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Registration number: 05375390

Gibbs Electrical Services Ltd

Annual Report and Unaudited Financial Statements Year Ended 27 February 2024

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Chartered Accountants

 

Gibbs Electrical Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Gibbs Electrical Services Ltd

Company Information

Directors

Mr D Gibbs

Mrs R P Gibbs

Company secretary

Mrs R P Gibbs

Registered office

90 Blacknoll Lane
East Knighton
Dorchester
Dorset
DT2 8LW

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gibbs Electrical Services Ltd
for the Year Ended 27 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gibbs Electrical Services Ltd for the year ended 27 February 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gibbs Electrical Services Ltd, as a body, in accordance with the terms of our engagement letter dated 21 November 2019. Our work has been undertaken solely to prepare for your approval the accounts of Gibbs Electrical Services Ltd and state those matters that we have agreed to state to the Board of Directors of Gibbs Electrical Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gibbs Electrical Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gibbs Electrical Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gibbs Electrical Services Ltd. You consider that Gibbs Electrical Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gibbs Electrical Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

26 November 2024

 

Gibbs Electrical Services Ltd

(Registration number: 05375390)
Balance Sheet as at 27 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,712

2,283

Current assets

 

Stocks

5

2,643

6,060

Debtors

6

121,091

157,260

Cash at bank and in hand

 

9,174

-

 

132,908

163,320

Creditors: Amounts falling due within one year

7

(87,833)

(109,736)

Net current assets

 

45,075

53,584

Total assets less current liabilities

 

46,787

55,867

Creditors: Amounts falling due after more than one year

7

(13,429)

(18,862)

Provisions for liabilities

(325)

(434)

Net assets

 

33,033

36,571

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

33,031

36,569

Shareholders' funds

 

33,033

36,571

For the financial year ending 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 



Mrs R P Gibbs
Company secretary and director

 

Gibbs Electrical Services Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 27 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
90 Blacknoll Lane
East Knighton
Dorchester
Dorset
DT2 8LW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the year comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

 

Gibbs Electrical Services Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 27 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Gibbs Electrical Services Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 27 February 2024

4

Tangible assets

Plant and machinery
£

Cost

At 28 February 2023

24,272

At 27 February 2024

24,272

Depreciation

At 28 February 2023

21,989

Charge for the year

571

At 27 February 2024

22,560

Carrying amount

At 27 February 2024

1,712

At 27 February 2023

2,283

5

Stocks

2024
£

2023
£

Work in progress

2,643

6,060

6

Debtors

Current

2024
£

2023
£

Trade debtors

19,401

17,039

Other debtors

101,690

140,221

 

121,091

157,260

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

8,571

13,952

Trade creditors

 

4,945

5,658

Taxation and social security

 

58,591

71,395

Accruals and deferred income

 

2,342

3,718

Other creditors

 

13,384

15,013

 

87,833

109,736

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

13,429

18,862

 

Gibbs Electrical Services Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 27 February 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Related party transactions

Summary of transactions with other related parties

Directors
 Interest is charged at the official rate.
 

Loans to related parties

2024

Other related parties
£

At start of period

105,733

Advanced

44,828

Repaid

(77,008)

Interest transactions

1,998

At end of period

75,551

2023

Other related parties
£

At start of period

86,679

Advanced

51,020

Repaid

(33,871)

Interest transactions

1,905

At end of period

105,733

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,571

8,640

Bank overdrafts

-

5,312

8,571

13,952

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,429

18,862