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COMPANY REGISTRATION NUMBER: NI655291
Gift Plaques UK Ltd
Filleted Unaudited Financial Statements
30 September 2024
Gift Plaques UK Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
47,138
57,623
Current assets
Stocks
3,500
1,000
Debtors
5
6,859
4,415
Cash at bank and in hand
178,448
164,184
---------
---------
188,807
169,599
Creditors: amounts falling due within one year
6
211,744
215,740
---------
---------
Net current liabilities
22,937
46,141
--------
--------
Total assets less current liabilities
24,201
11,482
Provisions
Taxation including deferred tax
8,932
11,457
--------
--------
Net assets
15,269
25
--------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
15,266
22
--------
----
Shareholders funds
15,269
25
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gift Plaques UK Ltd
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mr M Wilson
Mrs F Wilson
Director
Director
Company registration number: NI655291
Gift Plaques UK Ltd
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 35 Raw Road, Brookeborough, BT94 4GF. The principal activity of the business is retail sale via mail order houses or Internet.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
5% straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
4. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
12,963
17,641
24,490
70,600
125,694
--------
--------
--------
--------
---------
Depreciation
At 1 October 2023
1,944
5,794
14,159
46,174
68,071
Charge for the year
648
2,369
2,583
4,885
10,485
--------
--------
--------
--------
---------
At 30 September 2024
2,592
8,163
16,742
51,059
78,556
--------
--------
--------
--------
---------
Carrying amount
At 30 September 2024
10,371
9,478
7,748
19,541
47,138
--------
--------
--------
--------
---------
At 30 September 2023
11,019
11,847
10,331
24,426
57,623
--------
--------
--------
--------
---------
5. Debtors
2024
2023
£
£
Trade debtors
6,859
4,415
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,045
21,153
Social security and other taxes
55,464
18,547
Other creditors
151,235
176,040
---------
---------
211,744
215,740
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors provided loans to the company totalling £83,900. Cash withdrawn and personal expenses paid by the company on behalf of the directors totalled £108,705. Balance owed to the directors at the 30 September 2024 was £151,235, (2023: £176,040).