Stanley Gibson Limited - Period Ending 2023-04-30

Stanley Gibson Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Stanley Gibson Limited

Balance Sheet

30 April 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	34,494	13,158
Current assets
Stocks	6	302,690	520,601
Debtors	7	762,755	726,028
Cash at bank and in hand		877,497	1,315,533
		1,942,942	2,562,162
Creditors: Amounts falling due within one year	8	(590,407)	(776,037)
Net current assets		1,352,535	1,786,125
Total assets less current liabilities		1,387,029	1,799,283
Provisions for liabilities		(449)	(3,201)
Net assets		1,386,580	1,796,082
Capital and reserves
Called up share capital	9	40,003	40,003
Capital redemption reserve		125,000	125,000
Profit and loss account		1,221,577	1,631,079
Shareholders' funds		1,386,580	1,796,082

Stanley Gibson Limited

Balance Sheet

30 April 2023

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 January 2024 and signed on its behalf by:
 

......................................... R Bowrey Director

Company Registration Number: 03251586

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old School Lane
Clifton
Bristol
BS8 4TY

These financial statements were authorised for issue by the Board on 22 January 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, in addition to the impact of Avian flu and Brexit, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers.

Non-profitable departments have now been closed and as a result oveheads expenses have been reduced significantly going forward and this should translate into a much improved financial performance in future accounting periods. Cash reserves also remain strong.

The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the goods are delivered to the customer.

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% on cost
Computer equipment	33% on reducing balance
Motor Vehicles	25% on cost

Stocks

Stocks of goods are valued at the lower of cost and net realisable value. Cost represents the purchase price of goods including, where applicable, the cost of transporting the goods from the supplier to the comapny's own warehouses. Net realisable value represents the selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Derivative financial instruments (forward foreign currency contracts).

All financial instruments are classified as basic.

 Recognition and measurement

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Forward foreign currency contracts are valued using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturites of the contracts. The resulting asset or liability is recognised on the balance sheet and discharged when the contract expires.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 16).

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2022	72,000	72,000
At 30 April 2023	72,000	72,000
Amortisation
At 1 May 2022	72,000	72,000
At 30 April 2023	72,000	72,000
Carrying amount
At 30 April 2023	-	-

5	Tangible assets

	Fixtures and fittings £	Computer equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2022	13,645	18,912	-	32,557
Additions	-	-	34,452	34,452
Disposals	(13,645)	-	-	(13,645)
At 30 April 2023	-	18,912	34,452	53,364
Depreciation
At 1 May 2022	13,470	5,929	-	19,399
Charge for the year	-	4,328	8,613	12,941
Eliminated on disposal	(13,470)	-	-	(13,470)
At 30 April 2023	-	10,257	8,613	18,870
Carrying amount
At 30 April 2023	-	8,655	25,839	34,494
At 30 April 2022	175	12,983	-	13,158

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

6

Stocks

	2023 £	2022 £
Finished goods	302,690	520,601

7

Debtors

	2023 £	2022 £
Trade debtors	709,619	664,899
Prepayments	10,619	22,828
Other debtors	42,517	38,301
	762,755	726,028

8

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	431,486	438,956
Corporation tax	-	19,138
Taxation and social security	3,586	6,289
Other creditors	89,214	91,861
Accruals and deferred income	66,121	219,793
	590,407	776,037

Stanley Gibson Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

9	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	40,000	40,000	40,000	40,000
Ordinary C of £1 each	3	3	3	3
	40,003	40,003	40,003	40,003

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £27,263). The commitments relate to operating lease commitments.