Cards and Gifts Direct Limited 07061048 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is the retail sale of greeting cards and stationery online and in a shop Digita Accounts Production Advanced 6.30.9574.0 true true 07061048 2022-01-01 2022-12-31 07061048 2022-12-31 07061048 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 07061048 core:CurrentFinancialInstruments 2022-12-31 07061048 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07061048 core:Goodwill 2022-12-31 07061048 core:FurnitureFittingsToolsEquipment 2022-12-31 07061048 core:OtherPropertyPlantEquipment 2022-12-31 07061048 bus:SmallEntities 2022-01-01 2022-12-31 07061048 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 07061048 bus:FullAccounts 2022-01-01 2022-12-31 07061048 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07061048 bus:RegisteredOffice 2022-01-01 2022-12-31 07061048 bus:Director1 2022-01-01 2022-12-31 07061048 bus:Director2 2022-01-01 2022-12-31 07061048 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-01-01 2022-12-31 07061048 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07061048 core:Goodwill 2022-01-01 2022-12-31 07061048 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 07061048 core:LeaseholdImprovements 2022-01-01 2022-12-31 07061048 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 07061048 core:PlantMachinery 2022-01-01 2022-12-31 07061048 countries:AllCountries 2022-01-01 2022-12-31 07061048 2021-12-31 07061048 core:Goodwill 2021-12-31 07061048 core:FurnitureFittingsToolsEquipment 2021-12-31 07061048 core:OtherPropertyPlantEquipment 2021-12-31 07061048 2021-01-01 2021-12-31 07061048 2021-12-31 07061048 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-12-31 07061048 core:CurrentFinancialInstruments 2021-12-31 07061048 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 07061048 core:FurnitureFittingsToolsEquipment 2021-12-31 07061048 core:OtherPropertyPlantEquipment 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07061048

Cards and Gifts Direct Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Cards and Gifts Direct Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Cards and Gifts Direct Limited

Company Information

Directors

Mrs E V Hine

Mr P A Hine

Registered office

C/o Armstrongs Accountants Limited
Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP

Accountants

Armstrongs Accountants Limited
Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP

 

Cards and Gifts Direct Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Mrs E V Hine

Mr P A Hine

Principal activity

The principal activity of the company is the retail sale of greeting cards and stationery online and in a shop

Going concern

The directors have reviewed the performance of the company since the end of the accounting period and believe that there are sufficient cash flows to meet ongoing liabilities as they arise. The directors will continue to support the company until it starts to generate a profit. Therefore the directors are satisfied that there are no material uncertainties that may cast doubt on the ability of the company to continue as a going concern.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mrs E V Hine
Director

 

Cards and Gifts Direct Limited

(Registration number: 07061048)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

3,313

4,417

Current assets

 

Stocks

6

5,406

55,660

Debtors

7

5,940

14,964

Cash at bank and in hand

 

1,358

4,830

 

12,704

75,454

Creditors: Amounts falling due within one year

8

(61,914)

(74,039)

Net current (liabilities)/assets

 

(49,210)

1,415

Total assets less current liabilities

 

(45,897)

5,832

Provisions for liabilities

(629)

(839)

Net (liabilities)/assets

 

(46,526)

4,993

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(46,626)

4,893

Shareholders' (deficit)/funds

 

(46,526)

4,993

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mrs E V Hine
Director

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Armstrongs Accountants Limited
Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP
England

These financial statements were authorised for issue by the Board on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, tools and equipment

25% per annum reducing balance method

Plant & machinery

25% per annum reducing balance method

Leasehold improvements

25% per annum reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

83,595

83,595

At 31 December 2022

83,595

83,595

Amortisation

At 1 January 2022

83,595

83,595

At 31 December 2022

83,595

83,595

Carrying amount

At 31 December 2022

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

28,801

2,536

31,337

At 31 December 2022

28,801

2,536

31,337

Depreciation

At 1 January 2022

25,082

1,838

26,920

Charge for the year

930

174

1,104

At 31 December 2022

26,012

2,012

28,024

Carrying amount

At 31 December 2022

2,789

524

3,313

At 31 December 2021

3,719

698

4,417

6

Stocks

2022
£

2021
£

Other inventories

5,406

55,660

 

Cards and Gifts Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

3,090

7,806

Prepayments

-

88

Other debtors

2,850

7,070

 

5,940

14,964

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

11,305

16,986

trade creditors

 

28,027

30,607

Taxation and social security

 

8,440

24,390

Other creditors

 

14,142

2,056

 

61,914

74,039

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

16,971

Bank overdrafts

11,305

15

11,305

16,986