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DEVGIFTS LIMITED

Registered Number
11748298
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

DEVGIFTS LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

LIDER, Sukhninder

Registered Address

8 Meadow Row
Buckingham
MK18 1PU

Registered Number

11748298 (England and Wales)
DEVGIFTS LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,7863,482
2,7863,482
Current assets
Stocks43,12016,500
Cash at bank and on hand69755
3,18917,255
Creditors amounts falling due within one year5(3,972)(6,085)
Net current assets (liabilities)(783)11,170
Total assets less current liabilities2,00314,652
Creditors amounts falling due after one year6(54,904)(43,445)
Net assets(52,901)(28,793)
Capital and reserves
Called up share capital11
Profit and loss account(52,902)(28,794)
Shareholders' funds(52,901)(28,793)
The financial statements were approved and authorised for issue by the Director on 15 January 2025, and are signed on its behalf by:
LIDER, Sukhninder
Director
Registered Company No. 11748298
DEVGIFTS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 February 238,5008,500
At 31 January 248,5008,500
Depreciation and impairment
At 01 February 235,0185,018
Charge for year696696
At 31 January 245,7145,714
Net book value
At 31 January 242,7862,786
At 31 January 233,4823,482
4.Stocks

2024

2023

££
Raw materials and consumables3,12016,500
Total3,12016,500
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,058
Bank borrowings and overdrafts2,4722,472
Taxation and social security-55
Accrued liabilities and deferred income1,5001,500
Total3,9726,085
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Trade creditors / trade payables48,75330,912
Bank borrowings and overdrafts6,15112,533
Total54,90443,445