Gifts Kingdom Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07315308 (England and Wales)

Financial Statements

For The Year Ended 31 October 2020

for

Gifts Kingdom Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L J Farrar

Mr J M Farrar

REGISTERED OFFICE:

7 Lincoln Road

Navenby

LINCOLN

Lincolnshire

LN5 0LA

REGISTERED NUMBER:

07315308 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

FIXED ASSETS

Tangible assets

4

6,751

9,003

CURRENT ASSETS

Stocks

10,000

20,000

Debtors

5

588

534

Cash at bank

136

1,220

10,724

21,754

CREDITORS

Amounts falling due within one year

6

118,769

117,061

NET CURRENT LIABILITIES

(108,045

)

(95,307

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(101,294

)

(86,304

)

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

7

5,527

5,527

Retained earnings

(106,823

)

(91,833

)

(101,294

)

(86,304

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 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 Board of Directors and authorised for issue on 28 July 2021 and were signed on its behalf by:

Mr J M Farrar - Director

1.	STATUTORY INFORMATION

Gifts Kingdom Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and not provided

Stocks

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

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.

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.

Operating lease commitments

Rentals paid under operating leases are charged to the profit & loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 November 2019

and 31 October 2020

11,354

DEPRECIATION

At 1 November 2019

2,351

Charge for year

2,252

At 31 October 2020

4,603

NET BOOK VALUE

At 31 October 2020

6,751

At 31 October 2019

9,003

Cost or valuation at 31 October 2020 is represented by:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Valuation in 2019

-

(6,195

)

(6,195

)

Cost

2,354

15,195

17,549

2,354

9,000

11,354

At the 31 October 2019 the motor vehicle was revalued upwards from it's NBV. Depreciation has been applied in the current year. There is no deferred tax charge at the year end.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

588

534

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

1,123

1,093

Directors' current accounts

116,553

114,875

Accrued expenses

1,093

1,093

118,769

117,061

7.

RESERVES

Revaluation

reserve

£

At 1 November 2019

and 31 October 2020

5,527

8.	RELATED PARTY DISCLOSURES

Included in creditors is a balance of £116,553 (2019: £114,875) owed to Mrs L J & Mr J M Farrar. This is an unsecured interest free loan.

9.	POST BALANCE SHEET EVENTS

As at the 31 March COVID-19 had occurred, generating a material impact on the economy. The directors have considered the effect on the company trading to date and the anticipated impact for the next 12 months. The company remains a going concern.