Registration number:
The Jewellery Collection LLP
for the Year Ended 31 March 2023
The Jewellery Collection LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
The Jewellery Collection LLP
Limited liability partnership information
Designated members |
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Registered office |
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Principal place of business |
The Mill |
Accountants |
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The Jewellery Collection LLP
(Registration number: OC305349)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities attributable to members |
( |
( |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
(819,821) |
(665,959) |
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Members’ other interests |
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Other reserves |
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( |
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(772,229) |
(689,925) |
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Total members' interests |
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Loans and other debts due to members |
(819,821) |
(665,959) |
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Equity |
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( |
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(772,229) |
(689,925) |
For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLP regime.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The Jewellery Collection LLP
(Registration number: OC305349)
Balance Sheet as at 31 March 2023 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of The Jewellery Collection LLP (registered number OC305349) were approved by the
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The Jewellery Collection LLP
Statement of Changes in Members’ Interests
At 31 March 2023
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
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Members' interest at 1 April 2022 |
- |
- |
(665,959) |
(665,959) |
(665,959) |
Profit for the financial year available for discretionary division among members |
47,592 |
47,592 |
- |
- |
47,592 |
At 31 March 2023 |
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47,592 |
(665,959) |
(665,959) |
(618,367) |
Equity |
Loans and other debts due to/(from) members |
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Other reserves |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
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Members' interest at 1 April 2021 |
- |
- |
(700,487) |
(700,487) |
(700,487) |
Loss for the financial year available for discretionary division among members |
(23,966) |
(23,966) |
- |
- |
(23,966) |
At 31 March 2022 |
( |
(23,966) |
(700,487) |
(700,487) |
(724,453) |
The Jewellery Collection LLP
Notes to the Financial Statements for the Year Ended 31 March 2023
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
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.
The functional currency of The Jewellery Collection LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
The Jewellery Collection LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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Accounting policies (continued) |
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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 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 limited liability partnership 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.
The Jewellery Collection LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
The following assets and liabilities are classified as financial statements - trade debtors, trade creditors, bank loans and members' loans.
Bank loans are initially measured at the present value of future payments, discounting at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Members' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
The Jewellery Collection LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Tangible fixed assets |
Freehold land and buildings |
Fixtures and fittings |
Total |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Net book value |
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At 31 March 2023 |
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At 31 March 2022 |
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Stocks |
2023 |
2022 |
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Stocks |
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Debtors |
2023 |
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Total current trade and other debtors |
- |
The Jewellery Collection LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Bank loans and overdrafts |
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Other creditors |
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Convertible loans |
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Creditors: Amounts falling due after more than one year |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.