Gibbs Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01664964 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

GIBBS PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Rock Nominees Limited

M E Lemon

C Fernando

SECRETARY:

Gibraltar Company Secretaries Limited

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

W1B 5DF

REGISTERED NUMBER:

01664964 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

Chartered Accountants

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

4

150,000

150,000

CURRENT ASSETS

Cash at bank

65,130

70,578

CREDITORS

Amounts falling due within one year

5

86,421

98,744

NET CURRENT LIABILITIES

(21,291

)

(28,166

)

TOTAL ASSETS LESS CURRENT LIABILITIES

128,709

121,834

CAPITAL AND RESERVES

Called up share capital

7

5,000

5,000

Revaluation reserve

8

76,813

76,813

Retained earnings

46,896

40,021

SHAREHOLDERS' FUNDS

128,709

121,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 31 January 2018 and were signed on its behalf by:

Rock Nominees Limited - Director

1.	STATUTORY INFORMATION

Gibbs Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the rent receivable from properties.

Tangible fixed assets

The company's freehold property is stated at valuation. It is the company's practice to maintain this asset in a

continual state of sound repair. Accordingly, the director considers that the life of this asset is so long and the

residual value is so high that its depreciation is insignificant. Consequently, no charge for depreciation is made.

This policy does not comply with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard

102.

Financial instruments

Basic financial assets

Cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost

using the effective interest method.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount

and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or

are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing

additional restrictions.

Basic financial liabilities

Other creditors and accruals are initially recognised at transaction price and subsequently carried at amortised

cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with

an original maturity date of three months or less.

Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other

resources received or receivable, net of direct costs of issuing the equity instruments.

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

property

£

COST OR VALUATION

At 1 May 2016

and 30 April 2017

150,000

NET BOOK VALUE

At 30 April 2017

150,000

At 30 April 2016

150,000

Cost or valuation at 30 April 2017 is represented by:

Freehold

property

£

Valuation in 1991

140,813

Valuation in 1992

(40,000

)

Cost

49,187

150,000

If freehold property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

49,187

49,187

The freehold property was valued on an open market basis on 30 April 1992 by the director .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

1,678

2,319

Other creditors

81,094

92,956

Accruals and deferred income

3,649

3,469

86,421

98,744

6.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

Note

2017

2016

Financial liabilities measured at amortised cost

- Other creditors

6

81,094

92,956

- Accruals

6

3,649

3,469

84,743

96,425

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

5,000

Ordinary

£1

5,000

5,000

8.

RESERVES

Revaluation

reserve

£

At 1 May 2016

and 30 April 2017

76,813

9.	ULTIMATE CONTROLLING PARTY

Mr C Fernando is the ultimate controlling party.

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS102 (Section 1A). The last financial

statements prepared under previous UK GAAP were for the period ended 30 April 2016. The date of transition

to FRS102 (Section 1A) was 1 May 2015.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

(Section 1A) and have not impacted on equity or profit or loss.