REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
FOR |
GIFTBOX JEWELLERS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
FOR |
GIFTBOX JEWELLERS LIMITED |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GIFTBOX JEWELLERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2 Dancastle Court |
14 Arcadia Avenue |
London |
N3 2JU |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
BALANCE SHEET |
30 APRIL 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
BALANCE SHEET - continued |
30 APRIL 2022 |
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 |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
1. | STATUTORY INFORMATION |
Giftbox Jewellers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of financial statements requires management to make significant judgements and estimates that affect the reported amounts of assets, liabilities, income and expenses.The items in the financial statements where these judgement and estimates have been made include: |
Investment properties |
Investment properties represent a significant proportion of the asset base of the company in its balance sheet. Therefore the estimates and assumptions made to determine their carrying values are significant. |
Deferred tax Provision |
The company has made deferred tax provisions in the financial statements. The directors exercise judgement in measuring and recognising deferred tax provisions. |
Changes in accounting policies |
There have been no changes in accounting policies since the previous reporting period. |
Turnover |
Turnover represents rents receivable from operating leases and is recognised on a straight-line basis over the term of the relevant lease. |
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 residual life: |
Fixtures Fittings - 25% on reducing balance |
At the end of each financial year, the directors assess the carrying values of the assets having regard to their condition, obsolescence and whether they are still in use, and where necessary the asset values are impaired. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties. |
Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and 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 profit & loss account. |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of tax payable in respect of the taxable profit for the current or prior reporting periods using tax rates and laws enacted by the reporting date. |
Deferred tax arises as a result of the inclusion of income and expenditure in the taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more/(less) tax at a future date, at the average rates of tax that are expected to apply when the timing differences reverse, based on laws and tax rates currently in force. The deferred tax thus calculated, is measured on a non-discounted basis.. |
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. |
Investment property |
Investment properties are properties held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs. |
Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise. |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2021 |
and 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
Cost or valuation at 30 April 2022 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2001 | 178,264 | - | 178,264 |
Valuation in 2003 | 110,000 | - | 110,000 |
Valuation in 2007 | 565,000 | - | 565,000 |
Valuation in 2010 | 261,637 | - | 261,637 |
Valuation in 2016 | 501,787 | - | 501,787 |
Cost | 608,372 | 496 | 608,868 |
2,225,060 | 496 | 2,225,556 |
Freehold investment properties were valued on an open market basis on 30 April 2022 by the directors of the company . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan over 5years | - | 207 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 183,906 | 183,906 |
Deferred |
tax |
£ |
Balance at 1 May 2021 |
Balance at 30 April 2022 |
10. | RESERVES |
£1,432,782 of the reserves are not distributable as they arise out of unrealised gains from the revaluation of the investment properties. The distributable reserves amount to £128,646. |
11. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, the company owed sums of £61,628 (2021 - £19,770 ) and £52,871 (2021 - £10,563) to Mr G Warrior and Mr S Embury, directors of the company, respectively. |
The above sums owed are unsecured, interest free and repayable on demand. |