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REGISTERED NUMBER: SC498345 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

C & S Gibson Ltd

C & S Gibson Ltd (Registered number: SC498345)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


C & S Gibson Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr C J Gibson
Mrs S N Strachan





REGISTERED OFFICE: 15 Bartlet Place
Banff
Aberdeenshire
AB45 1JN





REGISTERED NUMBER: SC498345 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

C & S Gibson Ltd (Registered number: SC498345)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,473 59,864

CURRENT ASSETS
Stocks 5 10,304 9,775
Debtors 6 1,845 1,603
Cash at bank and in hand 44,276 40,084
56,425 51,462
CREDITORS
Amounts falling due within one year 7 32,287 50,450
NET CURRENT ASSETS 24,138 1,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,611

60,876

CREDITORS
Amounts falling due after more than one
year

8

(17,340

)

-

PROVISIONS FOR LIABILITIES (672 ) (303 )
NET ASSETS 67,599 60,573

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 67,589 60,563
SHAREHOLDERS' FUNDS 67,599 60,573

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

C & S Gibson Ltd (Registered number: SC498345)

Balance Sheet - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




Mr C J Gibson - Director



Mrs S N Strachan - Director


C & S Gibson Ltd (Registered number: SC498345)

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

1. STATUTORY INFORMATION

C & S Gibson Ltd is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 15% on reducing balance
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

C & S Gibson Ltd (Registered number: SC498345)

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

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Computer
property property machinery equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 56,040 6,953 2,456 1,087 66,536
Additions - - 2,618 707 3,325
Disposals - - (387 ) - (387 )
At 31 May 2024 56,040 6,953 4,687 1,794 69,474
DEPRECIATION
At 1 June 2023 - 4,725 1,463 484 6,672
Charge for year - 334 706 595 1,635
Eliminated on disposal - - (306 ) - (306 )
At 31 May 2024 - 5,059 1,863 1,079 8,001
NET BOOK VALUE
At 31 May 2024 56,040 1,894 2,824 715 61,473
At 31 May 2023 56,040 2,228 993 603 59,864

5. STOCKS
31.5.24 31.5.23
£    £   
Stock valuation 10,304 9,775

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 1,629 1,433
Prepayments 216 170
1,845 1,603

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 4,500 23,811
Trade creditors 1,566 2,042
Tax 1,827 3,456
Social security and other taxes 1,009 -
VAT 4,443 4,533
Other creditors 1,085 1,040
Directors' current accounts 10,731 10,731
Accrued expenses 7,126 4,837
32,287 50,450

C & S Gibson Ltd (Registered number: SC498345)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 4,500 -
Bank loans - 2-5 years 12,840 -
17,340 -

9. RELATED PARTY DISCLOSURES

The Directors operate a current account with the company and as at 31 May 2024 the balance owed to the directors was £10,731 (2023: £10,731). There are no fixed terms of repayment and no interest is accrued.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr C Gibson and Mrs S Strachan.