R A O'Donnell Jewellers Ltd 08018286 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Retail sale of watches and jewellery in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true 08018286 2022-07-01 2023-06-30 08018286 2023-06-30 08018286 core:CurrentFinancialInstruments 2023-06-30 08018286 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 08018286 core:Non-currentFinancialInstruments 2023-06-30 08018286 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 08018286 core:Goodwill 2023-06-30 08018286 core:FurnitureFittingsToolsEquipment 2023-06-30 08018286 bus:SmallEntities 2022-07-01 2023-06-30 08018286 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 08018286 bus:FullAccounts 2022-07-01 2023-06-30 08018286 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 08018286 bus:RegisteredOffice 2022-07-01 2023-06-30 08018286 bus:Director1 2022-07-01 2023-06-30 08018286 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08018286 core:Goodwill 2022-07-01 2023-06-30 08018286 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 08018286 countries:EnglandWales 2022-07-01 2023-06-30 08018286 core:Goodwill 2022-06-30 08018286 core:FurnitureFittingsToolsEquipment 2022-06-30 08018286 2021-07-01 2022-06-30 08018286 2022-06-30 08018286 core:CurrentFinancialInstruments 2022-06-30 08018286 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 08018286 core:Non-currentFinancialInstruments 2022-06-30 08018286 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 08018286 core:Goodwill 2022-06-30 08018286 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 08018286

Prepared for the registrar

R A O'Donnell Jewellers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

R A O'Donnell Jewellers Ltd

(Registration number: 08018286)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

50,462

55,508

Tangible assets

5

382

666

 

50,844

56,174

Current assets

 

Stocks

91,627

120,324

Debtors

6

7,424

5,069

Cash at bank and in hand

 

149,979

72,263

 

249,030

197,656

Creditors: Amounts falling due within one year

7

(88,888)

(62,459)

Net current assets

 

160,142

135,197

Total assets less current liabilities

 

210,986

191,371

Creditors: Amounts falling due after more than one year

7

(13,064)

(19,881)

Net assets

 

197,922

171,490

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

197,822

171,390

Shareholders' funds

 

197,922

171,490

For the financial year ending 30 June 2023 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.

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 20 October 2023 and signed on its behalf by:
 


Mr R A O'Donnell
Director

 

R A O'Donnell Jewellers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

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:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

R A O'Donnell Jewellers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

Over three years

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

R A O'Donnell Jewellers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

R A O'Donnell Jewellers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

4

Intangible assets

Goodwill
 £

Cost

At 1 July 2022

100,922

At 30 June 2023

100,922

Amortisation

At 1 July 2022

45,414

Amortisation charge

5,046

At 30 June 2023

50,460

Carrying amount

At 30 June 2023

50,462

At 30 June 2022

55,508

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 July 2022

7,868

At 30 June 2023

7,868

Depreciation

At 1 July 2022

7,202

Charge for the year

284

At 30 June 2023

7,486

Carrying amount

At 30 June 2023

382

At 30 June 2022

666

 

6

Debtors

2023
 £

2022
 £

Other debtors

650

157

Prepayments

6,774

4,912

 

7,424

5,069

 

R A O'Donnell Jewellers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

6,817

6,817

Trade creditors

 

13,339

14,638

Social security and other taxes

 

16,262

7,672

Other creditors

 

-

1,750

Accrued expenses

 

22,008

2,575

Corporation tax liability

30,462

29,007

 

88,888

62,459

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

13,064

19,881

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan - secured

6,817

6,817

2023
£

2022
£

Non-current loans and borrowings

Bank loan - secured

13,064

19,881

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,707 (2022 - £149,500).

 

10

Related party transactions

Other transactions with directors

At 30 June 2023, the directors Mr R A and Mrs N L O'Donnell owed the company £650 (2022: £157) in the form of a directors' loan. The loan is unsecured, repayable on demand and no interest was charged in the year.