Registered number
06926685
S Gibson Solutions Limited
Unaudited Filleted Accounts
30 June 2024
Beasley & Co.
Chartered Accountants
Abbey House
105 Abbey Street
Nuneaton
Warwickshire
CV11 5BX
S Gibson Solutions Limited
Registered number: 06926685
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 823,618 670,652
Current assets
Debtors 4 118,718 95,960
Cash at bank and in hand 157,821 130,499
276,539 226,459
Creditors: amounts falling due within one year 5 (162,323) (88,204)
Net current assets 114,216 138,255
Total assets less current liabilities 937,834 808,907
Creditors: amounts falling due after more than one year 6 (117,037) (28,849)
Provisions for liabilities (138,820) (107,173)
Net assets 681,977 672,885
Capital and reserves
Called up share capital 2 2
Profit and loss account 681,975 672,883
Shareholders' funds 681,977 672,885
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Gibson
Director
Approved by the board on 6 December 2024
S Gibson Solutions Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 57,527 1,517,687 110,272 1,685,486
Additions - 407,818 29,872 437,690
Disposals - (116,675) (10,495) (127,170)
At 30 June 2024 57,527 1,808,830 129,649 1,996,006
Depreciation
At 1 July 2023 4,247 966,415 44,172 1,014,834
Charge for the year 1,151 233,908 23,255 258,314
On disposals - (93,217) (7,543) (100,760)
At 30 June 2024 5,398 1,107,106 59,884 1,172,388
Net book value
At 30 June 2024 52,129 701,724 69,765 823,618
At 30 June 2023 53,280 551,272 66,100 670,652
4 Debtors 2024 2023
£ £
Trade debtors 118,718 91,360
Other debtors - 4,600
118,718 95,960
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 84,424 44,088
Trade creditors 14,415 12,067
Taxation and social security costs 23,404 1,324
Other creditors 40,080 30,725
162,323 88,204
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 117,037 28,849
7 Controlling party
The directors and shareholders, Mr S Gibson and Ms S Friswell, are the ulimate controlling party.
8 Other information
S Gibson Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Far Farm Barn Lutterworth Road,
Bramcote,
Nuneaton,
Warwickshire,
CV11 6RA
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