Gibson Fencing Supplies Limited SC293382 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is supply of fencing and associated products. Digita Accounts Production Advanced 6.30.9574.0 true SC293382 2024-03-01 2025-02-28 SC293382 2025-02-28 SC293382 core:CapitalRedemptionReserve 2025-02-28 SC293382 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC293382 core:ShareCapital 2025-02-28 SC293382 core:HirePurchaseContracts core:CurrentFinancialInstruments 2025-02-28 SC293382 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2025-02-28 SC293382 core:CurrentFinancialInstruments 2025-02-28 SC293382 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 SC293382 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-28 SC293382 core:FurnitureFittings 2025-02-28 SC293382 core:MotorVehicles 2025-02-28 SC293382 core:OfficeEquipment 2025-02-28 SC293382 core:PlantMachinery 2025-02-28 SC293382 bus:SmallEntities 2024-03-01 2025-02-28 SC293382 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC293382 bus:FilletedAccounts 2024-03-01 2025-02-28 SC293382 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 SC293382 bus:RegisteredOffice 2024-03-01 2025-02-28 SC293382 bus:CompanySecretaryDirector1 2024-03-01 2025-02-28 SC293382 bus:Director3 2024-03-01 2025-02-28 SC293382 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC293382 bus:Agent1 2024-03-01 2025-02-28 SC293382 core:ComputerEquipment 2024-03-01 2025-02-28 SC293382 core:FurnitureFittings 2024-03-01 2025-02-28 SC293382 core:MotorVehicles 2024-03-01 2025-02-28 SC293382 core:OfficeEquipment 2024-03-01 2025-02-28 SC293382 core:PlantMachinery 2024-03-01 2025-02-28 SC293382 countries:Scotland 2024-03-01 2025-02-28 SC293382 2024-02-29 SC293382 core:FurnitureFittings 2024-02-29 SC293382 core:MotorVehicles 2024-02-29 SC293382 core:OfficeEquipment 2024-02-29 SC293382 core:PlantMachinery 2024-02-29 SC293382 2023-03-01 2024-02-29 SC293382 2024-02-29 SC293382 core:CapitalRedemptionReserve 2024-02-29 SC293382 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC293382 core:ShareCapital 2024-02-29 SC293382 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 SC293382 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 SC293382 core:CurrentFinancialInstruments 2024-02-29 SC293382 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC293382 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC293382 core:FurnitureFittings 2024-02-29 SC293382 core:MotorVehicles 2024-02-29 SC293382 core:OfficeEquipment 2024-02-29 SC293382 core:PlantMachinery 2024-02-29 iso4217:GBP xbrli:pure

Registration number: SC293382

Gibson Fencing Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Gibson Fencing Supplies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Gibson Fencing Supplies Limited

Company Information

Directors

Mrs Sandra Gibson

Mr Dean McLaren Gibson

Company secretary

Mrs Sandra Gibson

Registered office

9 West Mains Industrial Estate
Grangemouth
FK3 8YE

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Gibson Fencing Supplies Limited

(Registration number: SC293382)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

22,655

30,042

Current assets

 

Stocks

5

14,742

13,047

Debtors

6

56,803

73,095

Cash at bank and in hand

 

91,588

146,266

 

163,133

232,408

Creditors: Amounts falling due within one year

7

(131,810)

(184,242)

Net current assets

 

31,323

48,166

Total assets less current liabilities

 

53,978

78,208

Creditors: Amounts falling due after more than one year

7

-

(4,100)

Provisions for liabilities

(4,669)

(6,252)

Net assets

 

49,309

67,856

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

1

1

Retained earnings

49,208

67,755

Shareholders' funds

 

49,309

67,856

For the financial year ending 28 February 2025 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 14 May 2025 and signed on its behalf by:
 

.........................................
Mrs Sandra Gibson
Company secretary and director

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

2

Accounting policies

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 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

Plant and machinery

Reducing balance at 25%

Fixtures and fittings

Reducing balance at 25%

Motor vehicles

Reducing balance at 25%

Computer equipment

Cost at 33%

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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2024

496

24,051

3,071

51,490

Additions

165

-

-

-

At 28 February 2025

661

24,051

3,071

51,490

Depreciation

At 1 March 2024

446

18,704

3,071

26,845

Charge for the year

54

1,337

-

6,161

At 28 February 2025

500

20,041

3,071

33,006

Carrying amount

At 28 February 2025

161

4,010

-

18,484

At 29 February 2024

50

5,347

-

24,645

Total
£

Cost or valuation

At 1 March 2024

79,108

Additions

165

At 28 February 2025

79,273

Depreciation

At 1 March 2024

49,066

Charge for the year

7,552

At 28 February 2025

56,618

Carrying amount

At 28 February 2025

22,655

At 29 February 2024

30,042

5

Stocks

2025
£

2024
£

Other inventories

14,742

13,047

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

56,560

72,853

Prepayments

243

242

 

56,803

73,095

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

4,100

6,492

Trade creditors

 

55,364

65,888

Taxation and social security

 

17,728

30,695

Other creditors

 

54,618

81,167

 

131,810

184,242

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

-

4,100

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

-

4,100

Current loans and borrowings

2025
£

2024
£

Hire purchase contracts

4,100

6,492

 

Gibson Fencing Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2025
 £

2024
 £

Mr Dean McLaren Gibson

25,450

30,586

Mrs Sandra Gibson

25,452

30,587

 

50,902

61,173

The maximum balance outstanding during the year amounted to £61,173.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gibson Fencing Supplies Limited
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gibson Fencing Supplies Limited for the year ended 28 February 2025 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Gibson Fencing Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gibson Fencing Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Gibson Fencing Supplies Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gibson Fencing Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gibson Fencing Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gibson Fencing Supplies Limited. You consider that Gibson Fencing Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gibson Fencing Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

14 May 2025