The Gift Mill Ltd Company Accounts

THE GIFT MILL LTD. - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-05-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 09511465 2016-05-01 2017-04-30 09511465 2017-04-30 09511465 2015-03-26 2016-04-30 09511465 2016-04-30 09511465 bus:Director1 2016-05-01 2017-04-30 09511465 bus:Director2 2016-05-01 2017-04-30 09511465 core:ShareCapital 2015-03-26 2016-04-30 09511465 core:RetainedEarningsAccumulatedLosses 2015-03-26 2016-04-30 09511465 core:RetainedEarningsAccumulatedLosses 2016-05-01 2017-04-30 09511465 core:WithinOneYear 2017-04-30 09511465 core:WithinOneYear 2016-04-30 09511465 core:ShareCapital 2017-04-30 09511465 core:ShareCapital 2016-04-30 09511465 core:RetainedEarningsAccumulatedLosses 2017-04-30 09511465 core:RetainedEarningsAccumulatedLosses 2016-04-30 09511465 core:RestatedAmount 2016-04-30 09511465 bus:FRS102 2016-05-01 2017-04-30 09511465 bus:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 09511465 bus:FullAccounts 2016-05-01 2017-04-30 09511465 bus:SmallCompaniesRegimeForAccounts 2016-05-01 2017-04-30 09511465 bus:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30

COMPANY REGISTRATION NUMBER: 09511465

The Gift Mill Ltd

Filleted Unaudited Financial Statements

30 April 2017

The Gift Mill Ltd

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	2

Notes to the financial statements	3

The Gift Mill Ltd

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	5	2,198	812
Cash at bank and in hand		8,010	437
		--------	-------
		10,208	1,249

Creditors: amounts falling due within one year	6	11,839		65,964
		--------		--------
Net current liabilities			1,631	64,715
			-------	--------
Total assets less current liabilities			( 1,631)	( 64,715)
			-------	--------
Net liabilities			( 1,631)	( 64,715)
			-------	--------

Capital and reserves

Called up share capital	3	3
Profit and loss account	( 1,634)	( 64,718)
	-------	--------
Members deficit	( 1,631)	( 64,715)
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 10 January 2018 , and are signed on behalf of the board by:

Mr D S Bell	Mr R Milsted
Director	Director

Company registration number: 09511465

The Gift Mill Ltd

Statement of Changes in Equity

Year ended 30 April 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 26 March 2015	–	–	–

Loss for the year		( 64,718)	( 64,718)
	----	--------	--------
Total comprehensive income for the year	–	( 64,718)	( 64,718)

Issue of shares	3	–	3
	----	--------	--------
Total investments by and distributions to owners	3	–	3

At 30 April 2016	3	( 64,718)	( 64,715)

Profit for the year		63,084	63,084
	----	--------	--------
Total comprehensive income for the year	–	63,084	63,084

	----	--------	--------
At 30 April 2017	3	( 1,634)	( 1,631)
	----	--------	--------

The Gift Mill Ltd

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Union Business Park, Snaygill Industrial Estate, Skipton, North Yorkshire, BD23 2QR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 26 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Debtors

	2017	2016
	£	£
Trade debtors	2,195	809
Other debtors	3	3
	-------	----
	2,198	812
	-------	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	19,062	2,490
Corporation tax	521	–
Other creditors	( 7,744)	63,474
	--------	--------
	11,839	65,964
	--------	--------

7. Related party transactions

The company was under the control of Mr DS Bell and Mr R Milsted throughout the current and previous year. Financial backing has been received from Raiseprint Ltd, a company 50% owned by Mr DS Bell and Mr R Milsted .

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 26 March 2015.

No transitional adjustments were required in equity or profit or loss for the period.