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Registration number: 06284400

Gibson Hollyhomes Limited
Annual Report and
Unaudited Financial Statements

31 July 2024

 

Gibson Hollyhomes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Gibson Hollyhomes Limited

Balance Sheet
31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,673

4,947

Current assets

 

Debtors

5

140,387

175,486

Cash at bank and in hand

 

199,975

251,268

 

340,362

426,754

Creditors: Amounts falling due within one year

6

(57,462)

(123,801)

Net current assets

 

282,900

302,953

Net assets

 

285,573

307,900

Capital and reserves

 

Called up share capital

100

100

Retained earnings

285,473

307,800

Shareholders' funds

 

285,573

307,900

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.

Director's 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 Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gibson Hollyhomes Limited

Balance Sheet
31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

.........................................
Mr C R Jones
Director

Company Registration Number: 06284400

 

Gibson Hollyhomes Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
7 Jordan Street
Manchester
M15 4PY
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Gibson Hollyhomes Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

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.

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

Equipment

25% 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.

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.

 

Gibson Hollyhomes Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

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.

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 the Director) during the year, was 8 (2023 - 9).

 

Gibson Hollyhomes Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

20,309

20,309

At 31 July 2024

20,309

20,309

Depreciation

At 1 August 2023

15,362

15,362

Charge for the year

2,274

2,274

At 31 July 2024

17,636

17,636

Carrying amount

At 31 July 2024

2,673

2,673

At 31 July 2023

4,947

4,947

5

Debtors

Current

2024
£

2023
£

Trade debtors

140,387

175,486

 

140,387

175,486

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,090

4,751

Taxation and social security

46,813

100,988

Accruals and deferred income

-

2,574

Other creditors

9,559

15,488

57,462

123,801

 

Gibson Hollyhomes Limited

Notes to the Unaudited Financial Statements
Year Ended 31 July 2024

7

Related party transactions

Director's remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.