W Gibb Stuart Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC054857

W GIBB STUART LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

-

516,837

Investments

5

2,000

518,837

CURRENT ASSETS

Stocks

-

64,154

Debtors

6

1,248

9,950

Cash at bank and in hand

484,127

139,922

485,375

214,026

CREDITORS

Amounts falling due within one year

7

40,158

124,860

NET CURRENT ASSETS

445,217

89,166

TOTAL ASSETS LESS CURRENT
LIABILITIES

447,217

608,003

PROVISIONS FOR LIABILITIES

-

36,249

NET ASSETS

447,217

571,754

CAPITAL AND RESERVES

Called up share capital

67,560

Non-distributable reserve

-

194,993

Capital redemption reserve

31,000

Retained earnings

348,657

278,201

SHAREHOLDERS' FUNDS

447,217

571,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2025 and were signed on its behalf by:

H A Gibb Stuart Jnr - Director

1.	STATUTORY INFORMATION

W Gibb Stuart Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 18 Whitelea Avenue, Kilmacolm, Renfrewshire, Scotland PA13 4JR.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Turnover

Turnover represents the invoiced value of goods sold during the period, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant & machinery etc - 33%, 25% &10% on reducing balance basis

Plant & machinery are included at cost less accumulated depreciation and accumulated impairment losses.

Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less any subsequent depreciation and impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like property, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to banks and loans to and from related parties.

Debt instruments like loans and other accounts receivables and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the statement of comprehensive income.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider that there are no such significant judgements.

Fixed asset investments

Unlisted investments are recorded at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

475,000

259,217

734,217

Disposals

(475,000

)

(259,217

)

(734,217

)

At 31 March 2025

-

DEPRECIATION

At 1 January 2024

-

217,380

Eliminated on disposal

-

(217,380

)

(217,380

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 December 2023

475,000

41,837

516,837

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 March 2025

2,000

NET BOOK VALUE

At 31 March 2025

2,000

At 31 December 2023

2,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

Trade debtors

-

2,211

Other debtors

1,248

7,739

1,248

9,950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

Bank loans and overdrafts

-

20,667

Trade creditors

-

27,695

Taxation and social security

2,113

41,532

Other creditors

38,045

34,966

40,158

124,860