My dd is 7 and in year 2.
When she started reception, we went along to a meeting with the class teacher ( all the parents/carers ) and were told that the main things that would help the dc starting school were being able to dress and undress, being able to go to the toilet and being able to use cutlery, assuming no Sen of course.
The teacher assured us that everything they needed to know academically could be taught but these other skills were just as valid and important.
My dd has always been bright but nobody would have ever known that in reception. She played and played and played some more and learnt new skills along the way.
In the more formal settting of year one, it was apparent that she was a good reader and a bright girl.
She continues to thrive in a class of 30 where there are around 7 or 8 of the class at a similar level from what I've gathered.
Gifted is something entirely different.
My 15yr old is extremely gifted in art and has been since he could hold a pencil, he's not academically gifted though but who cares? It's all relative.
Celebrate their talents, whatever they are and work on their weaknesses and play on their strengths.
Many of us have thought that our children are the next Einstein at times but it's quite rare to find a child who is so off the scale bright that the school have to make extra provision.
Most teachers can accommodate the needs of the vast spectrum of children in their classes without feeling the need to label.