Gibbs Gillespie Surveyors Limited 30/06/2018 iXBRL

GIBBS GILLESPIE SURVEYORS LIMITED - Company Information

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Company registration number: 03041278

Gibbs Gillespie Surveyors Limited

Filleted financial statements

30 June 2018

Gibbs Gillespie Surveyors Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

Gibbs Gillespie Surveyors Limited

Directors and other information


	Directors	Mr A C Barton
		Mr G A Charrison


	Secretary	R W Gibbs


	Company number	03041278


	Registered office	Suite 1, Viscount House
		6a Love Lane
		Pinner
		Middlesex
		HA5 3EF


	Auditor	Hicks and Company
		Chartered Accountants and
		Statutory Auditors
		Vaughan Chambers
		Vaughan Road
		Harpenden
		Hertfordshire
		AL5 4EE

Gibbs Gillespie Surveyors Limited

Directors responsibilities statement

Year ended 30 June 2018

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Gibbs Gillespie Surveyors Limited

Statement of financial position

30 June 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,870		2,494
		_______		_______
			1,870		2,494

Current assets
Debtors	6	59,894		84,904
Cash at bank and in hand		28,109		25,863
		_______		_______
		88,003		110,767
Creditors: amounts falling due
within one year	7	( 45,753)		( 81,287)
		_______		_______
Net current assets			42,250		29,480
			_______		_______
Total assets less current liabilities			44,120		31,974


Provisions for liabilities			( 355)		( 474)

			_______		_______
Net assets			43,765		31,500
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			43,665		31,400
			_______		_______
Shareholders funds			43,765		31,500
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 18 March 2019 , and are signed on behalf of the board by:

Mr A C Barton

Director

Company registration number: 03041278

Gibbs Gillespie Surveyors Limited

Notes to the financial statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Gibbs Gillespie Surveyors Limited, Suite 1, Viscount House, 6a Love Lane, Pinner, Middlesex, HA5 3EF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

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

Depreciation

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:


Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.

Impairment

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 July 2017 and 30 June 2018	45,526	45,526
	_______	_______
Depreciation
At 1 July 2017	43,032	43,032
Charge for the year	624	624
	_______	_______
At 30 June 2018	43,656	43,656
	_______	_______
Carrying amount
At 30 June 2018	1,870	1,870
	_______	_______
At 30 June 2017	2,494	2,494
	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	17,962	37,480
Other debtors	41,932	47,424
	_______	_______
	59,894	84,904
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	1,916	585
Corporation tax	3,531	6,111
Social security and other taxes	27,771	33,419
Other creditors	12,535	41,172
	_______	_______
	45,753	81,287
	_______	_______

8. Summary audit opinion

The auditor's report for the year dated 19 March 2019 was unqualified.

The senior statutory auditor was Philip Dean for and on behalf of Hicks and Company

9. Leasing commitments

At 30 June 2018, the company had total commitments under no-cancellable operating leases over the remaining life of those leases of £1,146 (2017:£2,051).