Company No: 01358807 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Investment property	4	900,000		825,000
Investments	5	1,911,759		1,494,827
		2,811,759		2,319,827
Current assets
Debtors	6	1,367		392
Cash at bank and in hand		13,251		22,322
		14,618		22,714
Creditors: amounts falling due within one year	7	( 18,243)		( 24,571)
Net current liabilities		(3,625)		(1,857)
Total assets less current liabilities		2,808,134		2,317,970
Provision for liabilities		( 220,423)		( 94,468)
Net assets		2,587,711		2,223,502
Capital and reserves
Called-up share capital		1,000		1,000
Undistributable reserve		854,145		477,751
Profit and loss account		1,732,566		1,744,751
Total shareholders' funds		2,587,711		2,223,502

For the financial year ending 09 April 2026 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 financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ken Gibbs (Honiton) Limited (registered number: 01358807) were approved and authorised for issue by the Board of Directors on 17 August 2026. They were signed on its behalf by:

K L Gibbs Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ken Gibbs (Honiton) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £3,028. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises of rents receivable in relation to investment properties which are recognised in the period of occupation of the property by the tenant.

Interest income

Interest income in relation to investment holdings are recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

Dividend income

Dividend income from equity securities is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably). Dividend income is measured by reference to the company’s holding of equity securities at the dividend payment date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

1 - 6.66 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors. The directors assess the values of the properties annually and where they deem it appropriate they will adjust the value of the investment property to reflect changes in the market prices. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss and a transfer is made to the fair value reserve.

Trade and other debtors

Trade debtors are amounts due from tenants arising from 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are classified as other investments and are initially measured at fair value, with changes in fair value recognised in profit or loss. A transfer is then made to the fair value reserve.

Interest income in relation to investments is recognised when receivable. Dividend income on equity securities is recognised when receivable.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 10 April 2025	2,582		2,582
At 09 April 2026	2,582		2,582
Accumulated depreciation
At 10 April 2025	2,582		2,582
At 09 April 2026	2,582		2,582
Net book value
At 09 April 2026	0		0
At 09 April 2025	0		0

4. Investment property

	Investment property
	£
Valuation
As at 10 April 2025	825,000
Fair value movement	75,000
As at 09 April 2026	900,000

Valuation

Investment properties were revalued on 09 April 2026 by the directors who are internal to the company. The basis of this valuation was open market value. The historical cost of the investment properties is £636,069 (2025: £636,069).

5. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 10 April 2025	1,494,827		1,494,827
Disposals	( 21,805)		( 21,805)
Movement in fair value	438,737		438,737
At 09 April 2026	1,911,759		1,911,759
Carrying value at 09 April 2026	1,911,759		1,911,759
Carrying value at 09 April 2025	1,494,827		1,494,827

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £1,100,526 (2024 - £1,111,540) .

6. Debtors

	2026		2025
	£		£
Trade debtors	975		0
Other debtors	392		392
	1,367		392

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	411		0
Taxation and social security	10,759		9,070
Other creditors	7,073		15,501
	18,243		24,571