Company Registration No. 07495047 (England and Wales)
Banyan Jewellery Limited
Unaudited accounts
for the year ended 31 March 2022
Banyan Jewellery Limited
Unaudited accounts
Contents
Banyan Jewellery Limited
Company Information
for the year ended 31 March 2022
Company Number
07495047 (England and Wales)
Registered Office
Units 3 & 4 Riviera House
26 Salisbury Road
Newton Abbot
Devon
TQ12 2DF
England
Accountants
Yannons Chartered Accountants
The Gallery
New Quay Street
Teignmouth
Devon
TQ14 8DA
Banyan Jewellery Limited
Statement of financial position
as at 31 March 2022
Tangible assets
15,581
17,557
Cash at bank and in hand
157,935
122,770
Creditors: amounts falling due within one year
(45,040)
(30,321)
Net current assets
181,120
170,372
Total assets less current liabilities
196,701
187,929
Creditors: amounts falling due after more than one year
-
(42,110)
Net assets
196,701
145,819
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
196,601
145,719
Shareholders' funds
196,701
145,819
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 September 2022 and were signed on its behalf by
Y Zalman
Director
Company Registration No. 07495047
Banyan Jewellery Limited
Notes to the Accounts
for the year ended 31 March 2022
Banyan Jewellery Limited is a private company, limited by shares, registered in England and Wales, registration number 07495047. The registered office is Units 3 & 4 Riviera House, 26 Salisbury Road, Newton Abbot, Devon, TQ12 2DF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight Line
Plant & machinery
15% Reducing balance
Intangible fixed assets are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and net realisable value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full, where material, on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Capital redemption reserve
The capital redemption reserve relates to a company share buyback in the year ended 31 March 2019.
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Banyan Jewellery Limited
Notes to the Accounts
for the year ended 31 March 2022
The company makes contributions to employee pension schemes. Contributions payable are recognised in the profit and loss account when they become due in accordance with contractual arrangements.
Expenditure on research and development is charged to the profit and loss in the year in which it is incurred.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2021
9,265
40,148
49,413
At 31 March 2022
9,265
41,357
50,622
At 1 April 2021
5,559
26,297
31,856
Charge for the year
926
2,259
3,185
At 31 March 2022
6,485
28,556
35,041
At 31 March 2022
2,780
12,801
15,581
At 31 March 2021
3,706
13,851
17,557
6
Debtors: amounts falling due within one year
2022
2021
Trade debtors
16,672
5,620
Accrued income and prepayments
2,546
2,953
Banyan Jewellery Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
7,890
Trade creditors
1,184
2,890
Taxes and social security
27,013
18,987
8
Creditors: amounts falling due after more than one year
2022
2021
Aggregate of amounts that fall due for payment after five years
-
1,770
A Bounce Back Loan of £50,000 was received in May 2020, The Government guaranteed 100% of the loan and there were no fees or interest payable for the first 12 months. After 12 months interest was chargeable at 2.5%. The loan was repaid in full during the year.
Allotted, called up and fully paid:
50 Ordinary shares of £1 each
50
50
10
Operating lease commitments
2022
2021
At 31 March 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
12
Average number of employees
During the year the average number of employees was 3 (2021: 4).