IRIS Accounts Production v24.3.0.553 08974590 director 1.6.23 31.5.24 31.5.24 false true false false false true false Ordinary 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh089745902023-05-31089745902024-05-31089745902023-06-012024-05-31089745902022-05-31089745902022-06-012023-05-31089745902023-05-3108974590ns15:EnglandWales2023-06-012024-05-3108974590ns14:PoundSterling2023-06-012024-05-3108974590ns10:Director12023-06-012024-05-3108974590ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3108974590ns10:SmallEntities2023-06-012024-05-3108974590ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3108974590ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3108974590ns10:FullAccounts2023-06-012024-05-310897459012023-06-012024-05-3108974590ns10:OrdinaryShareClass12023-06-012024-05-3108974590ns10:OrdinaryShareClass22023-06-012024-05-3108974590ns10:OrdinaryShareClass32023-06-012024-05-3108974590ns10:CompanySecretary12023-06-012024-05-3108974590ns10:RegisteredOffice2023-06-012024-05-3108974590ns5:CurrentFinancialInstruments2024-05-3108974590ns5:CurrentFinancialInstruments2023-05-3108974590ns5:Non-currentFinancialInstruments2024-05-3108974590ns5:Non-currentFinancialInstruments2023-05-3108974590ns5:ShareCapital2024-05-3108974590ns5:ShareCapital2023-05-3108974590ns5:RetainedEarningsAccumulatedLosses2024-05-3108974590ns5:RetainedEarningsAccumulatedLosses2023-05-3108974590ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3108974590ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-012024-05-3108974590ns5:PlantMachinery2023-06-012024-05-3108974590ns5:FurnitureFittings2023-06-012024-05-3108974590ns5:MotorVehicles2023-06-012024-05-3108974590ns5:ComputerEquipment2023-06-012024-05-3108974590ns5:IntangibleAssetsOtherThanGoodwill2023-05-3108974590ns5:IntangibleAssetsOtherThanGoodwill2024-05-3108974590ns5:IntangibleAssetsOtherThanGoodwill2023-05-3108974590ns5:PlantMachinery2023-05-3108974590ns5:FurnitureFittings2023-05-3108974590ns5:MotorVehicles2023-05-3108974590ns5:ComputerEquipment2023-05-3108974590ns5:PlantMachinery2024-05-3108974590ns5:FurnitureFittings2024-05-3108974590ns5:MotorVehicles2024-05-3108974590ns5:ComputerEquipment2024-05-3108974590ns5:PlantMachinery2023-05-3108974590ns5:FurnitureFittings2023-05-3108974590ns5:MotorVehicles2023-05-3108974590ns5:ComputerEquipment2023-05-3108974590ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3108974590ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3108974590ns5:WithinOneYear2024-05-3108974590ns5:WithinOneYear2023-05-3108974590ns5:DeferredTaxation2023-05-3108974590ns5:DeferredTaxation2024-05-3108974590ns10:OrdinaryShareClass12024-05-3108974590ns10:OrdinaryShareClass22024-05-3108974590ns10:OrdinaryShareClass32024-05-31
REGISTERED NUMBER: 08974590 (England and Wales)









RGIFTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






RGIFTS LIMITED (REGISTERED NUMBER: 08974590)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RGIFTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: R King





SECRETARY: F Cirstoiu





REGISTERED OFFICE: W2 Business Centre
Wellington House
Wellington Street
Cardiff
SOUTH GLAMORGAN
CF11 9BE





REGISTERED NUMBER: 08974590 (England and Wales)






RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 350 11,135
Tangible assets 5 25,881 30,663
26,231 41,798

CURRENT ASSETS
Stocks 22,609 103,524
Debtors 6 500,876 563,704
Investments 7 12,824 -
Cash at bank and in hand 128,316 144,214
664,625 811,442
CREDITORS
Amounts falling due within one year 8 123,394 207,210
NET CURRENT ASSETS 541,231 604,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

567,462

646,030

CREDITORS
Amounts falling due after more than one
year

9

(85,311

)

(57,637

)

PROVISIONS FOR LIABILITIES 11 (6,470 ) (7,665 )
NET ASSETS 475,681 580,728

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 475,581 580,628
SHAREHOLDERS' FUNDS 475,681 580,728

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

BALANCE SHEET - continued
31 MAY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 November 2024 and were signed by:





R King - Director


RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

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

1. STATUTORY INFORMATION

Rgifts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the Director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continue to adopt the going concern basis of accounting in preparing the financial statements

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for the services provided to the customer during the normal course of business. Turnover is recognised at the point when all benefits of the services provided are transferred to the customer.

For online sales, revenue is recognised when the customer pays online, title is deemed to have passed when the goods are dispatched from the warehouse.

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Current asset investments
Current asset investments are initially measured at cost and are subsequently re-measured at their fair value where they qualify as "basic" financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 11 ) .

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. WEBSITE DEVELOPMENT
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 83,900
AMORTISATION
At 1 June 2023 72,765
Charge for year 10,785
At 31 May 2024 83,550
NET BOOK VALUE
At 31 May 2024 350
At 31 May 2023 11,135

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 7,015 65,580 3,879 59,695 136,169
Additions - - 10,370 6,383 16,753
Disposals - - (10,370 ) - (10,370 )
At 31 May 2024 7,015 65,580 3,879 66,078 142,552
DEPRECIATION
At 1 June 2023 6,430 43,400 2,371 53,305 105,506
Charge for year 195 5,545 1,166 5,123 12,029
Eliminated on disposal - - (864 ) - (864 )
At 31 May 2024 6,625 48,945 2,673 58,428 116,671
NET BOOK VALUE
At 31 May 2024 390 16,635 1,206 7,650 25,881
At 31 May 2023 585 22,180 1,508 6,390 30,663

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 500,876 563,704

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 12,824 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 32,994 41,378
Trade creditors 785 -
Taxation and social security 20,123 55,443
Other creditors 69,492 110,389
123,394 207,210

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 85,311 57,637

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 7,165

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 6,470 7,665

Deferred
tax
£   
Balance at 1 June 2023 7,665
Accelerated capital allowances (1,195 )
Balance at 31 May 2024 6,470

RGIFTS LIMITED (REGISTERED NUMBER: 08974590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90 Ordinary £1 90 90
5 Ordinary A £1 5 5
5 Ordinary B £1 5 5
100 100

13. RELATED PARTY DISCLOSURES - DIRECTORS

As at 31 May 2024 the company owed the director £11,487 (2023: £12,380) which is included within the creditors amounts falling due within one year.

The balance is interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

During the year, the company purchased investments valued at £12,823 (2023: £nil) from Out of This World Investments Limited. Also, during the year ended 31 May 2024, no rent payments (2023: £7,000) were made to Out of This World Investments Limited. Additionally, loans provided to Out of This World Investments Limited amounting to £100,000 (2023: £800,000) were written off as irrecoverable. As at 31 May 2024, a balance of £471,962 (2023: £541,962) was owed to the company by Out of This World Investments Limited, a related party under common control.

As at 31 May 2024, an amount of £7,678 (2023: £7,678) was owed to the company by CSK Gifts Limited, a company controlled by a family member of the director.

All related party balances are interest-free and repayable on demand.