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Company Registration No. 11157401 (England and Wales)
GADGET AND GIFT COMPANY LTD Unaudited accounts for the year ended 31 January 2025
GADGET AND GIFT COMPANY LTD Statement of financial position as at 31 January 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
174
225
Current assets
Inventories
2,490
4,575
Cash at bank and in hand
39,172
42,610
41,662
47,185
Creditors: amounts falling due within one year
(35,494)
(41,414)
Net current assets
6,168
5,771
Total assets less current liabilities
6,342
5,996
Provisions for liabilities
Deferred tax
5
(32)
(42)
Net assets
6,310
5,954
Capital and reserves
Called up share capital
6
10
10
Profit and loss account
6,300
5,944
Shareholders' funds
6,310
5,954
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 August 2025 and were signed on its behalf by
Davinder Singh Dhanoa Director Company Registration No. 11157401
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GADGET AND GIFT COMPANY LTD Notes to the Accounts for the year ended 31 January 2025
1
Statutory information
GADGET AND GIFT COMPANY LTD is a private company, limited by shares, registered in England and Wales, registration number 11157401. The registered office is UNIT 20B, CALDERDALE BUSINESS PARK,, CLUB LANE, HALIFAX, HX2 8DB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Motor vehicles
20% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The director has carried out a detailed review of the company's resources and projected income streams. He is confident that the company has sufficient cash flows to meets its liabilities as they fall due for at least one year from the date of approval of the financial statements. Therefore, the company continues to adopt the going concern basis in preparing the financial statements.
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GADGET AND GIFT COMPANY LTD Notes to the Accounts for the year ended 31 January 2025
4
Tangible fixed assets
Total
£
Cost or valuation
At 1 February 2024
1,100
At 31 January 2025
1,100
Depreciation
At 1 February 2024
875
Charge for the year
51
At 31 January 2025
926
Net book value
At 31 January 2025
174
At 31 January 2024
225
5
Deferred taxation
2025
2024
£
£
Accelerated capital allowances
32
42
2025
2024
£
£
Provision at start of year
42
55
Credited to the profit and loss account
(10)
(13)
Provision at end of year
32
42
6
Share capital
2025
2024
£
£
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
7
Average number of employees
During the year the average number of employees was 0 (2024: 0).
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