Registered number
09893744
The Gift Scholars Ltd
Unaudited Filleted Accounts
31 March 2025
The Gift Scholars Ltd
Registered number: 09893744
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 45,615 65,837
Current assets
Stocks 1,933,154 1,574,435
Debtors 4 1,304,510 1,231,841
Cash at bank and in hand 51,798 15,337
3,289,462 2,821,613
Creditors: amounts falling due within one year 5 (862,904) (945,035)
Net current assets 2,426,558 1,876,578
Total assets less current liabilities 2,472,173 1,942,415
Creditors: amounts falling due after more than one year 6 (6,666) (46,666)
Provisions for liabilities (11,405) (13,440)
Net assets 2,454,102 1,882,309
Capital and reserves
Called up share capital 13 13
Profit and loss account 2,454,089 1,882,296
Shareholders' funds 2,454,102 1,882,309
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Byrd
Director
Approved by the board on 19 June 2025
The Gift Scholars Ltd
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Other plant and machinery 50% reducing balance
IT and computer equipment 50% reducing balance
Motor vehicles 50% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 34 31
3 Tangible fixed assets
IT and computer equipment Other plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2024 41,391 83,619 13,682 138,692
Additions 7,319 14,834 - 22,153
Disposals - - (13,682) (13,682)
At 31 March 2025 48,710 98,453 - 147,163
Depreciation
At 1 April 2024 21,134 40,461 11,260 72,855
Charge for the year 11,803 28,150 303 40,256
On disposals - - (11,563) (11,563)
At 31 March 2025 32,937 68,611 - 101,548
Net book value
At 31 March 2025 15,773 29,842 - 45,615
At 31 March 2024 20,257 43,158 2,422 65,837
4 Debtors 2025 2024
£ £
Trade debtors 1,283,958 1,212,044
Other debtors 20,552 19,797
1,304,510 1,231,841
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans 282,595 40,000
Trade creditors 143,196 399,737
Taxation and social security costs 428,017 317,729
Other creditors 9,096 187,569
862,904 945,035
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 6,666 46,666
7 Loans 2025 2024
£ £
Creditors include:
Secured bank loans 354,307 86,666
The finance is secured against the assets of the company, it contains both fixed and floating charges.
8 Pension commitments
The company has no pension commitments other than to settle monthly payroll pension contributions, normally payable in the subsequent month.
9 Other financial commitments 2025 2024
£ £
Total future minimum payments under non-cancellable operating leases 267,890 92,227
10 Contingent liabilities
The company has entered into fixed charges in favour of Lloyds Bank PLC to secure finance on the company.
11 Controlling party
The company is not under the control of any one shareholder.
12 Other information
The Gift Scholars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Kingfisher Business Park
Arthur Street
Redditch
Worcestershire
B98 8LG
The Gift Scholars Ltd 09893744 false 2024-04-01 2025-03-31 2025-03-31 VT Final Accounts April 2025 M Byrd No description of principal activity 09893744 2023-04-01 2024-03-31 09893744 core:WithinOneYear 2024-03-31 09893744 core:AfterOneYear 2024-03-31 09893744 core:ShareCapital 2024-03-31 09893744 core:RetainedEarningsAccumulatedLosses 2024-03-31 09893744 core:AllPeriods 2024-03-31 09893744 2024-04-01 2025-03-31 09893744 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09893744 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 09893744 bus:Director40 2024-04-01 2025-03-31 09893744 1 2024-04-01 2025-03-31 09893744 2 2024-04-01 2025-03-31 09893744 core:LandBuildings 2024-04-01 2025-03-31 09893744 core:PlantMachinery 2024-04-01 2025-03-31 09893744 core:Vehicles 2024-04-01 2025-03-31 09893744 countries:England 2024-04-01 2025-03-31 09893744 bus:FRS102 2024-04-01 2025-03-31 09893744 bus:FilletedAccounts 2024-04-01 2025-03-31 09893744 2025-03-31 09893744 core:WithinOneYear 2025-03-31 09893744 core:AfterOneYear 2025-03-31 09893744 core:ShareCapital 2025-03-31 09893744 core:RetainedEarningsAccumulatedLosses 2025-03-31 09893744 core:LandBuildings 2025-03-31 09893744 core:PlantMachinery 2025-03-31 09893744 core:Vehicles 2025-03-31 09893744 core:AllPeriods 2025-03-31 09893744 2024-03-31 09893744 core:LandBuildings 2024-03-31 09893744 core:PlantMachinery 2024-03-31 09893744 core:Vehicles 2024-03-31 iso4217:GBP xbrli:pure