022-02-01 2023-01-31 1360402 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 1360402 uk-curr:PoundSterling 2023-02-01 2024-01-31 1360402 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 1360402 uk-bus:FullAccounts 2023-02-01 2024-01-31 1360402 uk-core:ShareCapital 2024-01-31 1360402 uk-core:ShareCapital 2023-01-31 1360402 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 1360402 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 1360402 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 1360402 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 1360402 uk-bus:FRS102 2023-02-01 2024-01-31 1360402 uk-core:PlantMachinery 2023-02-01 2024-01-31 1360402 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 1360402 uk-core:CostValuation 2024-01-31 1360402 uk-core:CurrentFinancialInstruments 2024-01-31 1360402 uk-core:CurrentFinancialInstruments 2023-01-31 1360402 uk-core:WithinOneYear 2024-01-31 1360402 uk-core:WithinOneYear 2023-01-31 1360402 uk-core:OtherMiscellaneousReserve 2023-01-31 1360402 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 1360402 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 1360402 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 1360402 uk-core:OtherDeferredTax 2024-01-31 1360402 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 1360402 uk-core:OtherMiscellaneousReserve 2024-01-31 1360402 uk-core:ParentEntities 2023-02-01 2024-01-31 1360402 uk-countries:UnitedKingdom 2023-02-01 2024-01-31 1360402 uk-bus:Director1 2023-02-01 2024-01-31 1360402 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: 1360402
 
 
Gibbs of Ely Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Gibbs of Ely Limited
Company Registration Number: 1360402
BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 6,729 7,916
Investments 5 3,380 3,380
───────── ─────────
Fixed Assets 10,109 11,296
───────── ─────────
 
Current Assets
Stocks 6 119,601 127,364
Debtors 7 60,961 81,527
Cash and cash equivalents 128,668 101,209
───────── ─────────
309,230 310,100
───────── ─────────
Creditors: amounts falling due within one year 8 (72,789) (67,053)
───────── ─────────
Net Current Assets 236,441 243,047
───────── ─────────
Total Assets less Current Liabilities 246,550 254,343
 
Provisions for liabilities 10 - (297)
───────── ─────────
Net Assets 246,550 254,046
═════════ ═════════
 
Capital and Reserves
Called up share capital 1,000 1,000
Retained earnings 245,550 253,046
───────── ─────────
Shareholders' Funds 246,550 254,046
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 15 October 2024
           
           
           
________________________________          
Mrs. K.M. Robb          
Director          
           



Gibbs of Ely Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Gibbs of Ely Limited is a company limited by shares incorporated in the United Kingdom. 4 Church Terrace, Wisbech, Cambridgeshire, PE13 1BH, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of sales made by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Shop improvement - 15% Reducing balance
  Fixtures, fittings and equipment - 15% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investments
Investments in associates held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the year in which it is receivable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when receivable.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 8, (2023 - 7).
         
4. Tangible assets
  Shop Fixtures, Total
  improvement fittings and  
    equipment  
  £ £ £
Cost
At 1 February 2023 3,562 73,604 77,166
  ───────── ───────── ─────────
 
At 31 January 2024 3,562 73,604 77,166
  ───────── ───────── ─────────
Depreciation
At 1 February 2023 3,554 65,696 69,250
Charge for the financial year 1 1,186 1,187
  ───────── ───────── ─────────
At 31 January 2024 3,555 66,882 70,437
  ───────── ───────── ─────────
Net book value
At 31 January 2024 7 6,722 6,729
  ═════════ ═════════ ═════════
At 31 January 2023 8 7,908 7,916
  ═════════ ═════════ ═════════
     
5. Investments
  Other
  investments
   
Investments £
Cost
 
At 31 January 2024 3,380
  ─────────
Net book value
At 31 January 2024 3,380
  ═════════
At 31 January 2023 3,380
  ═════════
 
Unlisted investments comprise of 5,200 4% Cumulative Redeemable Participating Preference shares of £1 each in Gibbs of Wisbech.
       
  2024 2023
  £ £
Director's valuation of unlisted investments 3,380 3,380
  ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 119,601 127,364
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Amounts owed by connected parties (Note 11) 56,091 71,438
Director's current account (Note 12) 3,590 8,193
Taxation  (Note 9) - 8
Prepayments and accrued income 1,280 1,888
  ───────── ─────────
  60,961 81,527
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 9,825 14,098
Amounts owed to group undertakings 45,971 39,016
Taxation  (Note 9) 12,085 8,616
Other creditors 108 108
Accruals and deferred income:
Pension accrual - 314
Other accruals 4,800 4,901
  ───────── ─────────
  72,789 67,053
  ═════════ ═════════
 
The bank facilities of this company and the following companies are linked by cross guarantee and therefore the company has a liability in respect of:-

Gibbs of Wisbech
Gibbs of Spalding
Gibbs of Peterborough (Holdings)
       
9. Taxation 2024 2023
  £ £
 
Debtors:
PAYE / NI - 8
  ═════════ ═════════
Creditors:
VAT 9,453 8,616
PAYE / NI 2,632 -
  ───────── ─────────
  12,085 8,616
  ═════════ ═════════
       
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
  2024 2023
  £ £
 
At financial year start 297 869
Charged to profit and loss (297) (572)
  ───────── ─────────
At financial year end - 297
  ═════════ ═════════
       
11. Related party transactions
 
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with related parties conducted at market value.

The balances with connected parties are as follows:
 
  Balance Balance
  2024 2023
  £ £
 
Gibbs of Wisbech 38,287 38,179
Gibbs of Spalding 17,804 33,259
  ───────── ─────────
  56,091 71,438
  ═════════ ═════════
   
12. Director's advances, credits and guarantees
 
At the year end the director owed the company £3,590.
   
13. Parent company
 
The company regards Gibbs of Peterborough (Holdings) as its parent company.
 
   
14. Controlling interest
 
The company is under the ultimate control of the director.