Gift Creation and Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07089794 (England and Wales)

GIFT CREATION AND DESIGN LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Thakrar

REGISTERED OFFICE:

31-37 Park Royal Road

London

NW10 7LQ

REGISTERED NUMBER:

07089794 (England and Wales)

AUDITORS:

Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,221

9,027

7,221

9,027

CURRENT ASSETS

Stocks

518,380

383,749

Debtors

6

1,238,506

522,842

Cash at bank

95,694

50,548

1,852,580

957,139

CREDITORS

Amounts falling due within one year

7

2,223,131

1,197,873

NET CURRENT LIABILITIES

(370,551

)

(240,734

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(363,330

)

(231,707

)

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

(863,330

)

(731,707

)

SHAREHOLDERS' FUNDS

(363,330

)

(231,707

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2022 and were signed by:

S Thakrar - Director

1.	STATUTORY INFORMATION

Gift Creation and Design 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

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 is recognised on invoicing the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of eight years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

50% on cost and 20% 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 and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The company is part of a large profitable group, that will continue to give support and will not put the company under any undue pressure to repay loans.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

46,453

AMORTISATION

At 1 April 2021

and 31 March 2022

46,453

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

13,889

99,516

113,405

Disposals

-

(49,685

)

(49,685

)

At 31 March 2022

13,889

49,831

63,720

DEPRECIATION

At 1 April 2021

13,889

90,489

104,378

Charge for year

-

1,806

1,806

Eliminated on disposal

-

(49,685

)

(49,685

)

At 31 March 2022

13,889

42,610

56,499

NET BOOK VALUE

At 31 March 2022

-

7,221

7,221

At 31 March 2021

-

9,027

9,027

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,216,030

471,646

Other debtors

17,716

49,608

Prepayments

4,760

1,588

1,238,506

522,842

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,207,350

851,248

Social security and other taxes

2,914

2,848

Other creditors

976,093

333,176

Accrued expenses

36,774

10,601

2,223,131

1,197,873

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank financing facility

710,407

68,078

The bank financing facility is secured by the way of a fixed and floating charge.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Calvert ACA (Senior Statutory Auditor)

for and on behalf of Rushtons

10.	RELATED PARTY DISCLOSURES

During the year, purchases amounting to £nil (2021: £44,477) were made from Drinksupermarket.com Ltd, a fellow subsidiary which is not wholly owned. Sales of goods and services amounting to £189,820 (2021: £57,566).

Purchases amounting to £nil (2021: £69) were made from Champers (Wholesale) Limited, a fellow subsidiary which is not wholly owned. Sales of goods and services amounting to £134 (2021: £7,002) and the balance in trade debtors at the year end was £nil (2021: £8,395).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Thakrar, who holds 60% of the issued share capital of HT Drinks Holdings Ltd (the ultimate parent company).

Consolidated accounts are drawn up for HT Drinks Holdings Ltd, which include the results of Gift Creation and Design Limited and the immediate parent company, Gift Creation & Design (Holdings) Ltd. The registered office for both HT Drinks Holdings Ltd and Gift Creation and Design Ltd is the same, and is given on the company information page.

The consolidated accounts are available to the public and may be obtained from:

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ.