Company registration number 00748035 (England and Wales)
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
918,263
1,033,324
Current assets
Stocks
48,795
51,442
Debtors
4
1,911,857
1,913,238
Cash at bank and in hand
659,547
513,637
2,620,199
2,478,317
Creditors: amounts falling due within one year
5
(821,545)
(759,336)
Net current assets
1,798,654
1,718,981
Total assets less current liabilities
2,716,917
2,752,305
Creditors: amounts falling due after more than one year
6
(72,881)
(308,581)
Provisions for liabilities
(134,580)
(155,519)
Net assets
2,509,456
2,288,205
Capital and reserves
Called up share capital
8
5,526
5,521
Profit and loss reserves
2,503,930
2,282,684
Total equity
2,509,456
2,288,205
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 2 -

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
Mr M E Gibbs
Mrs K C Whatley-Gibbs
Director
Director
Company registration number 00748035 (England and Wales)
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

F. and S. Gibbs Transport Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Basis of preparation

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 a mounts 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

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings Leasehold
20 years straight line
Plant and machinery
25% per annum on net book value
Fixtures, fittings & equipment
15% per annum on net book value
Motor vehicles
20% per annum on net book value

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

F. AND S. GIBBS TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.9
Retirement benefits

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

1.10
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.

F. AND S. GIBBS TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2025
2024
Number
Number
Total
27
25
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
425,936
4,174,437
4,600,373
Additions
31,296
102,204
133,500
At 31 January 2025
457,232
4,276,641
4,733,873
Depreciation and impairment
At 1 February 2024
220,747
3,346,302
3,567,049
Depreciation charged in the year
22,871
225,690
248,561
At 31 January 2025
243,618
3,571,992
3,815,610
Carrying amount
At 31 January 2025
213,614
704,649
918,263
At 31 January 2024
205,189
828,135
1,033,324
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
493,330
428,564
Other debtors
1,418,527
1,484,674
1,911,857
1,913,238
F. AND S. GIBBS TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
132,838
138,176
Trade creditors
291,962
282,724
Taxation and social security
221,762
112,133
Other creditors
174,983
226,303
821,545
759,336

Included within other creditors are balances tota ll ing £133,218 (20 24 - £162,173) relating to amounts owed under hire purchase contracts. Hire purchase contracts are secured over assets of the company.

The bank loan of £132,838 (2024 - £138,176) is secured by way of joint and several personal guarantee of the directors of the company.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
34,258
155,292
Other creditors
38,623
153,289
72,881
308,581

Included within other creditors are balances tota l ling £38,623 (20 24 - £153,289) relating to amounts owed under hire purchase contracts. Hire purchase contracts are secured over assets of the company.

The bank loan of £34,258 (2024 - £155,292) is secured by way of joint and several personal guarantee of the directors of the company.

7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2 Directors
2.25
709,796
130,517
15,791
(186,748)
669,356
709,796
130,517
15,791
(186,748)
669,356

T he balance s are unsecured and repayable on demand.

F. AND S. GIBBS TRANSPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
8
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary A shares of £1 each
5,000
5,000
500 Ordinary B shares of £1 each
500
500
13 Ordinary C shares of £1 each
26
21
5,526
5,521
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