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REGISTERED NUMBER: 08319210 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GIFT ORIGINAL LTD

GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GIFT ORIGINAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr P J Daniels





REGISTERED OFFICE: Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
NR6 6BB





REGISTERED NUMBER: 08319210 (England and Wales)





ACCOUNTANTS: Farnell Clarke Limited
Evolution House
Delft Way
Norwich Airport
Norwich
Norfolk
NR6 6BB

GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 101 123
Property, plant and equipment 5 260 1,515
361 1,638

CURRENT ASSETS
Inventories 1,500 1,552
Debtors 6 350 5,069
Cash at bank 3,182 3,971
5,032 10,592
CREDITORS
Amounts falling due within one year 7 5,615 9,255
NET CURRENT (LIABILITIES)/ASSETS (583 ) 1,337
TOTAL ASSETS LESS CURRENT LIABILITIES (222 ) 2,975

CREDITORS
Amounts falling due after more than one
year

8

(2,960

)

(4,988

)

PROVISIONS FOR LIABILITIES (42 ) (311 )
NET LIABILITIES (3,224 ) (2,324 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (3,324 ) (2,424 )
SHAREHOLDERS' FUNDS (3,224 ) (2,324 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 April 2024 and were signed by:





Mr P J Daniels - Director


GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Gift Original Ltd 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
These accounts have been prepared on the going concern basis based on confirmation from the directors that they will continue to financially support the company during this uncertain period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 220
AMORTISATION
At 1 January 2023 97
Amortisation for year 22
At 31 December 2023 119
NET BOOK VALUE
At 31 December 2023 101
At 31 December 2022 123

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 3,288 280 3,434 7,002
DEPRECIATION
At 1 January 2023 2,306 152 3,029 5,487
Charge for year 818 32 405 1,255
At 31 December 2023 3,124 184 3,434 6,742
NET BOOK VALUE
At 31 December 2023 164 96 - 260
At 31 December 2022 982 128 405 1,515

GIFT ORIGINAL LTD (REGISTERED NUMBER: 08319210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 877
Directors' current accounts - 3,440
Prepayments 350 752
350 5,069

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,028 1,978
Trade creditors - 900
Corporation tax 27 2,906
VAT - 3,471
Directors' current accounts 3,560 -
5,615 9,255

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 2,080 2,028
Bank loans - 2-5 years 880 2,960
2,960 4,988

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P J Daniels.