COMPANY REGISTRATION NUMBER:
Gibbsite Solutions Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Gibbsite Solutions Ltd
Company Information
Directors |
Mr R Ellis Mrs C Ellis |
Registered office |
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Accountants |
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Gibbsite Solutions Ltd
(Registration number: 06131479)
Balance Sheet as at 28 February 2021
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2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Gibbsite Solutions Ltd
(Registration number: 06131479)
Balance Sheet as at 28 February 2021
For the financial year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and loss account has been taken.
Approved and authorised for issue by the
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Director
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Director
Gibbsite Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
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.
The financial statements are presented in Sterling and rounded to the nearest full £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when clients are invoiced for consultancy services.
Tax
The tax expense for the period comprises current 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 income 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.
Gibbsite Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised in the financial statements of the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Gibbsite Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Debtors |
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2020 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Gibbsite Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Related party transactions |
Summary of transactions with entities with joint control or significant interest
During the year the company loaned money to a company under common control. At the balance sheet date the amount due to the company was £30,000 (2020 £27,000).
No interest has been charged and there is no set date for repayment.