The Advertising Gift Works Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02622953 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

THE ADVERTISING GIFT WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr R C Yale

SECRETARY:

Mrs M L Yale

REGISTERED OFFICE:

39 New Road

Fair Oak

Eastleigh

Hampshire

SO50 8EN

REGISTERED NUMBER:

02622953 (England and Wales)

FIXED ASSETS

Tangible assets

5

753

941

CURRENT ASSETS

Stocks

1,495

1,519

Debtors

6

29,216

29,440

Cash at bank

8,175

6,000

38,886

36,959

CREDITORS

Amounts falling due within one year

7

23,403

17,132

NET CURRENT ASSETS

15,483

19,827

TOTAL ASSETS LESS CURRENT LIABILITIES

16,236

20,768

CREDITORS

Amounts falling due after more than one year

8

(16,089

)

(20,579

)

PROVISIONS FOR LIABILITIES

(143

)

(179

)

NET ASSETS

4

10

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

2

8

SHAREHOLDERS' FUNDS

4

10

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 23 September 2022 and were signed by:

Mr R C Yale - Director

1.	STATUTORY INFORMATION

The Advertising Gift Works 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

20% on reducing balance

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

Foreign currencies

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.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Grants

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 January 2021

and 31 December 2021

44,044

DEPRECIATION

At 1 January 2021

43,103

Charge for year

188

At 31 December 2021

43,291

NET BOOK VALUE

At 31 December 2021

753

At 31 December 2020

941

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,952

5,759

Other debtors

26,264

23,681

29,216

29,440

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 9)

4,490

10,923

Trade creditors

14,262

2,952

Taxation and social security

2,804

1,458

Other creditors

1,847

1,799

23,403

17,132

Included in other creditors is £1,847 (2020: £1,799) in relation to accruals and deferred income.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 9)

16,089

20,579

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

2,619

9.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

9,052

Bank loans

4,490

1,871

4,490

10,923

Amounts falling due between one and two years:

Bank loans - 1-2 years

4,490

4,490

Amounts falling due between two and five years:

Bank loans - 2-5 years

11,599

13,470

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

2,619

A loan was taken out by the company in the previous year under the Bounce Back Loan Scheme. The first 12 months interest was paid by HM Government, and no repayments were required to be made by the company for the first 12 month period.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Mr R C Yale

Balance outstanding at start of year

21,008

13,024

Amounts advanced

16,120

17,500

Amounts repaid

(12,260

)

(9,516

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,868

21,008

The loan was unsecured, with interest payable at HM Revenue & Customs rates and will be repaid within nine months of the year end.