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Company registration number: 00540242
Firth Gibbs Investments Limited
Unaudited filleted financial statements
30 April 2018
Firth Gibbs Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Firth Gibbs Investments Limited
Directors and other information
Directors Mrs GDP Dunlop
Mrs BJP Peake
Secretary Mrs GDP Dunlop
Company number 00540242
Registered office PO Box 44
Linthwaite
Huddersfield
HD7 5WZ
Firth Gibbs Investments Limited
Statement of financial position
30 April 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 970,588 971,363
_______ _______
970,588 971,363
Current assets
Debtors 6 10,696 7,069
Cash at bank and in hand 99,253 95,008
_______ _______
109,949 102,077
Creditors: amounts falling due
within one year 7 ( 21,721) ( 24,869)
_______ _______
Net current assets 88,228 77,208
_______ _______
Total assets less current liabilities 1,058,816 1,048,571
Provisions for liabilities ( 49,000) ( 52,000)
_______ _______
Net assets 1,009,816 996,571
_______ _______
Capital and reserves
Called up share capital 5 5
Revaluation reserve 547,061 547,061
Capital redemption reserve 2 2
Profit and loss account 462,748 449,503
_______ _______
Shareholders funds 1,009,816 996,571
_______ _______
For the year ending 30 April 2018 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2018 , and are signed on behalf of the board by:
Mrs GDP Dunlop
Director
Company registration number: 00540242
Firth Gibbs Investments Limited
Statement of changes in equity
Year ended 30 April 2018
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 May 2016 5 547,061 2 438,477 985,545
Profit for the year 35,026 35,026
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 35,026 35,026
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 24,000) ( 24,000)
_______ _______ _______ _______ _______
At 30 April 2017 and 1 May 2017 5 547,061 2 449,503 996,571
Profit for the year 37,245 37,245
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 37,245 37,245
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 24,000) ( 24,000)
_______ _______ _______ _______ _______
At 30 April 2018 5 547,061 2 462,748 1,009,816
_______ _______ _______ _______ _______
Firth Gibbs Investments Limited
Notes to the financial statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Innfrastructure Ltd, PO Box 44, Linthwaite, Huddersfield, HD7 5WZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
The aggregate payroll costs incurred during the year were:
2018 2017
£ £
Wages and salaries 9,005 8,955
_______ _______
5. Tangible assets
Long leasehold property Plant and machinery Total
£ £ £
Cost
At 1 May 2017 and 30 April 2018 969,000 5,169 974,169
_______ _______ _______
Depreciation
At 1 May 2017 - 2,806 2,806
Charge for the year - 775 775
_______ _______ _______
At 30 April 2018 - 3,581 3,581
_______ _______ _______
Carrying amount
At 30 April 2018 969,000 1,588 970,588
_______ _______ _______
At 30 April 2017 969,000 2,363 971,363
_______ _______ _______
Investment property
Included within the above is investment property as follows:
£
At 1 May 2017 and 30 April 2018 969,000
_______
The investment property portfolio was revalued on an open market basis on 25 November 2015 by Sykes Robinson Chartered Surveyors. If the investment properties had not been revalued they would have been included at an historical cost of £365,894.
6. Debtors
2018 2017
£ £
Trade debtors 6,798 7,069
Other debtors 3,898 -
_______ _______
10,696 7,069
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 8,194 9,000
Social security and other taxes 50 -
Other creditors 13,477 15,869
_______ _______
21,721 24,869
_______ _______
8. Controlling party
There is no one controlling party.