Company registration number 08512953 (England and Wales)
YORKSHIRE GIFTWARE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE GIFTWARE LIMITED
COMPANY INFORMATION
Directors
Mr L C Maughan
Mr A J Maughan
Company number
08512953
Registered office
13 Yorkersgate
Malton
North Yorkshire
YO17 7AA
Accountants
Townsend Harrison Limited
13 Yorkersgate
Malton
North Yorkshire
YO17 7AA
Business address
88 Langley Drive
Norton
Malton
North Yorkshire
YO17 9AB
YORKSHIRE GIFTWARE LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
YORKSHIRE GIFTWARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of sale of retail items via mail order houses.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L C Maughan
Mr A J Maughan
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr L C Maughan
Mr A J Maughan
Director
Director
9 March 2026
YORKSHIRE GIFTWARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
31 May 2025
- 2 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
8,856
21,378
Debtors
4
503
6,293
Cash at bank and in hand
4,986
1,459
14,345
29,130
Creditors: amounts falling due within one year
5
(31,168)
(33,431)
Net current liabilities
(16,823)
(4,301)
Creditors: amounts falling due after more than one year
6
(206)
(10,121)
Net liabilities
(17,029)
(14,422)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(17,129)
(14,522)
Total equity
(17,029)
(14,422)

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
Mr L C Maughan
Mr A J Maughan
Director
Director
Company registration number 08512953 (England and Wales)
YORKSHIRE GIFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
100
(20,981)
(20,881)
Year ended 31 May 2024:
Profit and total comprehensive income
-
6,459
6,459
Balance at 31 May 2024
100
(14,522)
(14,422)
Year ended 31 May 2025:
Loss and total comprehensive income
-
(2,607)
(2,607)
Balance at 31 May 2025
100
(17,129)
(17,029)
YORKSHIRE GIFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
1
Accounting policies
Company information

Yorkshire Giftware Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Yorkersgate, Malton, North Yorkshire, YO17 7AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% on Cost
Computers
33.33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

YORKSHIRE GIFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

YORKSHIRE GIFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 June 2024 and 31 May 2025
150
4,490
4,640
Depreciation and impairment
At 1 June 2024 and 31 May 2025
150
4,490
4,640
Carrying amount
At 31 May 2025
-
0
-
0
-
0
At 31 May 2024
-
0
-
0
-
0
YORKSHIRE GIFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
503
1,977
Other debtors
-
0
4,316
503
6,293
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,648
10,648
Trade creditors
275
832
Corporation tax
-
0
1,144
Other taxation and social security
1,042
1,607
Other creditors
19,203
19,200
31,168
33,431
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
206
10,121
7
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Closing balance
£
£
Mr L C Maughan - Directors Loan Account
-
(1,391)
(1,391)
Mr A J Maughan - Directors Loan Account
-
(15)
(15)
(1,406)
(1,406)

The above loan is interest free, unsecured and repayable on demand.

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