Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M Laimou 29/03/2021 V Patera 29/03/2021 S Skordos 19/12/2022 24 September 2024 The principal activity of the company during the financial year was retail sale of luxury gifts online and through pop up events 13298192 2024-03-31 13298192 bus:Director1 2024-03-31 13298192 bus:Director2 2024-03-31 13298192 bus:Director3 2024-03-31 13298192 2023-03-31 13298192 core:CurrentFinancialInstruments 2024-03-31 13298192 core:CurrentFinancialInstruments 2023-03-31 13298192 core:ShareCapital 2024-03-31 13298192 core:ShareCapital 2023-03-31 13298192 core:RetainedEarningsAccumulatedLosses 2024-03-31 13298192 core:RetainedEarningsAccumulatedLosses 2023-03-31 13298192 core:OtherResidualIntangibleAssets 2023-03-31 13298192 core:OtherResidualIntangibleAssets 2024-03-31 13298192 core:OtherPropertyPlantEquipment 2023-03-31 13298192 core:OtherPropertyPlantEquipment 2024-03-31 13298192 bus:OrdinaryShareClass1 2024-03-31 13298192 2023-04-01 2024-03-31 13298192 bus:FilletedAccounts 2023-04-01 2024-03-31 13298192 bus:SmallEntities 2023-04-01 2024-03-31 13298192 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13298192 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13298192 bus:Director1 2023-04-01 2024-03-31 13298192 bus:Director2 2023-04-01 2024-03-31 13298192 bus:Director3 2023-04-01 2024-03-31 13298192 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 13298192 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 13298192 2022-04-01 2023-03-31 13298192 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13298192 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13298192 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13298192 (England and Wales)

GREEKS BEARING GIFTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GREEKS BEARING GIFTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GREEKS BEARING GIFTS LIMITED

BALANCE SHEET

As at 31 March 2024
GREEKS BEARING GIFTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,081 2,602
Tangible assets 4 1,179 1,958
3,260 4,560
Current assets
Stocks 75,864 91,225
Debtors 5 0 2,777
Cash at bank and in hand 3,220 5,834
79,084 99,836
Creditors: amounts falling due within one year 6 ( 562,161) ( 404,300)
Net current liabilities (483,077) (304,464)
Total assets less current liabilities (479,817) (299,904)
Net liabilities ( 479,817) ( 299,904)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 479,917 ) ( 300,004 )
Total shareholders' deficit ( 479,817) ( 299,904)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Greeks Bearing Gifts Limited (registered number: 13298192) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

V Patera
Director
GREEKS BEARING GIFTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GREEKS BEARING GIFTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Greeks Bearing Gifts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 % reducing balance
Other 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 3,826 3,826
At 31 March 2024 3,826 3,826
Accumulated amortisation
At 01 April 2023 1,224 1,224
Charge for the financial year 521 521
At 31 March 2024 1,745 1,745
Net book value
At 31 March 2024 2,081 2,081
At 31 March 2023 2,602 2,602

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 3,479 3,479
Additions 490 490
At 31 March 2024 3,969 3,969
Accumulated depreciation
At 01 April 2023 1,521 1,521
Charge for the financial year 1,269 1,269
At 31 March 2024 2,790 2,790
Net book value
At 31 March 2024 1,179 1,179
At 31 March 2023 1,958 1,958

5. Debtors

2024 2023
£ £
Other debtors 0 2,777

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 23,493 6,737
Other taxation and social security 5,725 3,009
Other creditors 532,943 394,554
562,161 404,300

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100