Giftlease Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06365188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

GIFTLEASE HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Edmonds

Mr R 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

4

102,785

113,060

Investments

5

126,100

126,100

228,885

239,160

CURRENT ASSETS

Debtors

6

2,165,006

1,923,818

Cash at bank

8,523

105,558

2,173,529

2,029,376

CREDITORS

Amounts falling due within one year

7

514,625

278,041

NET CURRENT ASSETS

1,658,904

1,751,335

TOTAL ASSETS LESS CURRENT LIABILITIES

1,887,789

1,990,495

CREDITORS

Amounts falling due after more than one year

8

(732,900

)

(837,600

)

PROVISIONS FOR LIABILITIES

(7,104

)

(16,145

)

NET ASSETS

1,147,785

1,136,750

CAPITAL AND RESERVES

Called up share capital

81,000

81,000

Retained earnings

1,066,785

1,055,750

SHAREHOLDERS' FUNDS

1,147,785

1,136,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 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 Board of Directors on 20 September 2018 and were signed on its behalf 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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

improvements

machinery

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

70,000

115,000

185,000

DEPRECIATION

At 1 January 2017

27,226

44,714

71,940

Charge for year

3,889

6,386

10,275

At 31 December 2017

31,115

51,100

82,215

NET BOOK VALUE

At 31 December 2017

38,885

63,900

102,785

At 31 December 2016

42,774

70,286

113,060

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

and 31 December 2017

126,100

NET BOOK VALUE

At 31 December 2017

126,100

At 31 December 2016

126,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

2,138,406

1,917,926

Other debtors

26,600

5,892

2,165,006

1,923,818

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,832

2,011

Amounts owed to group undertakings

280,000

-

Taxation and social security

1,537

41,798

Other creditors

231,256

234,232

514,625

278,041

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

732,900

837,600

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

314,100

418,800

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

132,000

132,000

Between one and five years

528,000

528,000

In more than five years

693,000

825,000

1,353,000

1,485,000

10.	RELATED PARTY DISCLOSURES

Within the period to 31 December 2015 the ARE Transport 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 £861,414 (2016 : £969,090) remained

outstanding to ARE Transport Limited.

During the year interest amounting to £39,428 (2016 : £44,138) was charged by ARE Transport Limited to the

company.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D Edmonds.