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Company No: 01358807 (England and Wales)

KEN GIBBS (HONITON) LIMITED

Unaudited Financial Statements
For the financial year ended 09 April 2024
Pages for filing with the registrar

KEN GIBBS (HONITON) LIMITED

Unaudited Financial Statements

For the financial year ended 09 April 2024

Contents

KEN GIBBS (HONITON) LIMITED

BALANCE SHEET

As at 09 April 2024
KEN GIBBS (HONITON) LIMITED

BALANCE SHEET (continued)

As at 09 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 825,000 825,000
Investments 5 1,578,675 1,550,175
2,403,675 2,375,175
Current assets
Debtors 6 410 1,241
Cash at bank and in hand 34,439 12,231
34,849 13,472
Creditors: amounts falling due within one year 7 ( 22,883) ( 14,742)
Net current assets/(liabilities) 11,966 (1,270)
Total assets less current liabilities 2,415,641 2,373,905
Provision for liabilities ( 118,700) ( 114,981)
Net assets 2,296,941 2,258,924
Capital and reserves
Called-up share capital 1,000 1,000
Fair value reserve 551,868 483,657
Profit and loss account 1,744,073 1,774,267
Total shareholders' funds 2,296,941 2,258,924

For the financial year ending 09 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ken Gibbs (Honiton) Limited (registered number: 01358807) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

K L Gibbs
Director
KEN GIBBS (HONITON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 09 April 2024
KEN GIBBS (HONITON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 09 April 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

Ken Gibbs (Honiton) 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises:
- rents receivable in relation to investment properties which is recognised in the period of occupation of the property by the tenant
- interest income in relation to investments which is recognised when receivable
- dividend income on equity securities which is recognised when receivable

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 1 - 6.66 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors. The directors assess the values of the properties annually and where they deem it appropriate they will adjust the value of the investment property to reflect changes in the market prices. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss and a transfer is made to the fair value reserve.

Trade and other debtors

Trade debtors are amounts due from tenants arising from services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not
be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are classified as other investments and are initially measured at fair value, with changes in fair value recognised in profit or loss. A transfer is then made to the fair value reserve.

Interest income in relation to investments is recognised when receivable. Dividend income on equity securities is recognised when receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 10 April 2023 2,582 2,582
At 09 April 2024 2,582 2,582
Accumulated depreciation
At 10 April 2023 2,582 2,582
At 09 April 2024 2,582 2,582
Net book value
At 09 April 2024 0 0
At 09 April 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 10 April 2023 825,000
As at 09 April 2024 825,000

Valuation

Investment properties were revalued on 09 April 2024 by the directors who are internal to the company. The basis of this valuation was open market value. The historical cost of the investment properties is £636,069 (2023: £636,069).

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 10 April 2023 1,550,175 1,550,175
Additions 143,308 143,308
Disposals ( 213,300) ( 213,300)
Movement in fair value 98,492 98,492
At 09 April 2024 1,578,675 1,578,675
Carrying value at 09 April 2024 1,578,675 1,578,675
Carrying value at 09 April 2023 1,550,175 1,550,175

6. Debtors

2024 2023
£ £
Other debtors 410 1,241

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 8,393 302
Other creditors 14,490 14,440
22,883 14,742