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GIFTS KINGDOM LTD

Registered Number
07315308
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

GIFTS KINGDOM LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Mr J M FARRAR
Mrs L J FARRAR

Registered Address

7 Lincoln Road
Navenby
Lincoln
LN5 0LA

Registered Number

07315308 (England and Wales)
GIFTS KINGDOM LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3-703
-703
Current assets
Stocks15,00010,000
Cash at bank and on hand1,645155
16,64510,155
Creditors amounts falling due within one year(119,862)(118,920)
Net current assets (liabilities)(103,217)(108,765)
Total assets less current liabilities(103,217)(108,062)
Net assets(103,217)(108,062)
Capital and reserves
Called up share capital22
Revaluation reserve5,5275,527
Profit and loss account(108,746)(113,591)
Shareholders' funds4(103,217)(108,062)
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
Mrs L J FARRAR
Director
Registered Company No. 07315308
GIFTS KINGDOM LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
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.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable net of trade discounts, rebates, VAT and other sales taxes.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Current taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Straight line (years)
Plant and machinery4
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 2211,354
At 31 October 2311,354
Depreciation and impairment
At 01 November 2210,651
Charge for year703
At 31 October 2311,354
Net book value
At 31 October 23-
At 31 October 22703
4.Revaluation reserve

£
Reserve at 01 November 225,527
At 31 October 235,527
5.Related party transactions
Included in creditors is a balance of £118,236 (2022: £117,437) owed to Mrs L J & Mr J M Farrar. This is an unsecured interest free loan.