Gifts Kingdom Ltd - Period Ending 2016-07-31

Registration number: 07315308

Gifts Kingdom Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Farrars Limited
  Chartered Accountants
  Unit 1, Cedars Office Park
  Butt Lane, Normanton on Soar
  Loughborough
  Leicestershire
  LE12 5EE

Gifts Kingdom Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Gifts Kingdom Ltd (Registration number: 07315308 )
  Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					13,181			594
Current assets
Stocks					32,861			66,949
Debtors					4,724			7,060
Cash at bank and in hand					-			266
					37,585			74,275
Creditors: Amounts falling due within one year					(114,497)			(114,883)
Net current liabilities					(76,912)			(40,608)
Total assets less current liabilities					(63,731)			(40,014)
Provisions for liabilities					(2,636)			(118)
Net liabilities					(66,367)			(40,132)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(66,369)			(40,134)
Shareholders' deficit					(66,367)			(40,132)

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 April 2017 and signed on its behalf by:

.........................................
JM Farrar
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

Gifts Kingdom Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The Directors are responsible for preparing the financial statements on the going concern basis, unless it is inappropriate to assume that the company will continue in business. After making enquiries, the directors have formed a judgement, at the time of approving the financial statements, that the company has adequate support and resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is recognised upon despatch of goods.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line
Motor vehicles	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Gifts Kingdom Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016 ......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		1,265			1,265
Additions		16,284			16,284
At 31 July 2016		17,549			17,549
Depreciation
At 1 August 2015		671			671
Charge for the year		3,697			3,697
At 31 July 2016		4,368			4,368
Net book value
At 31 July 2016		13,181			13,181
At 31 July 2015		594			594

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 3