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Registration number: 12711929

Giftparty Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Giftparty Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Income Statement

3

Statement of Comprehensive Income

4

Abridged Statement of Financial Position

5

Statement of Changes in Equity

6

Notes to the Unaudited Abridged Financial Statements

7 to 9

 

Giftparty Ltd

Company Information

Director

Mr A Sohaib

Registered office

Unit 14 Brighton Palace Pier
Brighton
BN2 1TW

Accountants

Sterling Associates
Chartered Certified Accountants5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Giftparty Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Giftparty Ltd for the year ended 31 July 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Giftparty Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Giftparty Ltd and state those matters that we have agreed to state to the Board of Directors of Giftparty Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Giftparty Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Giftparty Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Giftparty Ltd. You consider that Giftparty Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Giftparty Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

29 July 2025

 

Giftparty Ltd

Abridged Income Statement for the Year Ended 31 July 2024

Note

2024
£

2023
£

Gross profit

 

63,746

76,104

Administrative expenses

 

(61,242)

(70,647)

Interest payable and similar expenses

 

(222)

-

Profit before tax

2,282

5,457

Tax on profit

 

(434)

(1,037)

Profit for the financial year

 

1,848

4,420

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Giftparty Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit for the year

1,848

4,420

Total comprehensive income for the year

1,848

4,420

 

Giftparty Ltd

(Registration number: 12711929)
Abridged Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

8,243

8,639

Debtors

18,489

17,889

Cash at bank and in hand

 

7,596

2,325

 

34,328

28,853

Creditors: Amounts falling due within one year

(23,067)

(13,961)

Total assets less current liabilities

 

11,261

14,892

Accruals and deferred income

 

(972)

(5,381)

Net assets

 

10,289

9,511

Capital and reserves

 

Called up share capital

5

200

200

Retained earnings

10,089

9,311

Shareholders' funds

 

10,289

9,511

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 July 2025
 

.........................................
Mr A Sohaib
Director

 

Giftparty Ltd

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

200

9,311

9,511

Profit for the year

-

1,848

1,848

Dividends

-

(1,070)

(1,070)

At 31 July 2024

200

10,089

10,289

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

200

6,461

6,661

Profit for the year

-

4,420

4,420

Dividends

-

(1,570)

(1,570)

At 31 July 2023

200

9,311

9,511

 

Giftparty Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14 Brighton Palace Pier
Brighton
BN2 1TW
United Kingdom

These financial statements were authorised for issue by the director on 29 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Giftparty Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

 

Giftparty Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

4

Stocks

2024
£

2023
£

Other inventories

8,243

8,639

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

6

Parent and ultimate parent undertaking

The ultimate controlling party is the director.