REGISTERED NUMBER: 04256250 (England and Wales)

GIFTCRAFT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mr A Grossman

SECRETARY:

Mrs B Grossman

REGISTERED OFFICE:

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED NUMBER:

04256250 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Tangible assets

5

2,925

39

CURRENT ASSETS

Stocks

6

248,500

234,200

Debtors

7

22,255

21,676

Cash at bank and in hand

776

1,583

271,531

257,459

CREDITORS

Amounts falling due within one year

8

338,595

315,108

NET CURRENT LIABILITIES

(67,064

)

(57,649

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(64,139

)

(57,610

)

CREDITORS

Amounts falling due after more than one year

9

24,505

28,537

NET LIABILITIES

(88,644

)

(86,147

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(88,646

)

(86,149

)

(88,644

)

(86,147

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 December 2025 and were signed by:

Mr A Grossman - Director

1.	STATUTORY INFORMATION

Giftcraft Limited is a private 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.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Going concern

The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern notwithstanding the deficiency in net assets at the balance sheet date. The director considers this to be appropriate having regard to the continued provision of financial support by the company's director and creditors.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2024

-

13,797

13,797

Additions

3,218

-

3,218

At 31 December 2024

3,218

13,797

17,015

DEPRECIATION

At 1 January 2024

-

13,758

13,758

Charge for year

322

10

332

At 31 December 2024

322

13,768

14,090

NET BOOK VALUE

At 31 December 2024

2,896

29

2,925

At 31 December 2023

-

39

39

6.

STOCKS

2024

2023

£

£

Stocks

248,500

234,200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

22,255

21,676

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 10)

4,388

4,744

Trade creditors

46,431

80,628

Taxation and social security

1,541

5,571

Other creditors

286,235

224,165

338,595

315,108

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

24,505

28,537

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

6,953

9,561

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

4,388

4,744

Amounts falling due between two and five years:

Bank loans - 2-5 years

17,552

18,976

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

6,953

9,561

11.	RELATED PARTY DISCLOSURES

Other debtors include amounts aggregating £773 (2023: £773) due from a related company under common control.

Included in other creditors are amounts aggregating £94,617 (2023: £94,617) due to related companies under common control.