Company No:
Contents
| Note | 2024 | 2023 | ||
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| Current assets | ||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| 881,138 | 974,211 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current assets | 46,070 | 13,010 | ||
| Total assets less current liabilities | 46,070 | 13,010 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 5 |
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| Profit and loss account |
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| Total shareholder's funds |
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The financial statements of Giftcards Group Limited (registered number:
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Jasper Bosschieter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Giftcards Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Engine Room, 18 The Power Station, London, SW11 8BZ, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statements for the prior period covered the period from incorporation on 11 November 2022 to 31 December 2023. The comparative amounts presented in the current year financial statements are therefore not entirely comparable.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and amounts due to group undertakings, are initially recognised at transaction price.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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| Monthly average number of persons employed by the Company during the year, including the director |
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| Amounts owed by Parent undertakings |
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| VAT recoverable |
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| Amounts owed to Group undertakings |
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| Amounts owed to Parent undertakings |
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| Taxation and social security |
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| Other creditors |
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| Allotted, called-up and fully-paid | |||
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The company has taken advantage of the exemption within FRS 102 section 1A from disclosing related party transactions with wholly-owned entities within its group.
The carrying amount of the company's financial instruments are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Carrying amount of financial assets: Debt instruments measured at amortised cost | 878,790 | 974,111 | |
| Carrying amount of financial liabilities: Measured at amortised cost | 822,898 | 956,898 |
The audit report was signed by Hazel Neilson on behalf of Tawse & Partners.
Parent Company:
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| Registered office: 6 Ambachtsweg Oosthuizen Noord-Holland Netherlands 1474HW |