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Company No: 06902267 (England and Wales)

MORTIMER'S JEWELLERS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

MORTIMER'S JEWELLERS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

MORTIMER'S JEWELLERS LIMITED

BALANCE SHEET

As at 30 June 2023
MORTIMER'S JEWELLERS LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 175,000 350,000
Tangible assets 4 86,000 97,397
Investments 5 2,400,000 2,100,000
2,661,000 2,547,397
Current assets
Stocks 3,650,000 2,950,000
Debtors 6 150,172 98,746
Cash at bank and in hand 309,918 565,331
4,110,090 3,614,077
Creditors: amounts falling due within one year 7 ( 469,577) ( 500,341)
Net current assets 3,640,513 3,113,736
Total assets less current liabilities 6,301,513 5,661,133
Provision for liabilities ( 21,371) ( 24,349)
Net assets 6,280,142 5,636,784
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 6,280,140 5,636,782
Total shareholders' funds 6,280,142 5,636,784

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mortimer's Jewellers Limited (registered number: 06902267) were approved and authorised for issue by the Board of Directors on 21 November 2023. They were signed on its behalf by:

I T Watson
Director
MORTIMER'S JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
MORTIMER'S JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mortimer's Jewellers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 1,750,000 1,750,000
At 30 June 2023 1,750,000 1,750,000
Accumulated amortisation
At 01 July 2022 1,400,000 1,400,000
Charge for the financial year 175,000 175,000
At 30 June 2023 1,575,000 1,575,000
Net book value
At 30 June 2023 175,000 175,000
At 30 June 2022 350,000 350,000

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2022 184,206 184,206
Additions 2,361 2,361
At 30 June 2023 186,567 186,567
Accumulated depreciation
At 01 July 2022 86,809 86,809
Charge for the financial year 13,758 13,758
At 30 June 2023 100,567 100,567
Net book value
At 30 June 2023 86,000 86,000
At 30 June 2022 97,397 97,397

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 July 2022 2,100,000 2,100,000
Additions 300,000 300,000
At 30 June 2023 2,400,000 2,400,000
Provisions for impairment
At 01 July 2022 0 0
At 30 June 2023 0 0
Carrying value at 30 June 2023 2,400,000 2,400,000
Carrying value at 30 June 2022 2,100,000 2,100,000

6. Debtors

2023 2022
£ £
Trade debtors 84,768 71,259
Prepayments 65,404 27,487
150,172 98,746

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 62,853 59,520
Amounts owed to related parties 6,015 0
Amounts owed to directors 80,078 111,827
Accruals and deferred income 15,624 15,119
Taxation and social security 302,742 311,561
Other creditors 2,265 2,314
469,577 500,341

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 (2022: 2 shares of £ 1.00 each) 1 2
1 Ordinary B share of £ 1.00 (2022: nil shares) 1 0
2 2