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GIBBS TENOPT LTD

Registered Number
11300954
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

GIBBS TENOPT LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Geoffrey Michael Owen

Company Secretary

OWEN, Geoffrey Michael

Registered Address

117 Heath End Road
Flackwell Heath
High Wycombe
HP10 9ES

Registered Number

11300954 (England and Wales)
GIBBS TENOPT LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks37,177-
Debtors424,93348,143
Cash at bank and on hand322412
32,43248,555
Creditors amounts falling due within one year5(103,146)(100,989)
Net current assets (liabilities)(70,714)(52,434)
Total assets less current liabilities(70,714)(52,434)
Creditors amounts falling due after one year6(27,378)(29,016)
Net assets(98,092)(81,450)
Capital and reserves
Called up share capital100100
Profit and loss account(98,192)(81,550)
Shareholders' funds(98,092)(81,450)
The financial statements were approved and authorised for issue by the Director on 6 December 2024, and are signed on its behalf by:
Geoffrey Michael Owen
Director
Registered Company No. 11300954
GIBBS TENOPT LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Stocks

2024

2023

££
Other stocks7,177-
Total7,177-
4.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests19,83847,533
Other debtors5,095610
Total24,93348,143
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables300300
Bank borrowings and overdrafts9,5399,539
Amounts owed to related parties93,30791,150
Total103,146100,989
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.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts27,37829,016
Total27,37829,016
7.Related party transactions
At the end of the reporting period, the company owed £91,151 to the directors (PY: £91,151)