Gibsons Haulage Limited - Accounts to registrar (filleted) - small 18.2

Gibsons Haulage Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 04111984 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2020

for

GIBSONS HAULAGE LIMITED

GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)






Contents of the Financial Statements
for the year ended 31 DECEMBER 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GIBSONS HAULAGE LIMITED

Company Information
for the year ended 31 DECEMBER 2020







DIRECTORS: P Gillett
P H Gibson
H S Gibson
D Gibson





SECRETARY: H S Gibson





REGISTERED OFFICE: Unit 9 Leyland Trading Estate
Irthlingborough Road
Wellingborough
Northamptonshire
NN8 1RS





REGISTERED NUMBER: 04111984 (England and Wales)





ACCOUNTANTS: Elsby & Co
Thistledown Barn
204 Holcot Road
Sywell
Northampton
Northamptonshire
NN6 0BG

GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Abridged Balance Sheet
31 DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 288,460 367,346

CURRENT ASSETS
Debtors 270,710 217,775
Cash at bank and in hand 220,245 88,720
490,955 306,495
CREDITORS
Amounts falling due within one year 250,063 176,207
NET CURRENT ASSETS 240,892 130,288
TOTAL ASSETS LESS CURRENT
LIABILITIES

529,352

497,634

CREDITORS
Amounts falling due after more than one
year

5

(137,789

)

(148,449

)

PROVISIONS FOR LIABILITIES (43,907 ) (58,710 )
NET ASSETS 347,656 290,475

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 347,556 290,375
SHAREHOLDERS' FUNDS 347,656 290,475

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Abridged Balance Sheet - continued
31 DECEMBER 2020


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2021 and were signed on its behalf by:





P Gillett - Director


GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Notes to the Financial Statements
for the year ended 31 DECEMBER 2020

1. STATUTORY INFORMATION

Gibsons Haulage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
During the period, the Company has received government support. The relevant accounting policy is set out below.

Grants are recognised within other income in the income statement at a point in time to match the timing of recognition of the related expenses they are intended to compensate. Refer to Note 8 for details of government grants and support received in the period.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Notes to the Financial Statements - continued
for the year ended 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions are made into an independently operated pension scheme and are charged to the profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 13 (2019 - 15 ) .

GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Notes to the Financial Statements - continued
for the year ended 31 DECEMBER 2020

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2020
and 31 December 2020 724,080
DEPRECIATION
At 1 January 2020 356,734
Charge for year 78,886
At 31 December 2020 435,620
NET BOOK VALUE
At 31 December 2020 288,460
At 31 December 2019 367,346

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2020 368,074
Transfer to ownership (95,900 )
At 31 December 2020 272,174
DEPRECIATION
At 1 January 2020 127,398
Charge for year 52,463
Transfer to ownership (65,077 )
At 31 December 2020 114,784
NET BOOK VALUE
At 31 December 2020 157,390
At 31 December 2019 240,676

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2020 2019
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 2,728 -

GIBSONS HAULAGE LIMITED (REGISTERED NUMBER: 04111984)

Notes to the Financial Statements - continued
for the year ended 31 DECEMBER 2020

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2020 2019
£    £   
Net obligations repayable:
Within one year 58,657 55,394
Between one and five years 103,009 148,449
161,666 203,843

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
100 Ordinary £1 100 100

8. GOVERNMENT ASSISTANCE

During the period, the Company has received government support designed to mitigate the impact of COVID-19.

In the UK, the Government has provided funding towards the salary costs of employees who have been 'furloughed' through the Coronavirus Job Retention Scheme. This funding meets the definition of a government grant under IAS 20 Government Grants and a total of £24,547 (2019: £Nil) has been recorded within other income.

The Company applied for a Coronavirus Bounce back loan which was received in May 2020 for £40,000 (2019: £Nil).The scheme provides loans with government backed guarantee as well as business interruption payments to cover the first 12 months of interest payments and any lender-levied fees.