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Registration number: 08402049

J & R Jewellery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

J & R Jewellery Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

J & R Jewellery Limited

Company Information

Directors

Mrs C L Cain

Mr E Cain

Company secretary

Mrs C L Cain

Registered office

43 High Street
Ringwood
Hampshire
BH24 1AD

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

J & R Jewellery Limited

(Registration number: 08402049)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

867

11,267

Tangible assets

5

3,673

4,580

 

4,540

15,847

Current assets

 

Stocks

6

116,314

119,872

Debtors

7

17,303

20,176

Cash at bank and in hand

 

198,936

164,235

 

332,553

304,283

Creditors: Amounts falling due within one year

8

(75,010)

(71,763)

Net current assets

 

257,543

232,520

Total assets less current liabilities

 

262,083

248,367

Provisions for liabilities

(919)

(871)

Net assets

 

261,164

247,496

Capital and reserves

 

Called up share capital

100

100

Retained earnings

261,064

247,396

Shareholders' funds

 

261,164

247,496

For the financial year ending 31 March 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 7 November 2023 and signed on its behalf by:
 

.........................................
Mrs C L Cain
Company secretary and director

 

J & R Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
43 High Street
Ringwood
Hampshire
BH24 1AD
England

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

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 of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

J & R Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Office equipment

25% straight line

Fixtures and fittings

15% straight line

Goodwill

Goodwill on the acquisition of the trade is amortised over its expected useful life of ten years.

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 Years

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

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

J & R Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

4

Intangible assets

Goodwill
 £

Intellectual property rights
 £

Total
£

Cost or valuation

At 1 April 2022

104,000

5

104,005

At 31 March 2023

104,000

5

104,005

Amortisation

At 1 April 2022

92,733

5

92,738

Amortisation charge

10,400

-

10,400

At 31 March 2023

103,133

5

103,138

Carrying amount

At 31 March 2023

867

-

867

At 31 March 2022

11,267

-

11,267

 

J & R Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Office equipment
 £

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

1,285

16,062

5,978

23,325

Additions

12

35

1,834

1,881

Disposals

-

-

(1,976)

(1,976)

At 31 March 2023

1,297

16,097

5,836

23,230

Depreciation

At 1 April 2022

972

12,145

5,628

18,745

Charge for the year

146

2,411

231

2,788

Eliminated on disposal

-

-

(1,976)

(1,976)

At 31 March 2023

1,118

14,556

3,883

19,557

Carrying amount

At 31 March 2023

179

1,541

1,953

3,673

At 31 March 2022

313

3,917

350

4,580

6

Stocks

2023
£

2022
£

Stocks

116,314

119,872

7

Debtors

2023
£

2022
£

Trade debtors

11,044

14,256

Prepayments

6,259

5,920

17,303

20,176

 

J & R Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

32,461

7,443

Other taxes and social security

8,713

11,630

Taxation

31,683

36,228

Accruals and deferred income

1,371

1,316

Other creditors

782

15,146

75,010

71,763

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 £4,625 (2022 - £13,875).