Company registration number 13497887 (England and Wales)
GROUP CARDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
GROUP CARDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GROUP CARDS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,646
4,624
Current assets
Debtors
4
3,194
2
Cash at bank and in hand
800,718
275,223
803,912
275,225
Creditors: amounts falling due within one year
5
(457,506)
(240,160)
Net current assets
346,406
35,065
Net assets
352,052
39,689
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
352,050
39,687
Total equity
352,052
39,689

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
A Brazier
Director
Company registration number 13497887 (England and Wales)
GROUP CARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Group Cards Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 London End, Beaconsfield, Buckinghamshire, HP9 2HN.

1.1
Reporting period

The financial statements cover the year ended 31 July 2023, however the comparative period is longed than 1 year as it covers the period from incorporation on the 7 July 2021 to 31 July 2022, As such, the figures are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Revenue arises from the sale of physical and digital greetings cards and the associated gift cards. Revenue

from the sales of greeting cards is recognised when the customer accepts delivery of the card. Based on previous experience, revenue from the gift cards is recognised if those gift cards remain unclaimed by the recipients after three months.  The three-month period is kept under review by the directors. Any gift cards claimed after period are still honoured and revenue is reduced accordingly.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

GROUP CARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
GROUP CARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
5,780
Additions
2,723
At 31 July 2023
8,503
Depreciation and impairment
At 1 August 2022
1,156
Depreciation charged in the year
1,701
At 31 July 2023
2,857
Carrying amount
At 31 July 2023
5,646
At 31 July 2022
4,624
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,194
2
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,185
-
0
Corporation tax
138,516
31,333
Other taxation and social security
29,120
23,315
Other creditors
284,685
185,512
457,506
240,160
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2

 

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