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Company registration number: NI060168
JHS Gibson Limited
Unaudited filleted financial statements
30 April 2024
JHS Gibson Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
JHS Gibson Limited
Directors and other information
Directors Mr Joseph Gibson
Mrs Sarah Gibson
Mr Hugh Gibson
Secretary Joseph Gibson
Company number NI060168
Registered office 9 Upper Crescent
Belfast
BT7 1NT
Business address 152-154 Ormeau Road
Belfast
BT7 2EB
Accountant SWM Accountancy Services
9 Upper Crescent
Belfast
BT7 1NT
Bankers Bank of Ireland
1 Donegall Square South
Belfast
BT1 5LR
Solicitors Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
JHS Gibson Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 135,000 150,000
Tangible assets 6 433,437 459,506
_______ _______
568,437 609,506
Current assets
Stocks 69,562 53,752
Debtors 7 46,704 15,462
Cash at bank and in hand 356,366 173,447
_______ _______
472,632 242,661
Creditors: amounts falling due
within one year 8 ( 263,732) ( 216,689)
_______ _______
Net current assets 208,900 25,972
_______ _______
Total assets less current liabilities 777,337 635,478
Creditors: amounts falling due
after more than one year 9 ( 64,821) ( 96,121)
_______ _______
Net assets 712,516 539,357
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 712,366 539,207
_______ _______
Shareholders funds 712,516 539,357
_______ _______
For the year ending 30 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr Hugh Gibson
Director
Company registration number: NI060168
JHS Gibson Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is JHS Gibson Limited, 9 Upper Crescent, Belfast, BT7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 33 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 300,000 300,000
_______ _______
Amortisation
At 1 May 2023 150,000 150,000
Charge for the year 15,000 15,000
_______ _______
At 30 April 2024 165,000 165,000
_______ _______
Carrying amount
At 30 April 2024 135,000 135,000
_______ _______
At 30 April 2023 150,000 150,000
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 and 30 April 2024 321,737 103,568 110,010 535,315
_______ _______ _______ _______
Depreciation
At 1 May 2023 - 73,880 1,929 75,809
Charge for the year - 4,453 21,616 26,069
_______ _______ _______ _______
At 30 April 2024 - 78,333 23,545 101,878
_______ _______ _______ _______
Carrying amount
At 30 April 2024 321,737 25,235 86,465 433,437
_______ _______ _______ _______
At 30 April 2023 321,737 29,688 108,081 459,506
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 46,704 15,462
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 13,631 13,844
Trade creditors 74,492 125,932
Corporation tax 101,459 3,715
Social security and other taxes 18,220 18,419
Other creditors 55,930 54,779
_______ _______
263,732 216,689
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 19,816 29,551
Other creditors 45,005 66,570
_______ _______
64,821 96,121
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Joseph Gibson ( 13,410) 29,456 ( 30,300) ( 14,254)
Mrs Sarah Gibson 3,520 29,338 ( 30,300) 2,558
Mr Hugh Gibson 9,888 32,081 ( 30,300) 11,669
_______ _______ _______ _______
( 2) 90,875 ( 90,900) ( 27)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Joseph Gibson ( 10,751) 27,941 ( 30,600) ( 13,410)
Mrs Sarah Gibson 2,207 31,913 ( 30,600) 3,520
Mr Hugh Gibson 7,838 32,650 ( 30,600) 9,888
_______ _______ _______ _______
( 706) 92,504 ( 91,800) ( 2)
_______ _______ _______ _______