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REGISTERED NUMBER: 07776214 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

My Generation Gifts Limited

My Generation Gifts Limited (Registered number: 07776214)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


My Generation Gifts Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: S M Mirfin





REGISTERED OFFICE: 4 Bells Square
Sheffield
S1 2FY





REGISTERED NUMBER: 07776214 (England and Wales)





ACCOUNTANTS: Rains and Co Ltd
P O Box 5047
Sheffield
South Yorkshire
S6 9GJ

My Generation Gifts Limited (Registered number: 07776214)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 523,448 523,944

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 5,567 5,137
Cash at bank and in hand 8,197 16,962
14,764 23,099
CREDITORS
Amounts falling due within one year 6 24,605 24,279
NET CURRENT LIABILITIES (9,841 ) (1,180 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

513,607

522,764

CREDITORS
Amounts falling due after more than
one year

7

353,271

334,247
NET ASSETS 160,336 188,517

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 160,335 188,516
SHAREHOLDERS' FUNDS 160,336 188,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

My Generation Gifts Limited (Registered number: 07776214)

Balance Sheet - continued
30 September 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 January 2025 and were signed by:





S M Mirfin - Director


My Generation Gifts Limited (Registered number: 07776214)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

My Generation Gifts 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

My Generation Gifts Limited (Registered number: 07776214)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1 October 2023 465,000 31,912 7,608
Additions - - 23,485
At 30 September 2024 465,000 31,912 31,093
DEPRECIATION
At 1 October 2023 - 25,529 4,289
Charge for year - 3,191 4,020
At 30 September 2024 - 28,720 8,309
NET BOOK VALUE
At 30 September 2024 465,000 3,192 22,784
At 30 September 2023 465,000 6,383 3,319

My Generation Gifts Limited (Registered number: 07776214)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Computer
and
Photographic
Motor Equ
vehicles ipment Totals
£    £    £   
COST
At 1 October 2023 57,290 24,218 586,028
Additions - - 23,485
At 30 September 2024 57,290 24,218 609,513
DEPRECIATION
At 1 October 2023 14,323 17,943 62,084
Charge for year 10,741 6,029 23,981
At 30 September 2024 25,064 23,972 86,065
NET BOOK VALUE
At 30 September 2024 32,226 246 523,448
At 30 September 2023 42,967 6,275 523,944

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 5,567 5,137

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 10,027 10,027
Trade creditors 1,760 -
Taxation and social security 7,719 9,464
Other creditors 5,099 4,788
24,605 24,279

My Generation Gifts Limited (Registered number: 07776214)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 321,212 292,161
Hire purchase contracts 32,059 42,086
353,271 334,247

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Loan 10,000 -