REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2024 |
for |
Temptation (Gifts) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 April 2024 |
for |
Temptation (Gifts) Limited |
Temptation (Gifts) Limited (Registered number: 02294820) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
Temptation (Gifts) Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Unit 1B |
Focus 4 |
Fourth Avenue |
Letchworth |
Hertfordshire |
SG6 2TU |
Temptation (Gifts) Limited (Registered number: 02294820) |
Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The long term aim of the company is to continue to sell gifts to the general public through retail outlets, our own websites and through third party websites when appropriate. |
Financial KPI's comprise turnover, expenditure, operating profit and cash balance |
KPI Variances | 2024 | 2023 |
Turnover | £12,612,136 | £9,664,683 |
Operating Profit | £ 2,020,078 | £1,350,570 |
Non-financial KPI's include customer services, employee satisfaction and health and safety. |
Our online reviews continue to return 5 stars and feedback from our High Street customers continues to be first rate. |
The company has a low turnover of permanent staff and benefits from a mature and knowledgeable senior management team. |
The health and safety of the workforce is monitored regularly and steps taken to deal with issues if they occur. |
The company is committed to sourcing the highest quality products from a range of reputable suppliers and operating in a transparent and open manner. |
PRINCIPAL RISKS AND UNCERTAINTIES |
General economy - the cost of living crisis has continued to affect trade generally. Our increase in turnover is due to a) adding a new branch to the retail side and b) being able to take advantage of increased stock holding through our warehouse expansion thereby ensuring continuity of supply for our most successful brands. |
Staffing costs -although the company pays above the level of the national wage set by government the increases set by policy in April 22 raised the level by 7% , 10% in April 23 and a further 10% in April 24. In order to match these increases and indeed to maintain differentials the company has raised its basic wage level considerably over this period. |
Tax and Employment Reforms by the new Labour government. |
FINANCE |
The company is self-financing in that it has no Bank Loans or overdrafts. No credit is offered to customers and therefore all items are paid for completely at the time of purchase. The company settles all invoices within 30 days (or slightly longer if specific agreements are in place) |
It remains the policy of the company that all future growth will continue to be self financed although there is an option in place for an overdraft facility if required. |
Directors Loan Account |
The Directors Loan at the end of the last financial year was repaid in May 2023. |
MAJOR DEVELOPMENTS IN FINANCIAL YEAR 2023-24 |
We exchanged contracts on a site in Windsor - purchasing a 990 year lease on 29/30 Peascod Street out of existing company funds in March 2023. Following a full renovation of the basement and fitting out the shop trading commenced early in June 2023. To date trade has been above expectations. |
Temptation (Gifts) Limited (Registered number: 02294820) |
Strategic Report |
for the Year Ended 30 April 2024 |
FUTURE DEVELOPMENTS |
The company continues to take steps to reduce its impact on the environment and is continuing to work with suppliers to further reduce its carbon footprint. |
Temptation (Gifts) Ltd operates only from the UK although obviously supplies gifts through its Websites to the rest of the world when ordered. |
Technical |
The company was advised by the supplier of their epos system that support for said system would be withdrawn in December 2024. To that end the Directors and Senior Managers set about sourcing a new company. This has entailed a huge amount of work but the new system will be operational in September 2024 |
Personnel |
Following a review of the structure the company has strengthened the retail side of the business by employing a new senior manager. Her title is Retail Operations Manager, she is field based and reports to the Head of Retail. |
Etail |
The company opened a third web site in September 2023 aimed at supplying British gifts to the American market. To date trade has been in line with expectations. |
ON BEHALF OF THE BOARD: |
Temptation (Gifts) Limited (Registered number: 02294820) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Gift Retailers. |
DIVIDENDS |
Interim Dividends were paid during the year totalling £311,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, George Hay Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Temptation (Gifts) Limited |
Opinion |
We have audited the financial statements of Temptation (Gifts) Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Temptation (Gifts) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Temptation (Gifts) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to the Company, and the industry in which it operates by making enquiries of management. We also enquired as to whether there were any instances of non compliance with laws and regulations or whether there were any instances of fraud detected or suspected. The key laws and regulations considered include the UK Companies Act and UK Tax Legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate as a going concern, These include compliance with Health & Safety regulations. |
We obtained an understanding of the company's operations, including the nature of the company, its control environment, business performance and its key performance indicators. |
We considered the extent to which non-compliance would have a material impact on the financial statements, We also evaluated the managements incentives and opportunities for fraudulent manipulation of the financial statements (including the management override of controls) and determined that the principal risks were related to: |
- Management bias in accounting estimates; |
- Stock valuation; and |
- Completeness of Income |
We assessed the susceptibility of the Company's financial statements to material misstatement. Audit procedures performed by the engagement team include: |
- Enquiries of management about their own identification and assessment of risk of irregularities |
- Evaluation of the processes and controls established to address the risk of irregularities and fraud |
- Physical testing of stock quantities and substantive testing over valuation |
- Substantive and analytical procedures performed in relation to completeness of revenue |
- Testing manual journals, specifically those relating to large or unusual entries or entries relating to management estimates |
-Testing the assumptions and judgements made by management in its significant accounting estimates, including reviewing historical data to assess the appropriateness of previous assessments |
We assessed the appropriateness of the competence and capabilities of the engagement team, including the teams knowledge of the industry and the appropriateness of their practical experience through training and participation with audit engagements of a similar nature. |
We also communicated the relevant laws and regulations and fraud risk indicators to the engagement team and remained vigilant throughout the audit process for indications of fraud or non-compliance. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Temptation (Gifts) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
Unit 1B |
Focus 4 |
Fourth Avenue |
Letchworth |
Hertfordshire |
SG6 2TU |
Temptation (Gifts) Limited (Registered number: 02294820) |
Statement of Comprehensive |
Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,932,172 | 1,330,186 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Temptation (Gifts) Limited (Registered number: 02294820) |
Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Revaluation reserve | 16 |
Retained earnings | 16 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Temptation (Gifts) Limited (Registered number: 02294820) |
Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
Temptation (Gifts) Limited (Registered number: 02294820) |
Statement of Cash Flows |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 104,276 | 112,760 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,302,925 |
Cash and cash equivalents at end of year |
2 |
2,584,152 |
1,561,445 |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Statement of Cash Flows |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (78,657 | ) | (47,446 | ) |
2,080,329 | 1,390,882 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 2,584,152 | 1,561,445 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 1,561,445 | 3,302,925 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,561,445 | 1,022,707 | 2,584,152 |
1,561,445 | 2,584,152 |
Total | 1,561,445 | 1,022,707 | 2,584,152 |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Temptation (Gifts) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Investment Property |
The investment properties owned by the company have been revalued by the directors after taking into account all relevant market information. |
The company owns one property which is split into two retail units, one used by the trade with the other being rented out to a third party. The split of this property between freehold property for own use and investment property has been calculated by the directors based on the square footage of the building. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover 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 transaction can be measured reliably. This is usually on despatch of goods for online sales and at the point of sale for retail. |
Tangible fixed assets |
Short leasehold | - |
Long leasehold | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Freehold property is included at either cost or deemed cost being the revalued amount on transition to FRS 102. |
No depreciation has been provided for on the Freehold Property or Long Leasehold Property as the Directors are of the opinion that the charge is not material, that the current value exceeds the value shown in the accounts and that the properties are fully maintained. |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales | 62 | 54 |
Warehouse | 8 | 9 |
Web Marketing | 7 | 7 |
Web Distribution | 14 | 12 |
Web Admin | 2 | 2 |
Head Office | 7 | 7 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors remuneration |
Auditors' remuneration for non audit work |
Rent paid under operating leases |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax movement | (10,433 | ) | 7,139 |
Effect of increased tax rate | - | 6,901 |
Other reconciling items | (448 | ) | - |
Total tax charge | 511,689 | 261,290 |
The full rate of Corporation Tax increased to 25% on 1 April 2023. |
7. | DIVIDENDS |
During the year ended 30 April 2023, the company paid interim dividends totalling £311,000 (2023 - £306,000). |
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2022 | 58,150 |
Cost | 1,085,113 |
1,143,263 |
The properties have been revalued at the balance sheet date by the directors after taking into account all relevant market information. |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Directors' current accounts | - | 104,276 |
Tax |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 115,774 | 54,272 |
Other creditors |
Sundry Creditors and Accruals | 87,164 | 87,164 |
Directors' current accounts | 312 | 312 |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 45,856 | 56,289 |
Other provisions | 93,250 | - |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year | ( |
) |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
The company's issued share capital comprises - 1,000 Ordinary A Shares of £1 each, 2 Ordinary B Shares of £1 each, 1 Ordinary C Share of £1, 1 Ordinary D share of £1 and 1 Ordinary E share of £1. Total issued share capital is £1,005 (2023 - £1,005). |
Temptation (Gifts) Limited (Registered number: 02294820) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 6,417,956 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 7,694,002 |
Revaluation reserve - the revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted, net of deferred tax. |
Profit and loss account - the profit and loss account represents cumulative profits and losses net of dividends and other adjustments. |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £223,775 (2023 - £151,361). |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest at the Official Rate set by HMRC has been charged on any loans made to directors. |
19. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ |