Silverfin false 31/01/2023 01/02/2022 31/01/2023 D M Gillow 04/03/2015 S Gillow 04/03/2015 17 October 2023 The principal activity of the company is that of jewellery and watch retailers. 09470258 2023-01-31 09470258 bus:Director1 2023-01-31 09470258 bus:Director2 2023-01-31 09470258 2022-01-31 09470258 core:CurrentFinancialInstruments 2023-01-31 09470258 core:CurrentFinancialInstruments 2022-01-31 09470258 core:Non-currentFinancialInstruments 2023-01-31 09470258 core:Non-currentFinancialInstruments 2022-01-31 09470258 core:ShareCapital 2023-01-31 09470258 core:ShareCapital 2022-01-31 09470258 core:RetainedEarningsAccumulatedLosses 2023-01-31 09470258 core:RetainedEarningsAccumulatedLosses 2022-01-31 09470258 core:Goodwill 2022-01-31 09470258 core:ComputerSoftware 2022-01-31 09470258 core:Goodwill 2023-01-31 09470258 core:ComputerSoftware 2023-01-31 09470258 core:FurnitureFittings 2022-01-31 09470258 core:ComputerEquipment 2022-01-31 09470258 core:FurnitureFittings 2023-01-31 09470258 core:ComputerEquipment 2023-01-31 09470258 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 09470258 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-01-31 09470258 bus:OrdinaryShareClass1 2023-01-31 09470258 core:WithinOneYear 2023-01-31 09470258 core:WithinOneYear 2022-01-31 09470258 core:BetweenOneFiveYears 2023-01-31 09470258 core:BetweenOneFiveYears 2022-01-31 09470258 core:MoreThanFiveYears 2023-01-31 09470258 core:MoreThanFiveYears 2022-01-31 09470258 2022-02-01 2023-01-31 09470258 bus:FullAccounts 2022-02-01 2023-01-31 09470258 bus:SmallEntities 2022-02-01 2023-01-31 09470258 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09470258 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09470258 bus:Director1 2022-02-01 2023-01-31 09470258 bus:Director2 2022-02-01 2023-01-31 09470258 core:Goodwill core:TopRangeValue 2022-02-01 2023-01-31 09470258 core:ComputerSoftware 2022-02-01 2023-01-31 09470258 core:Goodwill 2022-02-01 2023-01-31 09470258 core:FurnitureFittings 2022-02-01 2023-01-31 09470258 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 09470258 2021-02-01 2022-01-31 09470258 core:ComputerEquipment 2022-02-01 2023-01-31 09470258 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 09470258 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 09470258 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09470258 (England and Wales)

JAGO JEWELLERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

JAGO JEWELLERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

JAGO JEWELLERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
JAGO JEWELLERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,323 1,897
Tangible assets 4 4,200 5,186
5,523 7,083
Current assets
Stocks 339,055 318,619
Debtors 5 2,890 0
Cash at bank and in hand 48,848 63,835
390,793 382,454
Creditors: amounts falling due within one year 6 ( 243,194) ( 301,602)
Net current assets 147,599 80,852
Total assets less current liabilities 153,122 87,935
Creditors: amounts falling due after more than one year 7 ( 24,899) ( 34,343)
Net assets 128,223 53,592
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 128,123 53,492
Total shareholders' funds 128,223 53,592

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Jago Jewellers Limited (registered number: 09470258) were approved and authorised for issue by the Director. They were signed on its behalf by:

D M Gillow
Director

17 October 2023

JAGO JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
JAGO JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jago Jewellers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Computer software 25 % reducing balance
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 February 2022 5,000 3,419 8,419
At 31 January 2023 5,000 3,419 8,419
Accumulated amortisation
At 01 February 2022 5,000 1,522 6,522
Charge for the financial year 0 574 574
At 31 January 2023 5,000 2,096 7,096
Net book value
At 31 January 2023 0 1,323 1,323
At 31 January 2022 0 1,897 1,897

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 February 2022 19,948 2,551 22,499
Additions 290 316 606
At 31 January 2023 20,238 2,867 23,105
Accumulated depreciation
At 01 February 2022 15,141 2,172 17,313
Charge for the financial year 1,212 380 1,592
At 31 January 2023 16,353 2,552 18,905
Net book value
At 31 January 2023 3,885 315 4,200
At 31 January 2022 4,807 379 5,186

5. Debtors

2023 2022
£ £
Prepayments 2,067 0
Other debtors 823 0
2,890 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,892 9,996
Trade creditors 93,698 66,161
Amounts owed to related parties 82,699 163,158
Taxation and social security 51,889 56,844
Other creditors 5,016 5,443
243,194 301,602

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 24,899 34,343

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 47,250 47,250
between one and five years 189,000 189,000
after five years 94,500 141,750
330,750 378,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 370 ( 313)

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company and in an independently administered fund. Contributions totalling £370 (2022: Debtor £313) were repayable from the fund at the balance sheet date are included in creditors.