REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
INTERNATIONAL CARDS & GIFTS LTD |
REGISTERED NUMBER: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Short leasehold improvements | - |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Website and computer equipment | - |
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 |
4. | Tangible fixed assets |
Fixtures, |
Short | fittings |
leasehold | Plant and | and |
improvements | machinery | equipment |
£ | £ | £ |
Cost |
At 1 September 2023 |
Additions |
Disposals | ( |
) |
At 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
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 |
Additions |
Transfer to ownership | (33,356 | ) | - | (33,356 | ) |
At 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
Transfer to ownership | (16,278 | ) | - | (16,278 | ) |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
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 |
Hire purchase contracts (see note 8) |
Trade creditors |
Tax |
Social security and other taxes |
Pension creditor | 8,264 | 13,968 |
VAT | 138,337 | 135,915 |
Other creditors |
Directors' current accounts | 1,775 | 1,069 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts (see note 8) |
8. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Charge to Income statement during year |
Balance at 31 August 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |