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Registration number: 10205169

C J Gibbons Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

C J Gibbons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

C J Gibbons Limited

Company Information

Directors

Mr G J N Powell

Mr P J G Powell

Mr B J H Powell

Registered office

1-3 Flannel Street
Abergavenny
Monmouthshire
NP7 5EG

Accountants

W J James & Co
Chartered Accountants Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

C J Gibbons Limited

(Registration number: 10205169)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

180,274

182,988

Current assets

 

Stocks

5

12,038

14,500

Debtors

6

77,960

8,481

Cash at bank and in hand

 

57,679

32,626

 

147,677

55,607

Creditors: Amounts falling due within one year

7

(85,755)

(38,591)

Net current assets

 

61,922

17,016

Total assets less current liabilities

 

242,196

200,004

Creditors: Amounts falling due after more than one year

7

(1,848)

-

Provisions for liabilities

(26,427)

(12,146)

Net assets

 

213,921

187,858

Capital and reserves

 

Called up share capital

10

10

Retained earnings

213,911

187,848

Shareholders' funds

 

213,921

187,858

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

.........................................
Mr B J H Powell
Director

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-3 Flannel Street
Abergavenny
Monmouthshire
NP7 5EG
Wales

The principal place of business is:
7 Castle Street
Hay on Wye
Hereford
HR3 5DF

These financial statements were authorised for issue by the Board on 22 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the sale of meat and other food items in the ordinary course of the company’s activities. Turnover is shown net of value added tax. Sales are recognised on the day the product leaves the shop.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

Nil

Fixtures and fittings

10% on reducing balance

Plant and machinery

15% on reducing balance

Office equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks of meat and other food items are stated at cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

63,976

189,077

9,025

1,495

Additions

-

13,770

-

323

Disposals

-

(5,125)

-

-

At 31 July 2024

63,976

197,722

9,025

1,818

Depreciation

At 1 August 2023

-

76,823

6,133

1,120

Charge for the year

-

12,300

434

175

Eliminated on disposal

-

(2,099)

-

-

At 31 July 2024

-

87,024

6,567

1,295

Carrying amount

At 31 July 2024

63,976

110,698

2,458

523

At 31 July 2023

63,976

112,254

2,892

375

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

19,520

283,093

Additions

-

14,093

Disposals

-

(5,125)

At 31 July 2024

19,520

292,061

Depreciation

At 1 August 2023

16,029

100,105

Charge for the year

872

13,781

Eliminated on disposal

-

(2,099)

At 31 July 2024

16,901

111,787

Carrying amount

At 31 July 2024

2,619

180,274

At 31 July 2023

3,491

182,988

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Included within the net book value of land and buildings above is £63,976 (2023 - £63,976) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

12,038

14,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

12,718

3,910

Prepayments

2,346

471

Other debtors

62,896

4,100

 

77,960

8,481

 

C J Gibbons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

7,392

-

Trade creditors

 

36,201

23,224

Taxation and social security

 

19,093

480

Accruals and deferred income

 

11,430

6,845

Other creditors

 

11,639

8,042

 

85,755

38,591

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,848

-

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,848

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,392

-