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REGISTERED NUMBER: SC275377 (Scotland)











































The Good Gift Co. Limited

Unaudited Financial Statements

for the Year Ended 28th February 2022






The Good Gift Co. Limited (Registered number: SC275377)






Contents of the Financial Statements
for the year ended 28th February 2022




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


The Good Gift Co. Limited

Company Information
for the year ended 28th February 2022







Directors: N Lampen
Mrs V R Lampen





Secretary: N Lampen





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: The Old Schoolhouse
Badcaul
Dundonnell
Garve
Ross shire
IV23 2QY





Registered number: SC275377 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

The Good Gift Co. Limited (Registered number: SC275377)

Balance Sheet
28th February 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Tangible assets 4 93 110

Current assets
Stocks 1,896 4,493
Debtors 5 1,898 2,293
Cash at bank - 15,619
3,794 22,405
Creditors
Amounts falling due within one year 6 20,572 27,053
Net current liabilities (16,778 ) (4,648 )
Total assets less current liabilities (16,685 ) (4,538 )

Capital and reserves
Called up share capital 10,000 10,000
Retained earnings (26,685 ) (14,538 )
Shareholders' funds (16,685 ) (4,538 )

The Good Gift Co. Limited (Registered number: SC275377)

Balance Sheet - continued
28th February 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th August 2022 and were signed on its behalf by:





N Lampen - Director


The Good Gift Co. Limited (Registered number: SC275377)

Notes to the Financial Statements
for the year ended 28th February 2022

1. Statutory information

The Good Gift Co. Limited is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant & equipment - 15% on reducing balance
Office equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accrual, loan and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors, loan and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


The Good Gift Co. Limited (Registered number: SC275377)

Notes to the Financial Statements - continued
for the year ended 28th February 2022

2. Accounting policies - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors acknowledge that a loss has been incurred this year, however they are confident that the company can overcome these trading difficulties and return to profitable trading over the next twelve months. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 1 (2021 - 1 ) .

4. Tangible fixed assets
Plant & Office
equipment equipment Totals
£    £    £   
Cost
At 1st March 2021
and 28th February 2022 1,425 8,933 10,358
Depreciation
At 1st March 2021 1,315 8,933 10,248
Charge for year 17 - 17
At 28th February 2022 1,332 8,933 10,265
Net book value
At 28th February 2022 93 - 93
At 28th February 2021 110 - 110

The Good Gift Co. Limited (Registered number: SC275377)

Notes to the Financial Statements - continued
for the year ended 28th February 2022

5. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 1,245 1,245
Other debtors 653 1,048
1,898 2,293

6. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 17,204 19,000
Trade creditors 682 5,482
Other creditors 2,686 2,571
20,572 27,053