Keevil McIntosh Gibson Limited Filleted accounts for Companies House (small and micro)

KEEVIL, MCINTOSH, GIBSON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02329958

Keevil McIntosh Gibson Limited

Filleted Unaudited Financial Statements

31 May 2023

Keevil McIntosh Gibson Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Keevil McIntosh Gibson Limited

Year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Keevil McIntosh Gibson Limited for the year ended 31 May 2023, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Keevil McIntosh Gibson Limited, as a body, in accordance with the terms of our engagement letter dated 14 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Keevil McIntosh Gibson Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Keevil McIntosh Gibson Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Keevil McIntosh Gibson Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Keevil McIntosh Gibson Limited. You consider that Keevil McIntosh Gibson Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Keevil McIntosh Gibson Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MILLER DAVIES LLP Chartered accountants

A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN

26 February 2024

Keevil McIntosh Gibson Limited

Balance Sheet

31 May 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4		225,000	409,885

Current assets

Debtors	5	93	24,313
Cash at bank and in hand		5,717	1,593
		-------	--------
		5,810	25,906

Creditors: amounts falling due within one year	6	15,283		19,835
		--------		--------
Net current (liabilities)/assets			( 9,473)	6,071
			---------	---------
Total assets less current liabilities			215,527	415,956
			---------	---------
Net assets			215,527	415,956
			---------	---------

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	195,527	395,956
	---------	---------
Shareholders funds	215,527	415,956
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 May 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 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 .

These financial statements were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:

Mr P A McIntosh	Mrs J G Duffett
Director	Director

Company registration number: 02329958

Keevil McIntosh Gibson Limited

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rough Beech Court, Dowlands Lane, Smallfield, Horley, Surrey, RH6 9SD.

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 tangible fixed assets 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.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Plant and machinery	-	20% straight line

No depreciation is provided on freehold land and buildings because the directors consider that the comprehensive repairs and maintenance policy of the property's tenants ensures that there is no fall in the residual value below its carrying value.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 June 2022	409,885	36,610	446,495
Disposals	–	( 36,610)	( 36,610)
	---------	--------	---------
At 31 May 2023	409,885	–	409,885
	---------	--------	---------
Depreciation
At 1 June 2022	–	36,610	36,610
Disposals	–	( 36,610)	( 36,610)
Impairment losses	184,885	–	184,885
	---------	--------	---------
At 31 May 2023	184,885	–	184,885
	---------	--------	---------
Carrying amount
At 31 May 2023	225,000	–	225,000
	---------	--------	---------
At 31 May 2022	409,885	–	409,885
	---------	--------	---------

5. Debtors

	2023	2022
	£	£
Trade debtors	–	( 78)
Other debtors	93	24,391
	----	--------
	93	24,313
	----	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,108	4,375
Other creditors	14,175	15,460
	--------	--------
	15,283	19,835
	--------	--------

7. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2023	2022
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	5,810	25,706
	-------	--------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	35,283	39,835
	--------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr P A McIntosh	( 9,615)	1,285	( 8,330)
	-------	-------	-------

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr P A McIntosh	( 2,343)	( 7,272)	( 9,615)
	-------	-------	-------