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REGISTERED NUMBER: 00618260 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

It's A Gift Limited

It's A Gift Limited (Registered number: 00618260)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


It's A Gift Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: Mr P J Bacon
Mr S P Bacon



SECRETARY: Mr P J Bacon



REGISTERED OFFICE: 6 Letts Road
Letts Road Industrial Estate
Northampton
Northamptonshire
NN4 8HQ



REGISTERED NUMBER: 00618260 (England and Wales)



ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL



BANKERS: Lloyds Bank PLC
George Row
Northampton
NN1 1DJ

It's A Gift Limited (Registered number: 00618260)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 287,340 211,521

CURRENT ASSETS
Stocks 5 236,086 253,025
Debtors 6 28,097 24,190
Cash at bank and in hand 43,716 66,331
307,899 343,546
CREDITORS
Amounts falling due within one year 7 1,107,485 879,290
NET CURRENT LIABILITIES (799,586 ) (535,744 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(512,246

)

(324,223

)

CREDITORS
Amounts falling due after more than one
year

8

-

(30,000

)

PROVISIONS FOR LIABILITIES - (4,363 )
NET LIABILITIES (512,246 ) (358,586 )

CAPITAL AND RESERVES
Called up share capital 11 4,000 4,000
Fair value reserve 12 61,985 63,276
Retained earnings (578,231 ) (425,862 )
SHAREHOLDERS' FUNDS (512,246 ) (358,586 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

It's A Gift Limited (Registered number: 00618260)

Balance Sheet - continued
31 October 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




Mr P J Bacon - Director



Mr S P Bacon - Director


It's A Gift Limited (Registered number: 00618260)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

It's A Gift Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address can be found on the Company Information Page.

The principal place of business is 6 Letts Road, Letts Road Industrial Estate, Northampton, NN4 8HQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the 31st October each year.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

Turnover includes sales of items from both the shops and cafes, the income is recognised immediately upon the sale being made.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks 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 balance sheet date.


It's A Gift Limited (Registered number: 00618260)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2022 - 68 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 361,789 66,988 122,266 22,400 573,443
Additions 76,925 - 15,142 - 92,067
At 31 October 2023 438,714 66,988 137,408 22,400 665,510
DEPRECIATION
At 1 November 2022 226,325 13,896 100,426 21,275 361,922
Charge for year 8,330 1,337 5,456 1,125 16,248
At 31 October 2023 234,655 15,233 105,882 22,400 378,170
NET BOOK VALUE
At 31 October 2023 204,059 51,755 31,526 - 287,340
At 31 October 2022 135,464 53,092 21,840 1,125 211,521

5. STOCKS
2023 2022
£    £   
Stocks 236,086 253,025

It's A Gift Limited (Registered number: 00618260)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,957
Other debtors 28,097 20,233
28,097 24,190

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 76,095 79,727
Taxation and social security 46,215 46,732
Other creditors 985,175 752,831
1,107,485 879,290

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors - 30,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 6,500 26,000
Between one and five years - 78,000
6,500 104,000

After the year end the company negotiated an exit from a lease agreement and so the minimum payments under non-cancellable operating lease note reflects the negotiated exit.

It's A Gift Limited (Registered number: 00618260)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

10. FINANCIAL RISK MANAGEMENT

The company has some exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling.

Credit risk
The company has exposure to credit risks. The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage, although this risk is minimal as most transactions are paid at the point of sale.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. There is no significant non-derivative financial liabilities remaining at the reporting date.

Market risk
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets, and altering buying patterns accordingly.

The company holds no derivative financial instruments at the year end.

There is one outstanding mortgage charges, in favour of Lloyds Bank Plc, secured by a fixed charge over the freehold property owned by the company. Another charge, in favour of Lloyds Bank Plc, was settled in the year.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 Ordinary Shares £1 2,000 2,000
2,000 Preference Shares £1 2,000 2,000
4,000 4,000

12. RESERVES
Fair
value
reserve
£   
At 1 November 2022 63,276
Reserve transfer (1,291 )

At 31 October 2023 61,985

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the balances due to those with significant control amounted to £972,742 (2022 - £740,245), these amounts were repayable on demand and therefore classified as creditors less than one year. There is no interest accruing on these balances.