GIBSON_INDEX_LIMITED - Accounts

GIBSON INDEX LIMITED - Company Information

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Company Registration number 04760413

GIBSON INDEX LIMITED

Abbreviated Accounts

For the year ended 31 May 2014

GIBSON INDEX LIMITED

Financial statements for the year ended 31 May 2014

Contents

Pages

Balance sheet

Notes to the financial statements

2-3

GIBSON INDEX LIMITED

Abbreviated balance sheet as at 31 May 2014

2014

2013

Notes

Fixed assets

Intangible assets

2,285

4,570

Tangible assets

1,060

1,325

3,345

5,895

Current assets

Debtors

14,568

4,570

Cash at bank and in hand

1,247

926

15,815

5,496

Creditors:

amounts falling due within one year

(53,120)

(42,140)

Net current liabilities

(37,305)

(36,644)

Current liabilities less total assets

(33,960)

(30,749)

Capital and reserves

Called up share capital

100

Deficit on profit and loss account

(34,060)

(30,849)

Shareholders' funds

(33,960)

(30,749)

For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the board of directors on 25 February 2015 and signed on its behalf.

__________________________ M Gibson - Director

Company Registration No: 04760413

The notes on pages 2 to 3 form part of these financial statements.

GIBSON INDEX LIMITED

Notes to the abbreviated accounts for the year ended 31 May 2014

Accounting policies

Going concern

The financial statements have been prepared on a going concern basis despite the company having net liabilities of £33,960, as the director has indicated his willingness to continue to support the company over the next twelve months.

Basis of accounting

The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, supplied to customers during the year. Income is recognised when services are completed to the extent that the customer has an obligation to pay all or part of the contract sums.

Depreciation of tangible fixed assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:

Equipment, fixtures and fittings

20% on reducing balance

Goodwill

Goodwill is amortised through the profit and loss account in equal installments over its estimated useful life.

Deferred taxation

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as 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 tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GIBSON INDEX LIMITED

Notes to the abbreviated accounts for the year ended 31 May 2014 (continued)

Fixed assets

Intangible

Tangible

fixed

assets

Total

Cost:

At 1 June 2013

22,850

5,933

28,783

Depreciation:

At 1 June 2013

18,280

4,608

22,888

Provision for the year

2,285

265

2,550

At 31 May 2014

20,565

4,873

25,438

Net book value:

At 31 May 2014

2,285

1,060

3,345

At 31 May 2013

4,570

1,325

5,895

Called-up share capital

2014

2013

2014

2013

Allotted, called up and fully paid

Equity shares:

Ordinary shares of £1 each

100

Controlling party

The company is controlled by the director M Gibson by virtue of his shareholding.