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Registration number: 12291853

Bespoke Gems Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2021 to 30 October 2022

 

Bespoke Gems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bespoke Gems Limited

Company Information

Director

Mrs Gemma Markland

Registered office

49 Fairway
Standish
Wigan
WN60UY

Accountants

McGinty Demack
Chartered Certified
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

 

Bespoke Gems Limited

(Registration number: 12291853)
Balance Sheet as at 30 October 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

17,500

20,000

Tangible assets

5

4,064

4,781

 

21,564

24,781

Current assets

 

Stocks

6

7,495

12,876

Debtors

7

13,313

8,415

Cash at bank and in hand

 

6,736

26,809

 

27,544

48,100

Creditors: Amounts falling due within one year

8

(30,646)

(36,336)

Net current (liabilities)/assets

 

(3,102)

11,764

Total assets less current liabilities

 

18,462

36,545

Creditors: Amounts falling due after more than one year

8

(18,333)

(23,333)

Net assets

 

129

13,212

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

29

13,112

Shareholders' funds

 

129

13,212

For the financial period ending 30 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her 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.

 

Bespoke Gems Limited

(Registration number: 12291853)
Balance Sheet as at 30 October 2022

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 director on 31 August 2023
 

.........................................
Mrs Gemma Markland
Director

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
49 Fairway
Standish
Wigan
WN60UY
England

These financial statements were authorised for issue by the director on 31 August 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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 balance sheet 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.

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

Office equipment

15% Reducing Balance

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

10% 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.

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

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 company will not be able to collect all amounts due according to the original terms of the receivables.

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 subsequently measured at amortised cost using the effective interest method.

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 6 (2021 - 5).

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2021

25,000

25,000

At 30 October 2022

25,000

25,000

Amortisation

At 1 November 2021

5,000

5,000

Amortisation charge

2,500

2,500

At 30 October 2022

7,500

7,500

Carrying amount

At 30 October 2022

17,500

17,500

At 31 October 2021

20,000

20,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

6,038

6,038

At 30 October 2022

6,038

6,038

Depreciation

At 1 November 2021

1,257

1,257

Charge for the period

717

717

At 30 October 2022

1,974

1,974

Carrying amount

At 30 October 2022

4,064

4,064

At 31 October 2021

4,781

4,781

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

6

Stocks

2022
£

2021
£

Other inventories

7,495

12,876

7

Debtors

Current

2022
£

2021
£

Trade debtors

9,566

8,415

Other debtors

3,747

-

 

13,313

8,415

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

29,521

32,784

Accruals and deferred income

950

950

Other creditors

175

2,602

30,646

36,336

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

18,333

23,333

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

18,333

23,333

11

Related party transactions

 

Bespoke Gems Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 October 2022

Director's remuneration

The director's remuneration for the period was as follows:

2022
£

2021
£

Remuneration

8,991

8,819