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Registration number: 13875293

Goldenhands Gift Shop Ltd

Annual Report and Filleted Financial Statements

for the Year Ended 30 January 2024

 

Goldenhands Gift Shop Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

Accountants' Report

8

 

Goldenhands Gift Shop Ltd

Company Information

Director

J Martin

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

Goldenhands Gift Shop Ltd

(Registration number: 13875293)
Balance Sheet as at 30 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,937

5,942

Current assets

 

Stocks

5

81,744

88,117

Debtors

6

22,126

14,227

Cash at bank and in hand

 

5,473

10,651

 

109,343

112,995

Creditors: Amounts falling due within one year

7

(101,540)

(115,032)

Net current assets/(liabilities)

 

7,803

(2,037)

Total assets less current liabilities

 

12,740

3,905

Provisions for liabilities

(938)

-

Net assets

 

11,802

3,905

Capital and reserves

 

Called up share capital

3

3

Retained earnings

11,799

3,902

Shareholders' funds

 

11,802

3,905

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2024
 

.........................................
J Martin
Director

 

Goldenhands Gift Shop Ltd

Notes to the Financial Statements for the Year Ended 30 January 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:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

The principal place of business is:
30 George Street
Hastings
East Sussex
TN34 3EA

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

 

Goldenhands Gift Shop Ltd

Notes to the Financial Statements for the Year Ended 30 January 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 23 October 2024 was , who signed for and on behalf of .

.........................................

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 and deferred 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.

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, fittings and equipment

20% reducing balance

Office equipment

20% reducing balance

 

Goldenhands Gift Shop Ltd

Notes to the Financial Statements for the Year Ended 30 January 2024

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 at the transaction price, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 at the transaction price.

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.

Defined contribution pension obligation

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.

 

Goldenhands Gift Shop Ltd

Notes to the Financial Statements for the Year Ended 30 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 January 2023

6,475

6,475

Additions

225

225

At 30 January 2024

6,700

6,700

Depreciation

At 31 January 2023

533

533

Charge for the year

1,230

1,230

At 30 January 2024

1,763

1,763

Carrying amount

At 30 January 2024

4,937

4,937

At 30 January 2023

5,942

5,942

5

Stocks

2024
£

2023
£

Other inventories

81,744

88,117

6

Debtors

2024
£

2023
£

Prepayments

1,291

1,393

Other debtors

20,835

12,834

22,126

14,227

 

Goldenhands Gift Shop Ltd

Notes to the Financial Statements for the Year Ended 30 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

297

7,049

Taxation and social security

13,810

17,666

Accruals and deferred income

3,440

2,350

Other creditors

83,950

87,915

Director loan account

43

52

101,540

115,032

8

Related party transactions

During the year the company lent various amounts to Mrs S Martin (Spouse of the Director) to set up a business above the company's shop. The amount owing at the 31st January 2024 was £20,833 (2023: £12,833).

The company Goldenhands Gift Shop Ltd purchased the business from the partnership of Mrs B Martin and her sister Miss P Martin they are related to the Director. The company owes B & P Martin £83,534 at 31st January 2024 (2023: £86,067).

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Goldenhands Gift Shop Ltd
for the Year Ended 30 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Goldenhands Gift Shop Ltd for the year ended 30 January 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Goldenhands Gift Shop Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Goldenhands Gift Shop Ltd and state those matters that we have agreed to state to the Board of Directors of Goldenhands Gift Shop Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goldenhands Gift Shop Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Goldenhands Gift Shop Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Goldenhands Gift Shop Ltd. You consider that Goldenhands Gift Shop Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Goldenhands Gift Shop Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

23 October 2024