IRIS Accounts Production v23.2.0.158 05719733 Board of Directors 1.3.23 31.8.23 31.8.23 false true false false true false Ordinary GBP Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh057197332023-02-28057197332023-08-31057197332023-03-012023-08-31057197332022-02-28057197332022-03-012023-02-28057197332023-02-2805719733ns10:Originalns15:EnglandWales2023-03-012023-08-3105719733ns14:PoundSterlingns10:Original2023-03-012023-08-3105719733ns10:Originalns10:Director12023-03-012023-08-3105719733ns10:Original2023-03-012023-08-3105719733ns10:Original2023-08-3105719733ns10:Originalns10:PrivateLimitedCompanyLtd2023-03-012023-08-3105719733ns10:Originalns10:SmallEntities2023-03-012023-08-3105719733ns10:Originalns10:AuditExempt-NoAccountantsReport2023-03-012023-08-3105719733ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2023-03-012023-08-3105719733ns10:SmallCompaniesRegimeForAccountsns10:Original2023-03-012023-08-3105719733ns10:Originalns10:FullAccounts2023-03-012023-08-3105719733ns10:Originalns10:OrdinaryShareClass12023-03-012023-08-3105719733ns10:Originalns10:Director22023-03-012023-08-3105719733ns10:Originalns10:RegisteredOffice2023-03-012023-08-3105719733ns10:Original2023-02-2805719733ns10:Originalns5:CurrentFinancialInstruments2023-08-3105719733ns10:Originalns5:CurrentFinancialInstruments2023-02-2805719733ns10:Originalns5:Non-currentFinancialInstruments2023-08-3105719733ns10:Originalns5:Non-currentFinancialInstruments2023-02-2805719733ns5:ShareCapitalns10:Original2023-08-3105719733ns5:ShareCapitalns10:Original2023-02-2805719733ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-08-3105719733ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2805719733ns10:Originalns5:LeaseholdImprovements2023-03-012023-08-3105719733ns10:Originalns5:PlantMachinery2023-03-012023-08-3105719733ns10:Originalns5:FurnitureFittings2023-03-012023-08-3105719733ns10:Originalns5:MotorVehicles2023-03-012023-08-3105719733ns10:Originalns5:ComputerEquipment2023-03-012023-08-3105719733ns10:Original2022-03-012023-02-2805719733ns10:Originalns5:LeaseholdImprovements2023-02-2805719733ns10:Originalns5:PlantMachinery2023-02-2805719733ns10:Originalns5:FurnitureFittings2023-02-2805719733ns10:Originalns5:LeaseholdImprovements2023-08-3105719733ns10:Originalns5:PlantMachinery2023-08-3105719733ns10:Originalns5:FurnitureFittings2023-08-3105719733ns10:Originalns5:LeaseholdImprovements2023-02-2805719733ns10:Originalns5:PlantMachinery2023-02-2805719733ns10:Originalns5:FurnitureFittings2023-02-2805719733ns10:Originalns5:MotorVehicles2023-02-2805719733ns10:Originalns5:ComputerEquipment2023-02-2805719733ns10:Original2023-02-2805719733ns10:Originalns5:MotorVehicles2023-08-3105719733ns10:Originalns5:ComputerEquipment2023-08-3105719733ns10:Originalns5:MotorVehicles2023-02-2805719733ns10:Originalns5:ComputerEquipment2023-02-2805719733ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2805719733ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012023-08-3105719733ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-08-3105719733ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2805719733ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3105719733ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2805719733ns10:Originalns5:DeferredTaxation2023-02-2805719733ns10:Originalns5:DeferredTaxation2023-03-012023-08-3105719733ns10:Originalns5:DeferredTaxation2023-08-3105719733ns10:Originalns10:OrdinaryShareClass12023-08-3105719733ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2805719733ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-012023-08-31
REGISTERED NUMBER: 05719733 (England and Wales)

















Unaudited Financial Statements

For The Period 1 March 2023 to 31 August 2023

for

The Carat Shop Limited

The Carat Shop Limited (Registered number: 05719733)

Contents of the Financial Statements
For The Period 1 March 2023 to 31 August 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


The Carat Shop Limited

Company Information
For The Period 1 March 2023 to 31 August 2023







DIRECTORS: Mrs A L May
Mrs C E Reilly





REGISTERED OFFICE: Grasslands Pye Corner
Gilston
Harlow
Essex
CM20 2RB





REGISTERED NUMBER: 05719733 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

The Carat Shop Limited (Registered number: 05719733)

Statement of Financial Position
31 August 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 272,146 220,510

CURRENT ASSETS
Stocks 5 399,047 378,771
Debtors 6 1,588,100 1,514,197
Cash at bank 399,304 623,817
2,386,451 2,516,785
CREDITORS
Amounts falling due within one year 7 846,034 1,123,092
NET CURRENT ASSETS 1,540,417 1,393,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,812,563

1,614,203

CREDITORS
Amounts falling due after more than one
year

8

(137,713

)

(149,858

)

PROVISIONS FOR LIABILITIES 9 (5,103 ) -
NET ASSETS 1,669,747 1,464,345

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 1,669,745 1,464,343
SHAREHOLDERS' FUNDS 1,669,747 1,464,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Carat Shop Limited (Registered number: 05719733)

Statement of Financial Position - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by:





Mrs A L May - Director


The Carat Shop Limited (Registered number: 05719733)

Notes to the Financial Statements
For The Period 1 March 2023 to 31 August 2023


1. STATUTORY INFORMATION

The Carat Shop 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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 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.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 25 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

The Carat Shop Limited (Registered number: 05719733)

Notes to the Financial Statements - continued
For The Period 1 March 2023 to 31 August 2023


2. ACCOUNTING POLICIES - continued

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

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The Carat Shop Limited (Registered number: 05719733)

Notes to the Financial Statements - continued
For The Period 1 March 2023 to 31 August 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 19 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 - 33,813 45,958
Additions 78,116 904 1,503
Disposals - - -
At 31 August 2023 78,116 34,717 47,461
DEPRECIATION
At 1 March 2023 - 19,523 29,734
Charge for period - 1,859 5,667
At 31 August 2023 - 21,382 35,401
NET BOOK VALUE
At 31 August 2023 78,116 13,335 12,060
At 28 February 2023 - 14,290 16,224

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 236,604 40,923 357,298
Additions - 3,443 83,966
Disposals - (374 ) (374 )
At 31 August 2023 236,604 43,992 440,890
DEPRECIATION
At 1 March 2023 59,438 28,093 136,788
Charge for period 22,328 2,102 31,956
At 31 August 2023 81,766 30,195 168,744
NET BOOK VALUE
At 31 August 2023 154,838 13,797 272,146
At 28 February 2023 177,166 12,830 220,510

The Carat Shop Limited (Registered number: 05719733)

Notes to the Financial Statements - continued
For The Period 1 March 2023 to 31 August 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 31 August 2023 236,604
DEPRECIATION
At 1 March 2023 59,438
Charge for period 22,328
At 31 August 2023 81,766
NET BOOK VALUE
At 31 August 2023 154,838
At 28 February 2023 177,166

5. STOCKS
2023 2023
£    £   
Stocks 399,047 378,771

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 249,127 251,341
Merchant holding accounts 4,780 (471 )
Amounts due from group company 1,186,783 831,213
VAT 122,303 309,916
Deferred tax asset - 61
Prepayments 25,107 122,137
1,588,100 1,514,197

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Hire purchase contracts 24,288 24,288
Trade creditors 457,338 865,580
Tax 207,059 117,222
Social security and other taxes 14,876 12,003
Other creditors 3,113 4,337
Directors' current accounts 94,186 92,162
Accrued expenses 45,174 7,500
846,034 1,123,092

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Hire purchase contracts 137,713 149,858

The Carat Shop Limited (Registered number: 05719733)

Notes to the Financial Statements - continued
For The Period 1 March 2023 to 31 August 2023


9. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 5,103

Deferred
tax
£   
Balance at 1 March 2023 (61 )
Provided during period 5,164
Balance at 31 August 2023 5,103

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
2 Ordinary GBP Shares £1 2 2

11. RESERVES
Retained
earnings
£   

At 1 March 2023 1,464,343
Profit for the period 309,599
Dividends (104,197 )
At 31 August 2023 1,669,745