I decided to make some of my gifts for Yule/Xmas and this is one of two padded felt hearts I made. I will load a picture later of the red/black heart. This one I made for my niece Megan.
As you can see from the picture it involves 4 pices of velvet. 2 that are for the main part of the heart then two smaller ones. Here is a link to the template I used: http://www.enchantedlearning.com/crafts/valentine/fingerpaint/template.shtml
I also made the flower using ribbon, gem flowers (these are often used in card making and beads. These I used to edge the pink heart and for the centres of all the gem flowers. Then I had some narrow ribbon for the hanger.
To stitch together I used embroidery thread of a toning colour. The tastle was also purchased. I simply stitched this under the central ribbon flower.
Any questions do please ask!