Steven Gibson Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Steven Gibson Limited is a private company, limited by shares, incorporated in Scotland, registered number SC038771 . The registered office is 96 Argyll Street, Dunoon, Argyll, PA23 7NE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold	2% straight line
Rental Equipment	7.14% to 20% straight line
Motor Vehicles	20% reducing balance
Fixtures & Fittings	10% reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

2.5. Stocks and Work in Progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

2.6. Financial Instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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Steven Gibson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.8. Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

2.9. Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2024: 12)

4. Tangible Assets

	Land & Property
	Freehold	Rental Equipment	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2024	223,760	1,040,740	95,241	134,194	1,493,935

As at 31 March 2025	223,760	1,040,740	95,241	134,194	1,493,935

Depreciation
As at 1 April 2024	57,719	1,032,526	79,948	118,047	1,288,240
Provided during the period	4,475	3,107	3,059	1,614	12,255

As at 31 March 2025	62,194	1,035,633	83,007	119,661	1,300,495

Net Book Value
As at 31 March 2025	161,566	5,107	12,234	14,533	193,440

As at 1 April 2024	166,041	8,214	15,293	16,147	205,695

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Steven Gibson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	13,359

As at 31 March 2025	13,359

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	13,359

As at 1 April 2024	13,359

6. Stocks

	2025	2024
	£	£
Stock	97,549	132,000

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	42,712	52,587
Other debtors	19,084	5,063

	61,796	57,650

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	4,027	4,027
Trade creditors	34,709	45,889
Other creditors	164,520	161,451
Taxation and social security	26,130	21,519

	229,386	232,886

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,686	6,712

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Steven Gibson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,027	4,027
Later than one year and not later than five years	2,686	6,712

	6,713	10,739

	6,713	10,739

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	10,000	10,000

12. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans from directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mrs Gail Brown	(61,771 )	-	6,019	-	(55,752 )
Mr Andrew Gibson	(109,898 )	-	4,130	-	(105,768 )

The above loan is unsecured, interest free and repayable on demand.

13. Reserves

	Revaluation Reserve
	£
As at 1 April 2024	203,764

As at 31 March 2025	203,764

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		193,440		205,695
Investments	5		13,359		13,359

			206,799		219,054
CURRENT ASSETS
Stocks	6	97,549		132,000
Debtors	7	61,796		57,650
Cash at bank and in hand		135,473		62,824

		294,818		252,474
Creditors: Amounts Falling Due Within One Year	8	(229,386 )		(232,886 )

NET CURRENT ASSETS (LIABILITIES)			65,432		19,588

TOTAL ASSETS LESS CURRENT LIABILITIES			272,231		238,642

Creditors: Amounts Falling Due After More Than One Year	9		(2,686 )		(6,712 )

NET ASSETS			269,545		231,930

CAPITAL AND RESERVES
Called up share capital	11		10,000		10,000
Revaluation reserve	13		203,764		203,764
Other reserves			2,748		2,748
Profit and Loss Account			53,033		15,418

SHAREHOLDERS' FUNDS			269,545		231,930