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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

GAINSBOROUGH GIFTWARE LIMITED

GAINSBOROUGH GIFTWARE LIMITED (REGISTERED NUMBER: 07468722)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

GAINSBOROUGH GIFTWARE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2021







DIRECTORS: Mr A C Fretwell
Mr P Drinkall
Mrs P A Drinkall
Mr T P Drinkall





REGISTERED OFFICE: 1 Caldicott Drive
Heapham Road Industrial Estate
Gainsborough
Lincolnshire
DN21 1FJ





REGISTERED NUMBER: 07468722 (England and Wales)





ACCOUNTANTS: Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

GAINSBOROUGH GIFTWARE LIMITED (REGISTERED NUMBER: 07468722)

BALANCE SHEET
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 618,023 551,863

CURRENT ASSETS
Stocks 838,484 279,556
Debtors 5 250,404 35,451
Cash at bank and in hand 1,173,680 1,464,964
2,262,568 1,779,971
CREDITORS
Amounts falling due within one year 6 818,629 663,323
NET CURRENT ASSETS 1,443,939 1,116,648
TOTAL ASSETS LESS CURRENT LIABILITIES 2,061,962 1,668,511

PROVISIONS FOR LIABILITIES 9 19,895 7,325
NET ASSETS 2,042,067 1,661,186

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,041,967 1,661,086
2,042,067 1,661,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2022 and were signed on its behalf by:





Mr P Drinkall - Director


GAINSBOROUGH GIFTWARE LIMITED (REGISTERED NUMBER: 07468722)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021

1. STATUTORY INFORMATION

Gainsborough Giftware 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 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

GAINSBOROUGH GIFTWARE LIMITED (REGISTERED NUMBER: 07468722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2020 - 25 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 513,312 110,217 - 7,159 630,688
Additions - 12,950 67,941 9,417 90,308
At 31 December 2021 513,312 123,167 67,941 16,576 720,996
DEPRECIATION
At 1 January 2021 - 76,356 - 2,469 78,825
Charge for year - 8,428 10,194 5,526 24,148
At 31 December 2021 - 84,784 10,194 7,995 102,973
NET BOOK VALUE
At 31 December 2021 513,312 38,383 57,747 8,581 618,023
At 31 December 2020 513,312 33,861 - 4,690 551,863

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 40,713
At 31 December 2021 40,713
DEPRECIATION
Charge for year 5,089
At 31 December 2021 5,089
NET BOOK VALUE
At 31 December 2021 35,624

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 134,206 11,963
Amounts owed by associates 200 200
Other debtors 48,391 -
Prepayments 67,607 23,288
250,404 35,451

GAINSBOROUGH GIFTWARE LIMITED (REGISTERED NUMBER: 07468722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts (see note 7) 12,786 -
Trade creditors 220,441 337,359
Tax 202,031 159,888
Social security and other taxes 35,146 23,680
Deposits 268,412 -
VAT 64,023 135,523
Other creditors 6,233 2,878
Accrued expenses 9,557 3,995
818,629 663,323

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.21 31.12.20
£    £   
Net obligations repayable:
Within one year 12,786 -

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Between one and five years 4,800 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Hire purchase contracts 12,786 -

9. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 19,895 7,325

Deferred
tax
£   
Balance at 1 January 2021 7,325
Provided during year 12,570
Balance at 31 December 2021 19,895

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GAINSBOROUGH GIFTWARE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gainsborough Giftware Limited for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Gainsborough Giftware Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Gainsborough Giftware Limited and state those matters that we have agreed to state to the Board of Directors of Gainsborough Giftware Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gainsborough Giftware Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gainsborough Giftware Limited. You consider that Gainsborough Giftware Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gainsborough Giftware Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN


Date: .............................................