Ibex Gale Limited Filleted accounts for Companies House (small and micro)

21 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 17,798 13,263 31,061 7,070 5,822 12,892 18,169 10,728 xbrli:pure xbrli:shares iso4217:GBP 08814594 2022-01-01 2022-12-31 08814594 2022-12-31 08814594 2021-12-31 08814594 2021-01-01 2021-12-31 08814594 2021-12-31 08814594 2020-12-31 08814594 bus:Director1 2022-01-01 2022-12-31 08814594 core:WithinOneYear 2022-12-31 08814594 core:WithinOneYear 2021-12-31 08814594 core:ShareCapital 2022-12-31 08814594 core:ShareCapital 2021-12-31 08814594 core:RetainedEarningsAccumulatedLosses 2022-12-31 08814594 core:RetainedEarningsAccumulatedLosses 2021-12-31 08814594 bus:SmallEntities 2022-01-01 2022-12-31 08814594 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 08814594 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08814594 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08814594 bus:FullAccounts 2022-01-01 2022-12-31 08814594 core:OfficeEquipment 2022-01-01 2022-12-31 08814594 core:OfficeEquipment 2021-12-31 08814594 core:OfficeEquipment 2022-12-31

COMPANY REGISTRATION NUMBER: 08814594

Ibex Gale Limited

Filleted Unaudited Financial Statements

31 December 2022

Ibex Gale Limited

Financial Statements

Year ended 31 December 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ibex Gale Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		18,169	10,728

Current assets

Stocks		74,357	–
Debtors	6	758,548	461,420
Cash at bank and in hand		231,452	366,856
		------------	---------
		1,064,357	828,276

Creditors: amounts falling due within one year	7	384,070		298,332
		------------		---------
Net current assets			680,287	529,944
			---------	---------
Total assets less current liabilities			698,456	540,672

Provisions	3,452	2,682
	---------	---------
Net assets	695,004	537,990
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	694,904	537,890
	---------	---------
Shareholders funds	695,004	537,990
	---------	---------

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 Section 1A of 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.

For the year ending 31 December 2022 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 year in question in accordance with section 476 ;

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

Ibex Gale Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 6 August 2023 , and are signed on behalf of the board by:

A Jenkins

Director

Company registration number: 08814594

Ibex Gale Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Brandon's House, 29 Great George Street, Bristol, Avon, BS1 5QT, United Kingdom.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are 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:

	Equipment	-	25% straight line

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2021: 15 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2022	17,798
Additions	13,263
	--------
At 31 December 2022	31,061
	--------
Depreciation
At 1 January 2022	7,070
Charge for the year	5,822
	--------
At 31 December 2022	12,892
	--------
Carrying amount
At 31 December 2022	18,169
	--------
At 31 December 2021	10,728
	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	751,457	458,734
Other debtors	7,091	2,686
	---------	---------
	758,548	461,420
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	56,042	19,333
Corporation tax	103,412	86,537
Social security and other taxes	103,393	145,474
Other creditors	121,223	46,988
	---------	---------
	384,070	298,332
	---------	---------

8. Related party transactions

At the year end the company owed the directors £39,281 (2021: £3,978).