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REGISTERED NUMBER: 02216400 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

GIFTBOX JEWELLERS LIMITED

GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GIFTBOX JEWELLERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: G Warrior
S Embury





SECRETARY: S Embury





REGISTERED OFFICE: 3rd Floor
Lawford House
Albert Place
London
N3 1QA





REGISTERED NUMBER: 02216400 (England and Wales)





ACCOUNTANTS: Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,100,157 2,225,269

CURRENT ASSETS
Debtors 5 500 13,000
Cash at bank 17,734 22,255
18,234 35,255
CREDITORS
Amounts falling due within one year 6 (163,098 ) (178,235 )
NET CURRENT LIABILITIES (144,864 ) (142,980 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,955,293

2,082,289

CREDITORS
Amounts falling due after more than one
year

7

(262,981

)

(266,955

)

PROVISIONS FOR LIABILITIES 9 (239,185 ) (183,906 )
NET ASSETS 1,453,127 1,631,428

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Retained earnings 10 1,383,127 1,561,428
SHAREHOLDERS' FUNDS 1,453,127 1,631,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)

BALANCE SHEET - continued
30 APRIL 2023


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 22 September 2023 and were signed on its behalf by:




G Warrior - Director



S Embury - Director


GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Giftbox Jewellers 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 as modified by the revaluation of certain assets.

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 2023

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 2 (2022 - 2 ) .

GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 May 2022 2,225,060 496 2,225,556
Revaluations (125,060 ) - (125,060 )
At 30 April 2023 2,100,000 496 2,100,496
DEPRECIATION
At 1 May 2022 - 287 287
Charge for year - 52 52
At 30 April 2023 - 339 339
NET BOOK VALUE
At 30 April 2023 2,100,000 157 2,100,157
At 30 April 2022 2,225,060 209 2,225,269

Cost or valuation at 30 April 2023 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
Valuation in 2023 (125,060 ) - (125,060 )
Cost 608,372 496 608,868
2,100,000 496 2,100,496

Freehold investment properties were valued on an open market basis on 30 April 2023 by the directors of the company .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 13,000
Other debtors 500 -
500 13,000

GIFTBOX JEWELLERS LIMITED (REGISTERED NUMBER: 02216400)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,973 3,878
Taxation and social security 13,206 12,557
Other creditors 145,919 161,800
163,098 178,235

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 262,981 266,955

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 266,954 270,833

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 239,185 183,906

Deferred
tax
£   
Balance at 1 May 2022 183,906
Charge to Statement of Income and Retained Earnings during year 55,279
Balance at 30 April 2023 239,185

10. RESERVES

£1,252,443 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 £130,684.

11. RELATED PARTY DISCLOSURES

As at the balance sheet date, the company owed sums of £58,628 (2022 - £61,628 ) and £49,871 (2022 - £52,871) 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.