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REGISTERED NUMBER: 05018945 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

WHITTAKER'S JEWELLERS LIMITED

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


WHITTAKER'S JEWELLERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: N C Howard
J L A Evans
N A Evans
R J D Evans
S M Holmes
L E Howard





SECRETARY: N C Howard





REGISTERED OFFICE: Carlton House
Bull Close Lane
Halifax
West Yorkshire
HX1 2EG





REGISTERED NUMBER: 05018945 (England and Wales)





AUDITORS: Bairstow and Atkinson
Statutory Auditors
Chartered Accountants
Carlton House
Bull Close Lane
Halifax
HX1 2EG

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

STRATEGIC REPORT
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
Four branches reverted to the franchisor during February and March 2022, leaving the company with just one non-franchised branch.
Despite the huge disruption caused by the franchise reversions the directors consider the results and position of the company to be satisfactory and the company is well placed to take advantage of any opportunities that arise in the future.
The continued aim of the company is to offer quality products with excellent service.
The key performance indicators include turnover, pretax profits, net current assets and net assets.
The directors monitor turnover and profitability to ensure it is in line with expectations and previously set targets.
Turnover for the year reduced from £8.5m to £1.2m with pretax profits falling from £1.6 million to £0.1 million.
At the year end the company had net current assets of £10m (2022 £10m) and net assets of £11m (2022 £11m).
Margins have been affected by selling stock back to the franchisor at cost.
Other key performance indicators are:

2023 2022
Number of stores operating during year 5 6
Number of stores at year end 1 5
Average number of employees 10 64
Gross profit percentage 47% 43%

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the following areas to be the principal risks and uncertainties faced by the company:

Competition and the market. The company faces strong competition in the supply of its products in a changing environment. Economic and political uncertainty can also affect retail spending.

Precious metal prices. Prices can fluctuate based on political and economic factors and can therefore impact on the price of products supplied and customer demand.

Fluctuation in currency rates. The company buys products in sterling but a fluctuation in rates can indirectly result in price changes.

The directors are constantly monitoring the risks and uncertainties faced by the company and take appropriate action wherever possible in terms of policy to reduce and mitigate such risks.

ON BEHALF OF THE BOARD:





N C Howard - Director


24 October 2023

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail jewellers.

DIVIDENDS
Interim dividends per share were paid as follows:
£20 - 24 February 2022
£20 - 22 March 2022
£20 - 22 April 2022
£20 - 24 May 2022
£20 - 23 June 2022
£20 - 27 July 2022
£20 - 24 August 2022
£20 - 23 September 2022
£20 - 24 October 2022
£20 - 23 November 2022
£20 - 15 December 2022
£120 - 23 January 2023
£340

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2023 will be £ 340,000 .

FUTURE DEVELOPMENTS
The company continues to trade through its non-franchised branch and is considering various options for diversification..

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

N C Howard
J L A Evans
N A Evans
R J D Evans
S M Holmes
L E Howard

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company maintains a healthy bank balance and considers liquidity risk to be low. There is no credit risk as retail sales are settled at the till. The company's activities indirectly expose it to the risk of changes in foreign currency exchange rates. Such risks are under constant review by the directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N C Howard - Director


24 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHITTAKER'S JEWELLERS LIMITED

Opinion
We have audited the financial statements of Whittaker's Jewellers Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHITTAKER'S JEWELLERS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations; this responsibility lies with management.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with the directors and from our commercial knowledge and experience of other regulated entities.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operation of the company.
These included the Companies Act 2006 and legislation for taxation, data protection, anti-bribery, employment and health & safety.
The company is also subject to the Hallmarking Act 1973 because it supplies precious metal jewellery (gold, silver, platinum or palladium). Under this Act, the shop must display a notice explaining the approved hallmarks where customers can see it and using the approved Dealer A format.
The company is also subject to Anti-Money Laundering regulations. The company is not a registered High Value Dealer so cannot accept €10,000 or more in cash.
During the year the company was also subject to franchise agreements with its franchisor relating to four of the five branches trading during the year. All of these agreements ceased during February and March 2022.
We assessed the extent of compliance with these laws and regulations through making enquiries of the directors.
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We enquired of the directors if there was any actual or potential litigation or claims involving the company.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by the following procedures:
We asked the directors as to where they considered there was susceptibility to fraud and whether they had knowledge of actual, suspected or alleged fraud.
We considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We used the Mercia audit package to guide our audit work so that we maximised the likelihood of detection of irregularities, including fraud.
We addressed the fraud risk relating to management override of controls by the following procedures:
We carried out journal testing and analytical procedures to identify any unusual matters.
We assessed whether there was any potential management bias evident in making judgements and assumptions underlying accounting estimates.
We investigated the rationale behind significant or unusual transactions.
We addressed the fraud risk relating to revenue recognition by carrying out substantive testing of sales.
We checked that the dealer A notice was on display.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHITTAKER'S JEWELLERS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Dyson (Senior Statutory Auditor)
for and on behalf of Bairstow and Atkinson
Statutory Auditors
Chartered Accountants
Carlton House
Bull Close Lane
Halifax
HX1 2EG

24 October 2023

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

INCOME STATEMENT
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   

TURNOVER 3 1,231,983 8,499,863

Cost of sales 647,634 4,874,797
GROSS PROFIT 584,349 3,625,066

Distribution costs 75,388 901,233
Administrative expenses 496,727 1,244,369
572,115 2,145,602
12,234 1,479,464

Other operating income 113,333 162,735
OPERATING PROFIT 5 125,567 1,642,199

Interest receivable and similar income 49,246 734
PROFIT BEFORE TAXATION 174,813 1,642,933

Tax on profit 6 51,339 323,021
PROFIT FOR THE FINANCIAL YEAR 123,474 1,319,912

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

PROFIT FOR THE YEAR 123,474 1,319,912


OTHER COMPREHENSIVE INCOME
Pension reserve movement 328,000 90,000
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

328,000

90,000
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

451,474

1,409,912

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 93,454 241,985
Investments 11 3,800 3,800
97,254 245,785

CURRENT ASSETS
Stocks 12 1,000,297 2,186,982
Debtors 13 1,565,465 143,930
Cash at bank and in hand 7,477,901 8,562,231
10,043,663 10,893,143
CREDITORS
Amounts falling due within one year 14 93,434 873,219
NET CURRENT ASSETS 9,950,229 10,019,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,047,483

10,265,709

CREDITORS
Amounts falling due after more than one
year

15

(3,117

)

(4,817

)

PROVISIONS FOR LIABILITIES 19 (1,700 ) (1,700 )

PENSION ASSET 21 1,172,000 844,000
NET ASSETS 11,214,666 11,103,192

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Pension reserve 1,172,000 844,000
Retained earnings 10,041,666 10,258,192
SHAREHOLDERS' FUNDS 11,214,666 11,103,192

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





N C Howard - Director


WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up
share Retained Pension Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 February 2021 1,000 9,178,280 754,000 9,933,280

Changes in equity
Dividends - (240,000 ) - (240,000 )
Total comprehensive income - 1,319,912 90,000 1,409,912
Balance at 31 January 2022 1,000 10,258,192 844,000 11,103,192

Changes in equity
Dividends - (340,000 ) - (340,000 )
Total comprehensive income - 123,474 328,000 451,474
Balance at 31 January 2023 1,000 10,041,666 1,172,000 11,214,666

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

CASH FLOW STATEMENT
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (496,025 ) 2,902,028
Tax paid (176,127 ) -
Net cash from operating activities (672,152 ) 2,902,028

Cash flows from investing activities
Purchase of tangible fixed assets (63,110 ) (1,795 )
Sale of tangible fixed assets - 27,874
Interest received 31,509 734
Net cash from investing activities (31,601 ) 26,813

Cash flows from financing activities
Loan advance from (to) related party (17,530 ) 12,900
Government grants 193 158,735
Amount introduced by directors 343,916 9,117
Amount withdrawn by directors (367,263 ) (73,899 )
Equity dividends paid (340,000 ) (240,000 )
Net cash from financing activities (380,684 ) (133,147 )

(Decrease)/increase in cash and cash equivalents (1,084,437 ) 2,795,694
Cash and cash equivalents at beginning
of year

2

8,562,214

5,766,520

Cash and cash equivalents at end of year 2 7,477,777 8,562,214

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.1.23 31.1.22
£    £   
Profit before taxation 174,813 1,642,933
Depreciation charges 31,153 85,690
Loss on disposal of fixed assets 180,476 37,771
Government grants (193 ) (158,735 )
Finance income (49,246 ) (734 )
337,003 1,606,925
Decrease in stocks 1,186,685 1,311,565
(Increase)/decrease in trade and other debtors (1,332,771 ) 334,594
Decrease in trade and other creditors (686,942 ) (351,056 )
Cash generated from operations (496,025 ) 2,902,028

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 7,477,901 8,562,231
Bank overdrafts (124 ) (17 )
7,477,777 8,562,214
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 8,562,231 5,766,520
Bank overdrafts (17 ) -
8,562,214 5,766,520


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 8,562,231 (1,084,330 ) 7,477,901
Bank overdrafts (17 ) (107 ) (124 )
8,562,214 (1,084,437 ) 7,477,777
Total 8,562,214 (1,084,437 ) 7,477,777

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Whittaker's Jewellers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is Ground Floor, 63 High Street, Yarm, Stockton on Tees.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated by management and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions regarding the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible and intangible assets
The annual depreciation and amortisation charge is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. Amounts involved are shown in the fixed assets note.

Defined benefit pension scheme
Details of the estimates and their underlying assumptions are detailed in the Employee Benefit Obligations note.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods are delivered to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise rights are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Fixed assets are initially recognised when they have been brought into use by the company. If there is any indication of impairment the assets are written down accordingly.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The company measures the cost of stock on a first in first out basis and includes expenditure incurred in acquiring the stocks.

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Basic financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Financing transactions are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Basic financial assets and liabilities consist of trade debtors, other debtors, cash and bank and trade and other creditors. These assets and liabilities are measured at amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment .
(ii) Investments are measured at cost less impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined benefit pension scheme for the directors. The company's defined benefit pension scheme measures assets at fair value and obligations at present value to arrive at a surplus or deficit in the balance sheet.
The company also operates a defined contribution pension scheme for all employees. Contributions payable to this scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised in accordance with the accrual model.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.1.23 31.1.22
£    £   
Sale of goods 1,231,983 8,499,863
1,231,983 8,499,863

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

4. EMPLOYEES AND DIRECTORS
31.1.23 31.1.22
£    £   
Wages and salaries 163,411 857,467
Social security costs 7,481 51,738
Other pension costs 2,247 11,597
173,139 920,802

The average number of employees during the year was as follows:
31.1.23 31.1.22

Administrative 1 2
Retail 9 62
10 64

31.1.23 31.1.22
£    £   
Directors' remuneration 72,550 53,040
Directors' pension contributions to money purchase schemes 330 550

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5
Defined benefit schemes 6 6

5. OPERATING PROFIT

The operating profit is stated after charging:

31.1.23 31.1.22
£    £   
Other operating leases 57,459 287,419
Depreciation - owned assets 31,153 85,690
Loss on disposal of fixed assets 180,476 37,771
Auditors' remuneration 11,700 23,800

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.23 31.1.22
£    £   
Current tax:
UK corporation tax 51,339 323,021
Tax on profit 51,339 323,021

UK corporation tax has been charged at 19% (2022 - 19%).

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.23 31.1.22
£    £   
Profit before tax 174,813 1,642,933
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

33,214

312,157

Effects of:
Expenses not deductible for tax purposes 8 33
Depreciation in excess of capital allowances 18,117 10,831

Total tax charge 51,339 323,021

Tax effects relating to effects of other comprehensive income

31.1.23
Gross Tax Net
£    £    £   
Pension reserve movement 328,000 - 328,000

31.1.22
Gross Tax Net
£    £    £   
Pension reserve movement 90,000 - 90,000

There are no factors affecting future tax charges.

7. DIVIDENDS
31.1.23 31.1.22
£    £   
Ordinary shares of £1 each
Interim 340,000 240,000

8. GOVERNMENT GRANTS

2023 2022
Coronavirus job retention scheme - 88,049
Local government pandemic grants for retailers - 69,820
Covid SSP grants 193 866
Total 193 158,735

Additional government assistance: no business rates were charged from 1 April 2020 to 30 June 2021.Then from 1 July 2021 to 31 March 2022 only one third of business rates were charged to the company by the relevant local authorities. Finally, from 1 April 2022 to the year end only half of business rates were charged.

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

9. INTANGIBLE FIXED ASSETS
Franchise
rights
£   
COST
At 1 February 2022 25,000
Disposals (25,000 )
At 31 January 2023 -
AMORTISATION
At 1 February 2022 25,000
Eliminated on disposal (25,000 )
At 31 January 2023 -
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

10. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 96,896 1,107,709 32,105 65,278 1,301,988
Additions - 420 62,690 - 63,110
Disposals (93,150 ) (870,846 ) - (39,479 ) (1,003,475 )
At 31 January 2023 3,746 237,283 94,795 25,799 361,623
DEPRECIATION
At 1 February 2022 96,896 895,601 14,046 53,460 1,060,003
Charge for year - 9,972 20,187 994 31,153
Eliminated on disposal (93,150 ) (698,203 ) - (31,634 ) (822,987 )
At 31 January 2023 3,746 207,370 34,233 22,820 268,169
NET BOOK VALUE
At 31 January 2023 - 29,913 60,562 2,979 93,454
At 31 January 2022 - 212,108 18,059 11,818 241,985

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2022
and 31 January 2023 3,800
NET BOOK VALUE
At 31 January 2023 3,800
At 31 January 2022 3,800

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

12. STOCKS
31.1.23 31.1.22
£    £   
Goods for resale 1,000,297 2,186,982

13. DEBTORS
31.1.23 31.1.22
£    £   
Amounts falling due within one year:
Trade debtors 11,032 14,769
Other debtors 1,389,888 14,414
Directors' current accounts 78,642 59,652
Tax 37,716 -
Prepayments & accrued income 22,391 35,708
1,539,669 124,543

Amounts falling due after more than one year:
Tax 25,796 19,387

Aggregate amounts 1,565,465 143,930

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts (see note 16) 124 17
Trade creditors 30,161 172,283
Tax - 80,663
VAT 17,929 324,756
Other creditors 8,101 123,599
Directors' current accounts 2,441 6,798
Accrued expenses 34,678 165,103
93,434 873,219

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.23 31.1.22
£    £   
Accruals and deferred income 3,117 4,817

16. LOANS

An analysis of the maturity of loans is given below:

31.1.23 31.1.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 124 17

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.23 31.1.22
£    £   
Within one year 30,000 30,000
Between one and five years 55,000 85,000
85,000 115,000

Rent concessions of £nil (2022: £9,620) have been netted off rental charges in the profit & loss account. This relates to just one of the stores trading at the time the first pandemic lockdown was implemented. The landlords of the other stores did not offer rent concessions.

18. FINANCIAL INSTRUMENTS

The company has the following financial instruments.
Financial assets measured at amortised cost: trade debtors & other debtors with amounts as shown in the debtors note.
Financial liabilities measured at undiscounted amounts payable: trade creditors, other creditors and directors' current accounts with amounts as shown in the creditors note.
Equity instruments measured at cost less impairment: investments with amount shown in the investments note.

19. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Other provisions
Dilapidations provision 1,700 1,700

Dilapidations provision is expected to be needed when the lease ends

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Shares are non redeemable with full voting, dividend and distribution rights.

21. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension scheme for the benefit of the directors. The scheme was funded by an initial contribution of £1.6 million. No further contributions are expected to be needed.
The most recent actuarial valuation was carried out at 31 January 2023.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.1.23 31.1.22
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(18,000

)

(12,000

)
Past service cost - -
(18,000 ) (12,000 )

Actual return on plan assets (85,000 ) 48,000

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.1.23 31.1.22
£    £   
Opening defined benefit obligation 835,000 877,000
Interest cost 17,000 13,000
Actuarial losses/(gains) (430,000 ) (55,000 )
422,000 835,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.1.23 31.1.22
£    £   
Opening fair value of scheme assets 1,679,000 1,631,000
Expected return 35,000 25,000
Actuarial gains/(losses) (120,000 ) 23,000
1,594,000 1,679,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.1.23 31.1.22
£    £   
Actual return on scheme assets less
expected return

120,000

(23,000

)
Experience gains & losses on scheme
liabilities

(430,000

)

(55,000

)
(310,000 ) (78,000 )

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.1.23 31.1.22
Equities 57% 68%
Commodities 14% 8%
Cash 9% 10%
Bonds 12% 14%
Property 8% -
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.1.23 31.1.22
Discount rate 4.50% 2.00%
Future pension increases 2.50% 2.50%
Expected return on plan assets 2.00% 1.50%

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amount shown in other comprehensive income as experience gains and losses on scheme liabilities has arisen as a result of changes in assumptions underlying the present value of scheme liabilities.

22. CAPITAL COMMITMENTS
31.1.23 31.1.22
£    £   
Contracted but not provided for in the
financial statements - 62,635

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
J L A Evans
Balance outstanding at start of year - -
Amounts advanced 255 187
Amounts repaid (255 ) (187 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

N A Evans
Balance outstanding at start of year - 2,399
Amounts advanced 18,423 957
Amounts repaid (511 ) (3,356 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,912 -

R J D Evans
Balance outstanding at start of year 59,653 -
Amounts advanced 1,077 59,653
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,730 59,653

L E Howard
Balance outstanding at start of year - -
Amounts advanced 463 -
Amounts repaid (463 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest is charged on overdrawn loan accounts at the official HMRC rate. Such balances are repayable on demand.

24. RELATED PARTY DISCLOSURES

WHITTAKER'S JEWELLERS LIMITED (REGISTERED NUMBER: 05018945)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

24. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
31.1.23 31.1.22
£    £   
Interest receivable 1,406 170

Other related parties
31.1.23 31.1.22
£    £   
Amount due from related party 7,900 -
Amount due to related party - 9,630

No interest is charged on the balance due. The balance is repayable on demand.

Key management remuneration is the same as directors' remuneration.

25. ULTIMATE CONTROLLING PARTY

The controlling party is J L A Evans.