Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31trueNo description of principal activity2023-02-01false89trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02117264 2023-02-01 2024-01-31 02117264 2022-02-01 2023-01-31 02117264 2024-01-31 02117264 2023-01-31 02117264 c:Director1 2023-02-01 2024-01-31 02117264 d:PlantMachinery 2023-02-01 2024-01-31 02117264 d:PlantMachinery 2024-01-31 02117264 d:PlantMachinery 2023-01-31 02117264 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02117264 d:MotorVehicles 2023-02-01 2024-01-31 02117264 d:MotorVehicles 2024-01-31 02117264 d:MotorVehicles 2023-01-31 02117264 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02117264 d:FurnitureFittings 2023-02-01 2024-01-31 02117264 d:FurnitureFittings 2024-01-31 02117264 d:FurnitureFittings 2023-01-31 02117264 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02117264 d:OfficeEquipment 2023-02-01 2024-01-31 02117264 d:OfficeEquipment 2024-01-31 02117264 d:OfficeEquipment 2023-01-31 02117264 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02117264 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02117264 d:CurrentFinancialInstruments 2024-01-31 02117264 d:CurrentFinancialInstruments 2023-01-31 02117264 d:Non-currentFinancialInstruments 2024-01-31 02117264 d:Non-currentFinancialInstruments 2023-01-31 02117264 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 02117264 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02117264 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 02117264 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 02117264 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 02117264 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 02117264 d:ShareCapital 2024-01-31 02117264 d:ShareCapital 2023-01-31 02117264 d:CapitalRedemptionReserve 2023-02-01 2024-01-31 02117264 d:CapitalRedemptionReserve 2024-01-31 02117264 d:CapitalRedemptionReserve 2023-01-31 02117264 d:RetainedEarningsAccumulatedLosses 2024-01-31 02117264 d:RetainedEarningsAccumulatedLosses 2023-01-31 02117264 c:OrdinaryShareClass1 2023-02-01 2024-01-31 02117264 c:OrdinaryShareClass1 2024-01-31 02117264 c:OrdinaryShareClass1 2023-01-31 02117264 c:OrdinaryShareClass2 2023-02-01 2024-01-31 02117264 c:OrdinaryShareClass2 2024-01-31 02117264 c:OrdinaryShareClass2 2023-01-31 02117264 c:OrdinaryShareClass3 2023-02-01 2024-01-31 02117264 c:OrdinaryShareClass3 2024-01-31 02117264 c:OrdinaryShareClass3 2023-01-31 02117264 c:OrdinaryShareClass4 2023-02-01 2024-01-31 02117264 c:OrdinaryShareClass4 2024-01-31 02117264 c:OrdinaryShareClass4 2023-01-31 02117264 c:OrdinaryShareClass5 2023-02-01 2024-01-31 02117264 c:OrdinaryShareClass5 2024-01-31 02117264 c:OrdinaryShareClass5 2023-01-31 02117264 c:FRS102 2023-02-01 2024-01-31 02117264 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 02117264 c:FullAccounts 2023-02-01 2024-01-31 02117264 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02117264 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02117264














INSTANT GIFTS INTERNATIONAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2024

 
INSTANT GIFTS INTERNATIONAL LIMITED
REGISTERED NUMBER:02117264

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023

FIXED ASSETS
  

Tangible assets
 4 
8,458
9,443

CURRENT ASSETS
  

Stocks
 5 
791,923
871,927

Debtors: amounts falling due within one year
 6 
77,834
58,919

Cash at bank and in hand
 7 
2,660
1,880

  
872,417
932,726

Creditors: amounts falling due within one year
 8 
(804,509)
(738,907)

NET CURRENT ASSETS
  
 
 
67,908
 
 
193,819

TOTAL ASSETS LESS CURRENT LIABILITIES
  
76,366
203,262

Creditors: amounts falling due after more than one year
 9 
(15,059)
(25,194)

  

NET ASSETS
  
£61,307
£178,068


CAPITAL AND RESERVES
  

Called up share capital 
 11 
104,633
104,633

Capital redemption reserve
 12 
8,500
8,500

Profit and loss account
 12 
(51,826)
64,935

  
£61,307
£178,068


Page 1

 
INSTANT GIFTS INTERNATIONAL LIMITED
REGISTERED NUMBER:02117264

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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 25 October 2024.




___________________________
D M Phillips
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
INSTANT GIFTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Instant Gifts International Limited is a private company limited by shares.  The company registration number is 02117264 and it is incorporated in England and Wales.  The registered office of the company is Henwood House, Henwood, Ashford, Kent TN24 8DH.  The principal place of business is Unit 1, Leigh Green Industrial Estate, Appledore Road, Tenterden, Kent  TN30 7DF.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
INSTANT GIFTS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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

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.

Page 4

 
INSTANT GIFTS INTERNATIONAL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance basis
Motor vehicles
-
25%
reducing balance basis
Fixtures and fittings
-
15%
reducing balance basis
Office equipment
-
25%
reducing balance basis

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 9).

Page 5

 
INSTANT GIFTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total



Cost or valuation


At 1 February 2023
29,000
10,000
97,553
59,332
195,885


Additions
-
-
-
1,345
1,345



At 31 January 2024

29,000
10,000
97,553
60,677
197,230



Depreciation


At 1 February 2023
29,000
6,133
95,228
56,081
186,442


Charge for the year on owned assets
-
967
351
1,012
2,330



At 31 January 2024

29,000
7,100
95,579
57,093
188,772



Net book value



At 31 January 2024
£-
£2,900
£1,974
£3,584
£8,458



At 31 January 2023
£-
£3,867
£2,325
£3,251
£9,443


5.


Stocks

2024
2023

Finished goods and goods for resale
£791,923
£871,927



6.


Debtors

2024
2023


Trade debtors
25,003
16,295

Other debtors
39,636
36,158

Prepayments and accrued income
13,195
6,466

£77,834
£58,919


Page 6

 
INSTANT GIFTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
2,660
1,880

Less: bank overdrafts
(33,414)
(32,437)

£(30,754)
£(30,557)



8.


Creditors: Amounts falling due within one year

2024
2023

Bank overdrafts
33,414
32,437

Bank loans
9,891
9,646

Trade creditors
40,406
34,120

Other taxation and social security
2,245
4,216

Other creditors
711,477
642,826

Accruals and deferred income
7,076
15,662

£804,509
£738,907


The following liabilities were secured:



Details of security provided:

The hire purchase and finance lease liabilities are secured on the assets provided.


9.


Creditors: Amounts falling due after more than one year

2024
2023

Bank loans
£15,059
£25,194



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023

Amounts falling due within one year

Bank loans
9,891
9,646


Amounts falling due 2-5 years

Bank loans
15,059
25,194


£24,950
£34,840


Page 7

 
INSTANT GIFTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Share capital

2024
2023
Allotted, called up and fully paid



84,633 (2023 - 84,633) Ordinary shares of £1.00 each
84,633
84,633
2,858 (2023 - 2,858) Ordinary B shares of £1.00 each
2,858
2,858
5,714 (2023 - 5,714) Ordinary C shares of £1.00 each
5,714
5,714
5,714 (2023 - 5,714) Ordinary D shares of £1.00 each
5,714
5,714
5,714 (2023 - 5,714) Ordinary E shares of £1.00 each
5,714
5,714

£104,633

£104,633



12.


Reserves

Capital redemption reserve

This represents the par value of shares purchased by the company on 9 September 1999 and immediately cancelled.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,115 (2023 - £2,025). 

Page 8