Company registration number 00635418 (England and Wales)
M KAYE (JEWELLERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
M KAYE (JEWELLERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
M KAYE (JEWELLERS) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
114,786
41,643
Current assets
Stocks
1,150,000
899,213
Debtors
5
130,461
284,909
Cash at bank and in hand
19,122
124,629
1,299,583
1,308,751
Creditors: amounts falling due within one year
6
(265,228)
(358,657)
Net current assets
1,034,355
950,094
Total assets less current liabilities
1,149,141
991,737
Creditors: amounts falling due after more than one year
7
(124,177)
(56,944)
Provisions for liabilities
(26,265)
(6,742)
Net assets
998,699
928,051
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
996,699
926,051
Total equity
998,699
928,051
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M KAYE (JEWELLERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr N J Kaye
Director
Company Registration No. 00635418
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
M Kaye (Jewellers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 St Michael's Row, Grosvenor Precinct, Chester, CH1 1EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the sales of goods sold for cash or on credit during the year, exclusive of Value Added Tax, and recognised at the time the sale is completed.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the life of the lease
Fixtures and fittings
10% straight line
Computers
20% straight line
Motor vehicles
25% reducing balance
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.
1.4
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.5
Cash at bank and in hand
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 current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
6
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
107,758
156,760
50,391
314,909
Additions
877
3,499
107,997
112,373
At 31 January 2023
107,758
157,637
53,890
107,997
427,282
Depreciation and impairment
At 1 February 2022
79,114
147,438
46,714
273,266
Depreciation charged in the year
6,185
2,705
3,341
26,999
39,230
At 31 January 2023
85,299
150,143
50,055
26,999
312,496
Carrying amount
At 31 January 2023
22,459
7,494
3,835
80,998
114,786
At 31 January 2022
28,644
9,322
3,677
41,643
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,304
37,755
Other debtors
102,911
240,908
Prepayments and accrued income
1,246
6,246
130,461
284,909
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,667
61,498
Trade creditors
149,798
199,830
Taxation and social security
75,873
90,084
Other creditors
22,890
7,245
265,228
358,657
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,278
56,944
Other creditors
83,899
124,177
56,944
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
177,500
207,500
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
9
Directors' transactions
The following advances to directors arose during the year ended 31 January 2023:
Mr A M Austin-Kaye
Balance outstanding at start of year £126,615
Balance outstanding at end of year £nil
The opening balance was repaid via dividends and capital introduced. Advances totalling £9,250 were made to Mr A M Austin-Kaye, these were repaid during the year. No interest was charged to Mr A M Austin-Kaye making a total of nil outstanding.
Mr N J Kaye
Balance outstanding at start of year £96,503
Balance outstanding at end of year £91,385
The advances outstanding from Mr N J Kaye at 31 January 2022 totalling £96,503 were repaid by dividends voted on 6 April 2022 totalling £90,000 and capital introduced of £8,400 leaving £1,897 owed to Mr N J Kaye at 31 January 2023.
Advances totalling £91,950 were made to Mr N J Kaye during the year and remained outstanding at 31 January 2023. In addition, interest of £1,332 was charged to Mr N J Kaye making the total of £91,385 outstanding.
Interest was charged on the outstanding advances at a rate of 2% per annum.