Company Registration No. 13203779 (England and Wales)
LOST IN TIME JEWELLERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
LOST IN TIME JEWELLERS LTD
COMPANY INFORMATION
Directors
MR C L W Graham
(Appointed 19 October 2021)
Mr S Singh
(Appointed 25 October 2021)
Company number
13203779
Registered office
Unit 9
Progress Centre Charlton Place
Ardwick
Manchester
M12 6HS
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
Unit 9
Progress Centre Charlton Place
Ardwick
Manchester
M12 6HS
LOST IN TIME JEWELLERS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LOST IN TIME JEWELLERS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
Notes
£
£
Current assets
Stocks
256,670
Debtors
3
6,293
Cash at bank and in hand
2,482
265,445
Creditors: amounts falling due within one year
4
(205,828)
Net current assets
59,617
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
59,517
Total equity
59,617

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 August 2022 and are signed on its behalf by:
MR C L W Graham
Mr S Singh
Director
Director
Company Registration No. 13203779
LOST IN TIME JEWELLERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information

Lost in Time Jewellers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Progress Centre Charlton Place, Ardwick, Manchester, M12 6HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, expect for modification to fair value basis where specified in the accounting policies below.

1.2
Reporting period

As this is the first accounting period for the company these accounts cover from incorporation on the 16 February 2021 to the 28 February 2022, a period of greater than 12 months.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LOST IN TIME JEWELLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
2
3
Debtors
2022
Amounts falling due within one year:
£
Other debtors
6,293
LOST IN TIME JEWELLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 4 -
4
Creditors: amounts falling due within one year
2022
£
Trade creditors
64,344
Corporation tax
14,005
Other taxation and social security
4,745
Other creditors
122,734
205,828
5
Directors' transactions

During the year, the director S Singh withdrew funds totalling £12,550 from the company, whilst repaying £10,400. The director also paid expenses on behalf of the company totalling £4. As at the 28 February 2022 the director owed the company £2,146. The loan was repaid within 9 months after the year end.

6
Called up share capital
2022
Ordinary share capital
£
Issued and fully paid
of £1 each
100
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