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REGISTERED NUMBER: 05198552 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

INTERNATIONAL CARDS & GIFTS LTD

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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










Page

Balance sheet 1

Notes to the financial statements 3


INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 496,930 368,416

Current assets
Stocks 656,361 771,505
Debtors 5 977,744 767,976
Cash at bank and in hand 611,729 893,303
2,245,834 2,432,784
Creditors
Amounts falling due within one year 6 1,340,229 1,132,580
Net current assets 905,605 1,300,204
Total assets less current liabilities 1,402,535 1,668,620

Creditors
Amounts falling due after more than one year 7 (310,233 ) (403,166 )

Provisions for liabilities 10 (106,281 ) (80,180 )
Net assets 986,021 1,185,274

Capital and reserves
Called up share capital 11 100 100
Retained earnings 985,921 1,185,174
Shareholders' funds 986,021 1,185,274

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

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

The directors acknowledge their 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.

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

BALANCE SHEET - continued
31 AUGUST 2024


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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 January 2025 and were signed on its behalf by:




Mr I C Wagstaff - Director



Mr S Wagstaff - Director


INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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


1. Statutory information

International Cards & Gifts Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05198552. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit 4, Haviland Road, Ferndown Industrial Estate, Wimborne, Dorset, BH21 7RF.

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.

Turnover
Turnover represents amounts receivable from the sale of greetings cards and ancillary products net of VAT and trade discounts. Revenue is recognised on the exchange of goods as this is the point that all risks and rewards are deemed to have been transferred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold improvements - in accordance with the property
Plant and machinery - 20% on reducing balance
Fixtures, fittings and equipment - 25% on cost
Motor vehicles - 25% on reducing balance
Website and computer equipment - 33% on cost

Stocks
Stock is valued at the lower of cost and net realisable value and represents finished goods for resale, excluding products sold specifically on a sale or return agreement.

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 taxation
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.

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 67 (2023 - 61 ) .

4. Tangible fixed assets
Fixtures,
Short fittings
leasehold Plant and and
improvements machinery equipment
£    £    £   
Cost
At 1 September 2023 84,086 470,027 89,616
Additions - 167,713 5,895
Disposals - (908 ) -
At 31 August 2024 84,086 636,832 95,511
Depreciation
At 1 September 2023 56,228 270,893 80,641
Charge for year 6,939 73,225 7,544
Eliminated on disposal - (182 ) -
At 31 August 2024 63,167 343,936 88,185
Net book value
At 31 August 2024 20,919 292,896 7,326
At 31 August 2023 27,858 199,134 8,975

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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


4. Tangible fixed assets - continued

Website
and
Motor computer
vehicles equipment Totals
£    £    £   
Cost
At 1 September 2023 221,940 118,985 984,654
Additions 98,514 11,502 283,624
Disposals - - (908 )
At 31 August 2024 320,454 130,487 1,267,370
Depreciation
At 1 September 2023 103,453 105,023 616,238
Charge for year 54,250 12,426 154,384
Eliminated on disposal - - (182 )
At 31 August 2024 157,703 117,449 770,440
Net book value
At 31 August 2024 162,751 13,038 496,930
At 31 August 2023 118,487 13,962 368,416

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 September 2023 144,556 200,835 345,391
Additions - 98,514 98,514
Transfer to ownership (33,356 ) - (33,356 )
At 31 August 2024 111,200 299,349 410,549
Depreciation
At 1 September 2023 52,040 98,177 150,217
Charge for year 18,504 50,293 68,797
Transfer to ownership (16,278 ) - (16,278 )
At 31 August 2024 54,266 148,470 202,736
Net book value
At 31 August 2024 56,934 150,879 207,813
At 31 August 2023 92,516 102,658 195,174

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 838,090 725,556
Other debtors 29,984 1,000
Prepayments and accrued income 109,670 41,420
977,744 767,976

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 100,000 100,000
Hire purchase contracts (see note 8) 83,955 67,588
Trade creditors 665,010 405,071
Tax 149,607 203,520
Social security and other taxes 34,344 20,563
Pension creditor 8,264 13,968
VAT 138,337 135,915
Other creditors 7,900 4,357
Directors' current accounts 1,775 1,069
Accruals and deferred income 151,037 180,529
1,340,229 1,132,580

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 100,000 100,000
Bank loans - 2-5 years 33,334 133,333
Hire purchase contracts (see note 8) 176,899 169,833
310,233 403,166

8. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 83,955 67,588
Between one and five years 176,899 169,833
260,854 237,421

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 260,854 237,421

All monies due to or to become due to Lloyds Bank, excluding the £500,000 coronavirus business interruption loan, are secured by way of a fixed and floating charge over all the assets of the company, dated 4th February 2011.

Amounts owed under hire purchase are secured against the assets to which they relate.

On 15th July 2015 an Omnibus Guarantee & Set-Off Agreement was entered into with Lloyds Bank, whereby a fixed charge was secured over the assets of the company for the liabilities of ICG Properties (Dorset) Ltd.

INTERNATIONAL CARDS & GIFTS LTD (REGISTERED NUMBER: 05198552)

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


10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 106,281 80,180

Deferred
tax
£   
Balance at 1 September 2023 80,180
Charge to Income statement during year 26,101
Balance at 31 August 2024 106,281

11. Called up share capital

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

12. Ultimate controlling party

During the year the company was controlled by the directors, Mr S Wagstaff and Mr I Wagstaff, and their wives who between them own 100% of the voting share capital.