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Registered number: 09755876










LETTERBOX GIFTS LTD

Unaudited
Financial statements
Information for filing with the registrar
for the year ended 29 February 2024

 
LETTERBOX GIFTS LTD
 

Company Information


Directors
Eleanor Rose Marques 
Michelle Clare Stoneley 




Registered number
09755876



Registered office
Studio 1, Valentine Workshops
Bagshot Street

Sheffield

S11 8YH





 
LETTERBOX GIFTS LTD
Registered number: 09755876

Balance sheet
as at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,445
5,126

Tangible assets
 5 
238
562

  
4,683
5,688

Current assets
  

Stocks
  
35,145
47,000

Debtors
  
29,862
23,548

Cash at bank and in hand
  
22,565
44,621

  
87,572
115,169

Creditors: amounts falling due within one year
  
(31,787)
(42,624)

Net current assets
  
 
 
55,785
 
 
72,545

Net assets
  
60,468
78,233


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
60,368
78,133

  
60,468
78,233


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2024.



Eleanor Rose Marques
Michelle Clare Stoneley
Director
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
LETTERBOX GIFTS LTD
 

 
Notes to the financial statements
for the year ended 29 February 2024

1.


General information

Letterbox Gifts Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
LETTERBOX GIFTS LTD
 

 
Notes to the financial statements
for the year ended 29 February 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

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

Page 3

 
LETTERBOX GIFTS LTD
 

 
Notes to the financial statements
for the year ended 29 February 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
LETTERBOX GIFTS LTD
 

 
Notes to the financial statements
for the year ended 29 February 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 -7). 


4.


Intangible assets






Website

£



Cost


At 1 March 2023
6,810



At 29 February 2024

6,810



Amortisation


At 1 March 2023
1,684


Charge for the year on owned assets
681



At 29 February 2024

2,365



Net book value



At 29 February 2024
4,445



At 28 February 2023
5,126



Page 5

 
LETTERBOX GIFTS LTD
 

 
Notes to the financial statements
for the year ended 29 February 2024

5.


Tangible fixed assets







Equipment

£



Cost or valuation


At 1 March 2023
3,766



At 29 February 2024

3,766



Depreciation


At 1 March 2023
3,204


Charge for the year on owned assets
324



At 29 February 2024

3,528



Net book value



At 29 February 2024
238



At 28 February 2023
562


6.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100



Page 6