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REGISTERED NUMBER: 03676315 (England and Wales)







Unaudited Financial Statements for the Year Ended 31 July 2024

for

Gibbet Farm Limited

Gibbet Farm Limited (Registered number: 03676315)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gibbet Farm Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mrs D Jude
Mr J Dollimore





SECRETARY: Mrs D Jude





REGISTERED OFFICE: Shackles Farm
West Carr Road
Attleborough
Norfolk
NR17 1AN





REGISTERED NUMBER: 03676315 (England and Wales)






Gibbet Farm Limited (Registered number: 03676315)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,287,841 1,288,848

CURRENT ASSETS
Debtors 5 1,612 6,934
Cash at bank 4,726 69,590
6,338 76,524
CREDITORS
Amounts falling due within one year 6 89,413 85,114
NET CURRENT LIABILITIES (83,075 ) (8,590 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,204,766

1,280,258

CREDITORS
Amounts falling due after more than one
year

7

882,580

940,478
NET ASSETS 322,186 339,780

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 947,090 947,090
Retained earnings 8 (625,004 ) (607,410 )
SHAREHOLDERS' FUNDS 322,186 339,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

Gibbet Farm Limited (Registered number: 03676315)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





Mr J Dollimore - Director


Gibbet Farm Limited (Registered number: 03676315)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Gibbet Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery - 15% reducing balance
Motor vehicles - 25% reducing balance

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.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Gibbet Farm Limited (Registered number: 03676315)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 1,190,000 2,924 202,077
Additions - - 1,900
At 31 July 2024 1,190,000 2,924 203,977
DEPRECIATION
At 1 August 2023 - 2,924 114,789
Charge for year - - 12,479
At 31 July 2024 - 2,924 127,268
NET BOOK VALUE
At 31 July 2024 1,190,000 - 76,709
At 31 July 2023 1,190,000 - 87,288

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 13,600 21,000 1,429,601
Additions 13,301 - 15,201
At 31 July 2024 26,901 21,000 1,444,802
DEPRECIATION
At 1 August 2023 2,040 21,000 140,753
Charge for year 3,729 - 16,208
At 31 July 2024 5,769 21,000 156,961
NET BOOK VALUE
At 31 July 2024 21,132 - 1,287,841
At 31 July 2023 11,560 - 1,288,848

Gibbet Farm Limited (Registered number: 03676315)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2010 1,232,090 - -
Valuation in 2019 (285,000 ) - -
Cost 242,910 2,924 203,977
1,190,000 2,924 203,977

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2010 - - 1,232,090
Valuation in 2019 - - (285,000 )
Cost 26,901 21,000 497,712
26,901 21,000 1,444,802

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.7.24 31.7.23
£    £   
Cost 242,910 242,910

Value of land in freehold land and buildings 242,910 242,910

Freehold land and buildings were valued on an open market basis on 31 July 2019 by TW Gaze .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 August 2023
and 31 July 2024 67,325
DEPRECIATION
At 1 August 2023 30,174
Charge for year 5,572
At 31 July 2024 35,746
NET BOOK VALUE
At 31 July 2024 31,579
At 31 July 2023 37,151

Gibbet Farm Limited (Registered number: 03676315)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 875 795
Other debtors 737 6,139
1,612 6,934

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Hire purchase contracts 15,550 15,550
Trade creditors 9,246 23,714
Taxation and social security 4,005 1,302
Other creditors 60,612 44,548
89,413 85,114

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 798,018 831,982
Hire purchase contracts 14,562 38,496
Other creditors 70,000 70,000
882,580 940,478

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 798,018 831,982

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2023 (607,410 ) 947,090 339,680
Deficit for the year (17,594 ) (17,594 )
At 31 July 2024 (625,004 ) 947,090 322,086