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Company No: 08374932 (England and Wales)

PRESSI GIFT GIVING INSTANTLY LTD.

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

PRESSI GIFT GIVING INSTANTLY LTD.

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PRESSI GIFT GIVING INSTANTLY LTD.

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PRESSI GIFT GIVING INSTANTLY LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 82 325
82 325
Current assets
Debtors 4 122 0
Cash at bank and in hand 347 262
469 262
Creditors: amounts falling due within one year 5 ( 120,641) ( 119,395)
Net current liabilities (120,172) (119,133)
Total assets less current liabilities (120,090) (118,808)
Net liabilities ( 120,090) ( 118,808)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 120,092 ) ( 118,810 )
Total shareholders' deficit ( 120,090) ( 118,808)

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 Pressi Gift Giving Instantly Ltd. (registered number: 08374932) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Susan Tasker
Director

15 October 2024

PRESSI GIFT GIVING INSTANTLY LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PRESSI GIFT GIVING INSTANTLY LTD.

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

Pressi Gift Giving Instantly Ltd. (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 Unit 4c, The Gattinetts Hadleigh Road, East Bergholt, Colchester, CO7 6QT, England, 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 Statement of Financial Position 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

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 or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

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.

2. Employees

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

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 1,060 1,060
At 31 March 2024 1,060 1,060
Accumulated depreciation
At 01 April 2023 735 735
Charge for the financial year 243 243
At 31 March 2024 978 978
Net book value
At 31 March 2024 82 82
At 31 March 2023 325 325

4. Debtors

2024 2023
£ £
VAT recoverable 122 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,703 270
Amounts owed to directors 106,740 115,304
Accruals 2,700 1,560
Other taxation and social security 0 144
Other creditors 9,498 2,117
120,641 119,395