5 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 80,000 80,000 xbrli:pure xbrli:shares iso4217:GBP 07194951 2022-05-01 2023-04-30 07194951 2023-04-30 07194951 2022-04-30 07194951 2021-05-01 2022-04-30 07194951 2022-04-30 07194951 core:NetGoodwill 2022-05-01 2023-04-30 07194951 core:PlantMachinery 2022-05-01 2023-04-30 07194951 core:FurnitureFittings 2022-05-01 2023-04-30 07194951 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07194951 bus:Director1 2022-05-01 2023-04-30 07194951 core:WithinOneYear 2023-04-30 07194951 core:WithinOneYear 2022-04-30 07194951 core:NetGoodwill 2023-04-30 07194951 core:PlantMachinery 2022-04-30 07194951 core:FurnitureFittings 2022-04-30 07194951 core:PlantMachinery 2023-04-30 07194951 core:FurnitureFittings 2023-04-30 07194951 core:AfterOneYear 2023-04-30 07194951 core:AfterOneYear 2022-04-30 07194951 core:ShareCapital 2023-04-30 07194951 core:ShareCapital 2022-04-30 07194951 core:RetainedEarningsAccumulatedLosses 2023-04-30 07194951 core:RetainedEarningsAccumulatedLosses 2022-04-30 07194951 core:PlantMachinery 2022-04-30 07194951 core:FurnitureFittings 2022-04-30 07194951 bus:SmallEntities 2022-05-01 2023-04-30 07194951 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07194951 bus:FullAccounts 2022-05-01 2023-04-30 07194951 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07194951 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07194951 bus:OrdinaryShareClass1 2023-04-30 07194951 bus:OrdinaryShareClass1 2022-04-30
COMPANY REGISTRATION NUMBER: 07194951
ARGENT CONTEMPORARY JEWELLERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
ARGENT CONTEMPORARY JEWELLERY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
ARGENT CONTEMPORARY JEWELLERY LIMITED
BALANCE SHEET
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
22,072
24,568
Current assets
Stocks
7
124,906
106,502
Debtors
8
2,263
1,738
Cash at bank and in hand
2,286
9,340
------------
------------
129,455
117,580
Creditors: amounts falling due within one year
9
( 40,990)
( 40,623)
------------
------------
Net current assets
88,465
76,957
------------
------------
Total assets less current liabilities
110,537
101,525
Creditors: amounts falling due after more than one year
10
( 153,939)
( 169,318)
------------
------------
Net liabilities
( 43,402)
( 67,793)
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
( 43,502)
( 67,893)
------------
------------
Shareholders deficit
( 43,402)
( 67,793)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mrs C M Douglas Director
Company registration number: 07194951
ARGENT CONTEMPORARY JEWELLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Thornton's Arcade, Leeds, West Yorkshire, LS1 6LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Shop re-fit
-
15% straight line
Plant and office equipment
-
25% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
80,000
------------
Amortisation
At 1 May 2022 and 30 April 2023
80,000
------------
Carrying amount
At 30 April 2023
------------
At 30 April 2022
------------
6. Tangible assets
Shop re-fit
Plant and office equipment
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
35,662
11,549
47,211
------------
------------
------------
Depreciation
At 1 May 2022
11,888
10,755
22,643
Charge for the year
2,377
119
2,496
------------
------------
------------
At 30 April 2023
14,265
10,874
25,139
------------
------------
------------
Carrying amount
At 30 April 2023
21,397
675
22,072
------------
------------
------------
At 30 April 2022
23,774
794
24,568
------------
------------
------------
7. Stocks
2023
2022
£
£
Finished goods and goods for resale
124,906
106,502
------------
------------
8. Debtors
2023
2022
£
£
Prepayments and accrued income
2,263
1,738
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,380
3,296
Trade creditors
2,836
2,164
Accruals and deferred income
1,900
1,900
Social security and other taxes
2,874
3,263
Director's loan account
30,000
30,000
------------
------------
40,990
40,623
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,308
10,687
Director's loan account
146,631
158,631
------------
------------
153,939
169,318
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Related party transactions
Transactions with the directors The director's loan account of £176,631 (2022: £188,631) included in creditors is unsecured and currently interest free. The company is controlled by Mrs C M Douglas .
13. Going concern
The director has indicated that she will provide adequate working capital to enable the company to continue to trade for at least 12 months from the date of approval of these financial statements. Consequently, the accounts have been prepared on a going concern basis.