Company registration number 1714861 (England and Wales)
GIBBS TRANSPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
GIBBS TRANSPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GIBBS TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
867,108
757,661
Current assets
Debtors
4
1,068,912
1,125,922
Cash at bank and in hand
221,233
261,668
1,290,145
1,387,590
Creditors: amounts falling due within one year
5
(1,357,476)
(1,266,246)
Net current (liabilities)/assets
(67,331)
121,344
Total assets less current liabilities
799,777
879,005
Creditors: amounts falling due after more than one year
6
(309,177)
(320,684)
Net assets
490,600
558,321
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
490,598
558,319
Total equity
490,600
558,321

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mr P E Gibbs
Director
Company registration number 1714861 (England and Wales)
GIBBS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Gibbs Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Coln Industrial Estate, Old Bath Road, COLNBROOK, SL3 0NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
15% Straight line
Fixtures and fittings
15% Straight line
Motor vehicles
15% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

GIBBS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price including transaction costs.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
37
37
GIBBS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
31,694
43,070
71,400
1,404,436
1,550,600
Additions
-
0
-
0
-
0
283,650
283,650
Disposals
-
0
-
0
-
0
(6,250)
(6,250)
At 31 July 2024
31,694
43,070
71,400
1,681,836
1,828,000
Depreciation and impairment
At 1 August 2023
6,338
43,070
66,894
676,637
792,939
Depreciation charged in the year
3,169
-
0
1,690
166,735
171,594
Eliminated in respect of disposals
-
0
-
0
-
0
(3,641)
(3,641)
At 31 July 2024
9,507
43,070
68,584
839,731
960,892
Carrying amount
At 31 July 2024
22,187
-
0
2,816
842,105
867,108
At 31 July 2023
25,356
-
0
4,506
727,799
757,661
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
930,402
971,416
Other debtors
138,510
154,506
1,068,912
1,125,922
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
263,284
312,759
Taxation and social security
140,616
132,956
Other creditors
943,576
810,531
1,357,476
1,266,246

Included above is an amount of £204,642 (2023: £159,106) which is secured against the asset to which it relates to.

Other creditors includes an amount receivable of £34,477 [2023: (£3,852)] from Gibbs Warehousing Ltd a company controlled by the director.

GIBBS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
18,333
Other creditors
300,844
302,351
309,177
320,684

Included above is an amount of £300,844 (2023: £302,351) which is secured against the asset to which it relates to.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
8
Financial commitments, guarantees and contingent liabilities

Included in creditors: amounts falling due within one year is £679,673 (2023: £618,981) which is secured by fixed and floating charge over the assets they relate to.

 

A fixed and floating charge, and a debenture are held over all monies due or to become due by the company's bank.

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