Giftbox Jewellers Limited 2216400 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is in the year under review was that of owning and managing properties and receiving rents therefrom. Digita Accounts Production Advanced 6.30.9574.0 true true 2216400 2023-05-01 2024-04-30 2216400 2024-04-30 2216400 bus:OrdinaryShareClass1 2024-04-30 2216400 core:CurrentFinancialInstruments 2024-04-30 2216400 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 2216400 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 2216400 core:FurnitureFittings 2024-04-30 2216400 bus:SmallEntities 2023-05-01 2024-04-30 2216400 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 2216400 bus:FilletedAccounts 2023-05-01 2024-04-30 2216400 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 2216400 bus:RegisteredOffice 2023-05-01 2024-04-30 2216400 bus:Director1 2023-05-01 2024-04-30 2216400 bus:Director2 2023-05-01 2024-04-30 2216400 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 2216400 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 2216400 core:FurnitureFittings 2023-05-01 2024-04-30 2216400 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 2216400 countries:EnglandWales 2023-05-01 2024-04-30 2216400 2023-04-30 2216400 core:FurnitureFittings 2023-04-30 2216400 2022-05-01 2023-04-30 2216400 2023-04-30 2216400 bus:OrdinaryShareClass1 2023-04-30 2216400 core:CurrentFinancialInstruments 2023-04-30 2216400 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 2216400 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 2216400 core:FurnitureFittings 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 2216400

Giftbox Jewellers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Giftbox Jewellers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Giftbox Jewellers Limited

Company Information

Directors

G Warrior

S Embury

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Giftbox Jewellers Limited

(Registration number: 2216400)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

118

157

Investment properties

5

2,100,000

2,100,000

 

2,100,118

2,100,157

Current assets

 

Debtors

6

181

500

Cash at bank and in hand

 

10,978

17,734

 

11,159

18,234

Creditors: Amounts falling due within one year

7

(160,088)

(163,098)

Net current liabilities

 

(148,929)

(144,864)

Total assets less current liabilities

 

1,951,189

1,955,293

Creditors: Amounts falling due after more than one year

7

(258,901)

(262,981)

Provisions for liabilities

(239,185)

(239,185)

Net assets

 

1,453,103

1,453,127

Capital and reserves

 

Called up share capital

8

70,000

70,000

Profit and loss account

1,383,103

1,383,127

Shareholders' funds

 

1,453,103

1,453,127

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Giftbox Jewellers Limited

(Registration number: 2216400)
Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
G Warrior
Director

.........................................
S Embury
Director

 

Giftbox Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the Board on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Giftbox Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Investment properties

Investment properties are properties held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Profit and loss account in the period in which they arise.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Giftbox Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Giftbox Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

496

496

At 30 April 2024

496

496

Depreciation

At 1 May 2023

339

339

Charge for the year

39

39

At 30 April 2024

378

378

Carrying amount

At 30 April 2024

118

118

At 30 April 2023

157

157

5

Investment properties

2024
£

At 1 May 2023

2,100,000

At 30 April 2024

2,100,000

The directors consider that the valuation of the company's investment properties, as at the balance sheet date, was not materially different to the above.

If the investment properties had not been revalued, they would have been included at historical cost of £608,372 (2023 - £608,372).

6

Debtors

Current

2024
£

2023
£

Prepayments and accrued income

181

-

Other debtors

-

500

 

181

500

 

Giftbox Jewellers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

4,077

3,973

Taxation and social security

 

14,443

13,206

Accruals and deferred income

 

7,443

4,920

Other creditors

 

134,125

140,999

 

160,088

163,098

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans

258,901

262,981

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

70,000

70,000

70,000

70,000

       

9

Reserves

£1,252,443 of the company's reserves are not distributable as they arise out of unrealised gains from the revaluation of the investment properties. The distributable reserves amount to £130,660.

10

Related party transactions

As at the balance sheet date, the company owed sums of £55,190 (2023 - £58,628) and £46,434 (2023 - £49,871) to Mr G Warrior and Mr S Embury, directors of the company, respectively.

The above sums owed are unsecured, interest free and repayable on demand.