Giftlease Holdings Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06365188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

GIFTLEASE HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D Edmonds

SECRETARY:

Mr D Edmonds

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

06365188 (England and Wales)

FIXED ASSETS

Tangible assets

3

113,060

123,335

Investments

4

126,100

126,100

239,160

249,435

CURRENT ASSETS

Debtors

5

1,923,818

1,797,812

Cash at bank

105,558

22,898

2,029,376

1,820,710

CREDITORS

Amounts falling due within one year

6

278,041

138,965

NET CURRENT ASSETS

1,751,335

1,681,745

TOTAL ASSETS LESS CURRENT LIABILITIES

1,990,495

1,931,180

CREDITORS

Amounts falling due after more than one year

7

(837,600

)

(942,300

)

PROVISIONS FOR LIABILITIES

(16,145

)

(16,781

)

NET ASSETS

1,136,750

972,099

CAPITAL AND RESERVES

Called up share capital

81,000

81,000

Retained earnings

1,055,750

891,099

SHAREHOLDERS' FUNDS

1,136,750

972,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 July 2017 and were signed by:

Mr D Edmonds - Director

1.	STATUTORY INFORMATION

Giftlease Holdings 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Giftlease Holdings Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under Section

398 of the Companies Act 2006 not to prepare consolidated financial statements.

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.

Leasehold improvements

-

Straight line over the period of lease

Plant and machinery

-

16-25% on a straight line basis

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.

FIXED ASSET INVESTMENTS

Investments held as fixed assets are stated at cost, together with subsequent capital contributions, less any provisions

for impairment in value.

Investment income is recognised in the financial statements when the company becomes entitled to its share of

profits from the fixed asset investment.

3.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

improvements

machinery

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

70,000

115,000

185,000

DEPRECIATION

At 1 January 2016

23,337

38,328

61,665

Charge for year

3,889

6,386

10,275

At 31 December 2016

27,226

44,714

71,940

NET BOOK VALUE

At 31 December 2016

42,774

70,286

113,060

At 31 December 2015

46,663

76,672

123,335

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

and 31 December 2016

126,100

NET BOOK VALUE

At 31 December 2016

126,100

At 31 December 2015

126,100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Amounts owed by group undertakings

1,917,926

1,770,506

Other debtors

5,892

27,306

1,923,818

1,797,812

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

2,011

1,995

Taxation and social security

41,798

92

Other creditors

234,232

136,878

278,041

138,965

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

837,600

942,300

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

418,800

523,500

8.	RELATED PARTY DISCLOSURES

Within the period to 31 December 2015 the Drivers Dream Days Limited provided loans to the company amounting

to £1,047,000. The loans are repayable by equal instalments over a 10 year period. Interest is charged on the

reducing balances at 4.5% per annum. At the year end a balance of £969,090 (2015 : £1,076,768) remained

outstanding to Drivers Dream Days Limited.

During the year interest amounting to £44,138 (2015: £29,768) was charged by Drivers Dream Days Limited to the

company.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D Edmonds.