Registered number |
Company Information |
Directors |
Secretary |
Accountants |
Roberts, Emery and Co Ltd |
Chartered Certified Accountant |
13 Clinton Place |
Liverpool |
L12 7HB |
Registered office |
21 Turnpike Road |
Blunsdon |
Swindon |
Wiltshire |
SN26 7EA |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and accounts for the year ended |
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Principal activities | |||||||
The Directors are pleased to report a significant improvement in the Company's operating margins when compared to its early trading performance. During the first 18 months trading period, ending on 31/08/23, the Company faced various headwinds notably bad debts of £135k principally due to Buckingham Group being put into Administration circa July 2023. Additionally, as a new business without established relationships with local and national material suppliers, the Company incurred higher procurement costs which negatively impacted turnover and net profitability. These headwinds, exacerbated by the oil price hike and its effect on asphalt prices following Russia’s invasion of Ukraine, inevitably led to a subdued financial performance during the initial trading period. Over the twelve months to 31/08/24, however, the Company saw a gradual and significant improvement in its trading relationship with new customers and its existing supply chain partners. Following a period of growing confidence from these partners, more competitive rates for asphalt & macadam materials followed. This shift enabled the Company to align its pricing policy with that of local key competitors, boosting the Company’s ability to win bigger contracts. As a result, turnover and profitability has increased significantly year on year (£86,496 pre tax profit vis a vis £383,022). Looking forward, the Directors are very optimistic about future prospects. The Company now enjoys a large volume of repeat work from its customer base which is testament to both the quality of work and service delivered, as well as underscoring the strength of all relationships that have been built in the period since trading began in April 2022. The ongoing support of supply chain partners along with substantial investment in new plant, equipment and employee training, positions the Company positively to capitalise on current and future market opportunities. Based on performance in the first half of the current financial year (six months to 28/2/25) the Directors can expect, barring any unforeseen headwinds, that the Company will deliver a further improvement in profitability for the full year to 31/08/25 which will further strengthen its balance sheet. In the medium term, the Directors plan to position the Company to expand its trading footprint to all areas of the construction marketplace, including Local Authority annual contract works, in addition to working more with tier one national construction companies. |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
Small company provisions | |||||||
This report was approved by the board on |
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Mr C Daly | |||||||
Director | |||||||
Gibbs Surfacing (Northern) Limited | ||||
Report to the directors on the preparation of the unaudited statutory accounts of Gibbs Surfacing (Northern) Limited for the year ended 31 August 2024 | ||||
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gibbs Surfacing (Northern) Limited for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. | ||||
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
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Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. | ||||
Roberts, Emery and Co Ltd | ||||
Chartered Certified Accountant | ||||
13 Clinton Place | ||||
Liverpool | ||||
L12 7HB | ||||
16 April 2025 | ||||
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 6 | ( |
( |
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Provisions for liabilities | 8 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Revaluation reserve | 7 | - | |||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
Mr C Daly | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
Asset class | Depreciation method and rate | |||||||
Motor vehicles | 15% reducing balance | |||||||
Plant and machinery | 15% reducing balance | |||||||
Office equipment | 33% straight line | |||||||
Stocks | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Defined contribution pension oligation | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 September 2023 | - | |||||||
Additions | - | |||||||
Revaluation | 61,462 | (34,691) | 26,771 | |||||
Disposals | - | ( |
( |
( |
||||
At 31 August 2024 | - | |||||||
Depreciation | ||||||||
At 1 September 2023 | - | |||||||
Charge for the year | - | |||||||
On disposals | - | ( |
( |
( |
||||
At 31 August 2024 | - | |||||||
Net book value | ||||||||
At 31 August 2024 | - | |||||||
At 31 August 2023 | - | |||||||
4 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
VAT | 144,174 | 84,148 | ||||||
Prepayments | 12,009 | 5,146 | ||||||
Other debtors | - | |||||||
5 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Directors loan account | 103,130 | 27,000 | ||||||
Accruals | 4,271 | 8,000 | ||||||
Other creditors | ||||||||
6 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Other creditors | ||||||||
7 | Revaluation reserve | 2024 | 2023 | |||||
£ | £ | |||||||
Gain on revaluation of fixed assets | - | |||||||
At 31 August 2024 | - | |||||||
8 | Provisions | 2024 | 2023 | |||||
£ | £ | |||||||
25,000 | - | |||||||
Deferred taxation | 102,983 | 42,328 | ||||||
127,983 | 42,328 | |||||||
9 | Financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Amounts contracted for but not provided in the accounts | ||||||||
10 | Related party transactions | |||||||
Key mangement personnel | ||||||||
11 | Other information | |||||||
Gibbs Surfacing (Northern) Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
21 Turnpike Road | ||||||||
Blunsdon | ||||||||
Swindon | ||||||||
Wiltshire | ||||||||
SN26 7EA |