IRIS Accounts Production v25.1.0.734 08113467 Board of Directors 1.8.23 31.7.24 31.7.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081134672023-07-31081134672024-07-31081134672023-08-012024-07-31081134672022-07-31081134672022-08-012023-07-31081134672023-07-3108113467ns15:EnglandWales2023-08-012024-07-3108113467ns14:PoundSterling2023-08-012024-07-3108113467ns10:Director12023-08-012024-07-3108113467ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3108113467ns10:MediumEntities2023-08-012024-07-3108113467ns10:Audited2023-08-012024-07-3108113467ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3108113467ns10:Medium-sizedCompaniesRegimeForAccounts2023-08-012024-07-3108113467ns10:FullAccounts2023-08-012024-07-3108113467ns10:OrdinaryShareClass12023-08-012024-07-3108113467ns10:Director22023-08-012024-07-3108113467ns10:Director32023-08-012024-07-3108113467ns10:Director42023-08-012024-07-3108113467ns10:CompanySecretary12023-08-012024-07-3108113467ns10:RegisteredOffice2023-08-012024-07-3108113467ns5:RetainedEarningsAccumulatedLossesns5:PriorPeriodIncreaseDecrease2022-08-012023-07-3108113467ns5:CurrentFinancialInstruments2024-07-3108113467ns5:CurrentFinancialInstruments2023-07-3108113467ns5:Non-currentFinancialInstruments2024-07-3108113467ns5:Non-currentFinancialInstruments2023-07-3108113467ns5:ShareCapital2024-07-3108113467ns5:ShareCapital2023-07-3108113467ns5:RetainedEarningsAccumulatedLosses2024-07-3108113467ns5:RetainedEarningsAccumulatedLosses2023-07-3108113467ns5:ShareCapital2022-07-3108113467ns5:RetainedEarningsAccumulatedLossesns5:PreviouslyStatedAmount2022-07-3108113467ns5:PreviouslyStatedAmount2022-07-3108113467ns5:PriorPeriodIncreaseDecrease2022-08-012023-07-3108113467ns5:RetainedEarningsAccumulatedLosses2022-07-3108113467ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3108113467ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-310811346712023-08-012024-07-3108113467ns5:OwnedAssets2023-08-012024-07-3108113467ns5:OwnedAssets2022-08-012023-07-310811346712023-08-012024-07-310811346712022-08-012023-07-3108113467ns10:OrdinaryShareClass12022-08-012023-07-3108113467ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-3108113467ns5:FurnitureFittings2023-07-3108113467ns5:MotorVehicles2023-07-3108113467ns5:ComputerEquipment2023-07-3108113467ns5:LongLeaseholdAssetsns5:LandBuildings2023-08-012024-07-3108113467ns5:FurnitureFittings2023-08-012024-07-3108113467ns5:MotorVehicles2023-08-012024-07-3108113467ns5:ComputerEquipment2023-08-012024-07-3108113467ns5:LongLeaseholdAssetsns5:LandBuildings2024-07-3108113467ns5:FurnitureFittings2024-07-3108113467ns5:MotorVehicles2024-07-3108113467ns5:ComputerEquipment2024-07-3108113467ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-3108113467ns5:FurnitureFittings2023-07-3108113467ns5:MotorVehicles2023-07-3108113467ns5:ComputerEquipment2023-07-3108113467ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3108113467ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3108113467ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-07-3108113467ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-07-3108113467ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-07-3108113467ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3108113467ns5:WithinOneYear2024-07-3108113467ns5:WithinOneYear2023-07-3108113467ns5:BetweenOneFiveYears2024-07-3108113467ns5:BetweenOneFiveYears2023-07-3108113467ns5:MoreThanFiveYears2024-07-3108113467ns5:MoreThanFiveYears2023-07-3108113467ns5:AllPeriods2024-07-3108113467ns5:AllPeriods2023-07-3108113467ns5:DeferredTaxation2023-07-3108113467ns5:OtherProvisionsContingentLiabilities2023-07-3108113467ns5:DeferredTaxation2023-08-012024-07-3108113467ns5:OtherProvisionsContingentLiabilities2023-08-012024-07-3108113467ns5:DeferredTaxation2024-07-3108113467ns5:OtherProvisionsContingentLiabilities2024-07-3108113467ns10:OrdinaryShareClass12024-07-3108113467ns5:RetainedEarningsAccumulatedLosses2023-07-31
REGISTERED NUMBER: 08113467 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

CARDS DIRECT RETAIL LIMITED

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


CARDS DIRECT RETAIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: J Kaneria
D Kaneria
K Kaneria
C Kaneria





SECRETARY: J Kaneria





REGISTERED OFFICE: 3 Horizon Point
Swallowdale Lane
Hemel Hempstead
Hertfordshire
HP2 7FZ





REGISTERED NUMBER: 08113467 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
FY 2024 revenue increased by 36% against FY 2023 driven by continued expansion of the store estate. The number of stores increased from 51 to 67 (at respective years ends) and a continuation of improved product offering and controlled retail price increases counteracted marginally reduced like for like customer numbers, compared to pre-pandemic levels. Our core value of offering quality and value to the consumer remains our primary focus and is generating increased brand awareness and market share.

Direct and operating costs as a % of revenue increased resulting in EBITDA margin reducing from 8% to 7%. This was driven by continued cost pressures across areas such as products, labour and transport in particular.

FY 2024 saw a continued focus on stock efficiency and accuracy across the business. Average stock holding value per store decreased by 7%, driven be scale efficiencies with central stock holding and more efficient sourcing and purchasing.

The business has not sought or required any additional equity or debt funding in FY 2024. All new store openings and other investments in FY 2024 were funded via cashflow and we continue to maintain a conservative balance sheet with a healthy net cash position.

PRINCIPAL RISKS AND UNCERTAINTIES
The broader economic climate and consumer spending remains the greatest uncertainty for the business. We expect the current economic slowdown to remain for the medium term, but retail trading data is demonstrating the resilience of consumer demand for greeting cards and ancillary products in the value sector.

A large proportion of our products are manufactured in the UK, however, many are also produced in the Far East. Recent global and political events have demonstrated the challenges of a distant supply chain with significant increases in shipping times impacting stock supply. We remain focussed on mitigating these risks and challenges through increased use of technology to improve forecasting along with increased stock holding across core product lines.

DEVELOPMENT AND PERFORMANCE
Continued investment in new operating processes and procedures along with software implementations and upgrades have created operating efficiencies to counteract cost pressures. In addition, investment in management processes, risk controls and colleague training and development have provided efficiencies and resilience for the business. Many of these initiatives and investments are being made possible through the continued growth of the store estate and scaling of the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The business operates multiple financial and operating KPIs which are monitored and reviewed frequently. The KPIs are used to ensure short term performance as well as longer term planning across all areas of the business as well as in financial and operational forecasting.

ON BEHALF OF THE BOARD:





J Kaneria - Director


28 April 2025

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the Company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of greeting card retailers.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 will be £ 20,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

J Kaneria
D Kaneria
K Kaneria
C Kaneria

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.

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


AUDITORS
The audit business of Haines Watts was acquired by Cooper Parry Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Kaneria - Director


26 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARDS DIRECT RETAIL LIMITED


Opinion
We have audited the financial statements of Cards Direct Retail Limited (the 'Company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 July 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARDS DIRECT RETAIL LIMITED


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.

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 three, 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
CARDS DIRECT RETAIL 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.

We obtained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard Applicable in the UK & The Republic of Ireland, the Companies act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting
estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting
combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material
misstatement due to fraud.

Those procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

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
CARDS DIRECT RETAIL 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.




Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

28 April 2025

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

TURNOVER 3 20,080,682 14,733,866

Cost of sales 6,955,160 4,954,662
GROSS PROFIT 13,125,522 9,779,204

Administrative expenses 12,479,926 9,075,931
645,596 703,273

Other operating income 3,594 -
OPERATING PROFIT 5 649,190 703,273

Interest receivable and similar income 69,119 21,144
718,309 724,417

Interest payable and similar expenses 6 30,923 28,594
PROFIT BEFORE TAXATION 687,386 695,823

Tax on profit 7 - 237,927
PROFIT FOR THE FINANCIAL YEAR 687,386 457,896

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

687,386
Prior year adjustment (200,000 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

257,896

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 9 3,035,229 1,624,231

CURRENT ASSETS
Stocks 10 2,460,563 1,963,559
Debtors 11 1,168,904 879,045
Cash at bank and in hand 1,158,033 1,821,485
4,787,500 4,664,089
CREDITORS
Amounts falling due within one year 12 4,156,372 3,326,849
NET CURRENT ASSETS 631,128 1,337,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,666,357

2,961,471

CREDITORS
Amounts falling due after more than one
year

13

(212,500

)

(250,000

)

PROVISIONS FOR LIABILITIES 17 (681,503 ) (606,503 )
NET ASSETS 2,772,354 2,104,968

CAPITAL AND RESERVES
Called up share capital 18 750,000 750,000
Retained earnings 19 2,022,354 1,354,968
SHAREHOLDERS' FUNDS 2,772,354 2,104,968

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 April 2025 and were signed on its behalf by:





J Kaneria - Director


CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 750,000 1,097,072 1,847,072
Prior year adjustment - (200,000 ) (200,000 )
As restated 750,000 897,072 1,647,072

Changes in equity
Total comprehensive income - 457,896 457,896
Balance at 31 July 2023 750,000 1,354,968 2,104,968

Changes in equity
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 687,386 687,386
Balance at 31 July 2024 750,000 2,022,354 2,772,354

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,540,689 1,066,221
Interest paid (30,923 ) (28,594 )
Tax paid (41,958 ) (171,142 )
Net cash from operating activities 1,467,808 866,485

Cash flows from investing activities
Purchase of tangible fixed assets (2,055,379 ) (1,059,392 )
Interest received 69,119 21,144
Net cash from investing activities (1,986,260 ) (1,038,248 )

Cash flows from financing activities
Loan repayments in year (125,000 ) (202,500 )
Equity dividends paid (20,000 ) -
Net cash from financing activities (145,000 ) (202,500 )

Decrease in cash and cash equivalents (663,452 ) (374,263 )
Cash and cash equivalents at
beginning of year

2

1,821,485

2,195,748

Cash and cash equivalents at end of
year

2

1,158,033

1,821,485

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit before taxation 687,386 695,823
Depreciation charges 644,381 433,030
Increase in provisions 75,000 50,000
Finance costs 30,923 28,594
Finance income (69,119 ) (21,144 )
1,368,571 1,186,303
Increase in stocks (497,004 ) (432,896 )
Increase in trade and other debtors (289,859 ) (18,222 )
Increase in trade and other creditors 958,981 331,036
Cash generated from operations 1,540,689 1,066,221

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31/7/24 1/8/23
£ £
Cash and cash equivalents 1,158,033 1,821,485
Year ended 31 July 2023
31/7/23 1/8/22
£ £
Cash and cash equivalents 1,821,485 2,195,748


CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/23 Cash flow At 31/7/24
£ £ £
Net cash
Cash at bank and in hand 1,821,485 (663,452 ) 1,158,033
1,821,485 (663,452 ) 1,158,033
Debt
Debts falling due within 1 year (212,500 ) 87,500 (125,000 )
Debts falling due after 1 year (250,000 ) 37,500 (212,500 )
(462,500 ) 125,000 (337,500 )
Total 1,358,985 (538,452 ) 820,533

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


1. STATUTORY INFORMATION

Cards Direct Retail Limited is a private company ("the 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling, rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty
The Company is often required to make estimates and assumptions regarding the future. The estimates will, by definition, rarely equal the actual results achieved. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. Estimates and judgements are continually re-assessed and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Dilapidation provision
Provision are liabilities of uncertain timing or amount. At the balance sheet date, the Company reviews its obligations and estimates the provision required. This involves significant judgement and estimation. The main assumption relate to the expected future cost of settling the obligation and the timing of the expenditure. Any changes in these assumptions could have a significant impact on the carrying amount of the provision

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
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided on the following basis:

Long leasehold20% on cost
Fixtures and fittings20% on cost
Motor vehicles20% on cost
Computer equipment20% on cost

The assets' residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


2. ACCOUNTING POLICIES - continued
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 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.

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
Short term debtors are measured at the transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and amounts owed to/from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each report period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Creditors
Short term creditors are measured at the transaction price.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Company.

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,796,190 3,424,238
Social security costs 285,072 183,396
Other pension costs 73,768 52,186
5,155,030 3,659,820

The average number of employees during the year was as follows:
2024 2023

Head Office 12 8
Managers 60 46
Stores 393 285
465 339

2024 2023
£ £
Directors' remuneration 190,833 72,267

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 644,381 433,030
Auditors' remuneration 14,038 14,530

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Interest payable 30,923 28,594

7. 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 - 41,958

Deferred tax - 195,969
Tax on profit - 237,927

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


7. 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 687,386 695,823
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 21.005%)

171,847

146,158

Effects of:
Expenses not deductible for tax purposes 29,591 (22,714 )
Income not taxable for tax purposes - (4,441 )
Capital allowances in excess of depreciation (218,319 ) (75,480 )
Deductions and reliefs - (1,565 )
Deferred tax charge - 195,969
Losses carried forward 16,881 -
Total tax charge - 237,927

8. DIVIDENDS
2024 2023
£ £
Interim 20,000 -

9. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 August 2023 161,735 3,995,491 22,490 277,501 4,457,217
Additions 52,937 1,904,945 - 97,497 2,055,379
At 31 July 2024 214,672 5,900,436 22,490 374,998 6,512,596
DEPRECIATION
At 1 August 2023 114,075 2,537,290 5,998 175,623 2,832,986
Charge for year 18,455 584,140 4,497 37,289 644,381
At 31 July 2024 132,530 3,121,430 10,495 212,912 3,477,367
NET BOOK VALUE
At 31 July 2024 82,142 2,779,006 11,995 162,086 3,035,229
At 31 July 2023 47,660 1,458,201 16,492 101,878 1,624,231

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


10. STOCKS
2024 2023
£ £
Stocks 2,460,563 1,963,559

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 51,846 29,100
Prepayments and accrued income 1,117,058 849,945
1,168,904 879,045

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 125,000 212,500
Trade creditors 1,804,475 1,271,259
Amounts owed to group undertakings 358,989 187,569
Tax - 41,958
Social security and other taxes 88,180 65,669
VAT 192,304 226,073
Other creditors 33,251 22,856
Accruals and deferred income 1,554,173 1,298,965
4,156,372 3,326,849

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 14) 212,500 250,000

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 125,000 212,500

Amounts falling due between one and two years:
Bank loans - 1-2 years 125,000 125,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 87,500 125,000

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 3,029,253 2,241,000
Between one and five years 10,109,512 7,296,625
In more than five years 6,072,300 3,208,250
19,211,065 12,745,875

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 337,500 462,500

The debt is secured by way of debenture compromising fixed and floating charges over all the assets and undertaking of Cards Direct Retail Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

Unlimited Composite Company Guarantee given by Cards Direct Retail Limited and a related company to secure all liabilities of each other.

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 356,503 356,503
Other provisions 325,000 250,000
681,503 606,503

Deferred Dilapidati
tax on
£ £
Balance at 1 August 2023 356,503 250,000
Provided during year - 75,000
Balance at 31 July 2024 356,503 325,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
750,000 Ordinary £1 750,000 750,000

CARDS DIRECT RETAIL LIMITED (REGISTERED NUMBER: 08113467)

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


19. RESERVES
Retained
earnings
£

At 1 August 2023 1,354,968
Profit for the year 687,386
Dividends (20,000 )
At 31 July 2024 2,022,354

20. RELATED PARTY DISCLOSURES

During the period the Company made purchases of £3,606,776 (2023: £2,629,327) from Piccadilly Greetings Group Limited, a company with common control. At the balance sheet date an amount of £358,989 (2023: £187,569) was owed to Piccadilly Greetings Group Limited.

21. ULTIMATE CONTROLLING PARTY

The parent company is Pioneer First Holdings Limited, a company registered in the British Virgin Islands.

The ultimate controlling party is considered to be J Kaneria.