SMART GIFT SOLUTIONS LIMITED
SMART GIFT SOLUTIONS LIMITED
Company No:
SMART GIFT SOLUTIONS LIMITED
Unaudited Financial Statements
For the financial year ended 31 March 2021
Pages for filing with the registrar
For the financial year ended 31 March 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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8,936 | 10,251 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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122,449 | 56,394 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 32,224 | 3,697 | ||
Total assets less current liabilities | 41,160 | 13,948 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
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The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Smart Gift Solutions Limited (registered number:
Deborah Carpenter
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Smart Gift Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 20 Colebrook Industrial Estate, Longfield Road, Tunbridge Wells, TN2 3DG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Smart Gift Solutions Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
At the time of approval of the accounts, restrictions arising from the Covid-19 pandemic have eased with almost all now ended. The financial and economic environment remains uncertain however, and therefore every decision the directors are currently making is based upon ensuring the business comes through this challenging time. The directors remain confident the business is currently well placed to continue successfully negotiating these unprecedented challenges.
Turnover
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Taxation
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.
Intangible assets
Goodwill
Tangible fixed assets
Motor vehicles - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Office equipment and IT - 25% reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Leases
The Company as lessor
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Stocks
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Classification
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.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Ordinary share capital
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2. Critical accounting judgements and key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
3. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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4. Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2020 |
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At 31 March 2021 |
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Accumulated amortisation | |||
At 01 April 2020 |
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Charge for the financial year |
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At 31 March 2021 |
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Net book value | |||
At 31 March 2021 |
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At 31 March 2020 |
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5. Tangible assets
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2020 |
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Additions |
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At 31 March 2021 |
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Accumulated depreciation | |||
At 01 April 2020 |
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Charge for the financial year |
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At 31 March 2021 |
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Net book value | |||
At 31 March 2021 |
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At 31 March 2020 |
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6. Stocks
2021 | 2020 | ||
£ | £ | ||
Stocks |
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7. Debtors
2021 | 2020 | ||
£ | £ | ||
Other taxation and social security |
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Other debtors |
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8. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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9. Related party transactions
Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Directors loan account | 19,273 | (7,452) |
During the year, the company made advances totalling £Nil (2020 - £49,158) and received repayments of £7,452 (2020 - £71,525).