Clarity Jewellery UK Ltd 11374923 false 2021-06-01 2022-05-31 2022-05-31 The principal activity of the company is jewellery sales. Digita Accounts Production Advanced 6.30.9574.0 true 11374923 2021-06-01 2022-05-31 11374923 2022-05-31 11374923 core:RetainedEarningsAccumulatedLosses 2022-05-31 11374923 core:ShareCapital 2022-05-31 11374923 core:CurrentFinancialInstruments 2022-05-31 11374923 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 11374923 core:Non-currentFinancialInstruments 2022-05-31 11374923 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 11374923 bus:SmallEntities 2021-06-01 2022-05-31 11374923 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 11374923 bus:FullAccounts 2021-06-01 2022-05-31 11374923 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 11374923 bus:RegisteredOffice 2021-06-01 2022-05-31 11374923 bus:Director2 2021-06-01 2022-05-31 11374923 bus:Director3 2021-06-01 2022-05-31 11374923 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 11374923 countries:EnglandWales 2021-06-01 2022-05-31 11374923 2020-06-01 2021-05-31 11374923 2021-05-31 11374923 core:RetainedEarningsAccumulatedLosses 2021-05-31 11374923 core:ShareCapital 2021-05-31 11374923 core:CurrentFinancialInstruments 2021-05-31 11374923 core:CurrentFinancialInstruments core:WithinOneYear 2021-05-31 11374923 core:Non-currentFinancialInstruments 2021-05-31 11374923 core:Non-currentFinancialInstruments core:AfterOneYear 2021-05-31 iso4217:GBP xbrli:pure

Registration number: 11374923

Clarity Jewellery UK Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Clarity Jewellery UK Ltd

(Registration number: 11374923)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

50,000

15,000

Debtors

5

277,377

196,364

Cash at bank and in hand

 

81,135

69,534

 

408,512

280,898

Creditors: Amounts falling due within one year

6

(122,114)

(19,331)

Total assets less current liabilities

 

286,398

261,567

Creditors: Amounts falling due after more than one year

6

(266,834)

(277,894)

Net assets/(liabilities)

 

19,564

(16,327)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

19,464

(16,427)

Shareholders' funds/(deficit)

 

19,564

(16,327)

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Clarity Jewellery UK Ltd

(Registration number: 11374923)
Balance Sheet as at 31 May 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 July 2022 and signed on its behalf by:
 

.........................................
H S Mintz
Director

.........................................
S M Logan
Director

 

Clarity Jewellery UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jewellery Business Centre
Spencer Street
Hockley
Birmingham
B18 6DA
England

These financial statements were authorised for issue by the Board on 27 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Clarity Jewellery UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Clarity Jewellery UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Stocks

2022
£

2021
£

Other inventories

50,000

15,000

5

Debtors

Current

2022
£

2021
£

Trade debtors

276,585

194,470

Other debtors

792

1,894

 

277,377

196,364

 

Clarity Jewellery UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

5,556

-

Trade creditors

 

80,249

10,871

Taxation and social security

 

34,881

7,088

Accruals and deferred income

 

1,200

1,200

Other creditors

 

228

172

 

122,114

19,331

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

266,834

277,894

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

38,889

50,000

Other borrowings

227,945

227,894

266,834

277,894

 

Clarity Jewellery UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,556

-