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Registration number: 08129239

Alyssa Smith Jewellery Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

(Registration number: 08129239)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

711

1,062

Tangible assets

6

3,661

3,962

 

4,372

5,024

Current assets

 

Stocks

7

110,000

120,250

Debtors

8

10,345

4,514

 

120,345

124,764

Creditors: Amounts falling due within one year

9

(147,097)

(107,834)

Net current (liabilities)/assets

 

(26,752)

16,930

Total assets less current liabilities

 

(22,380)

21,954

Creditors: Amounts falling due after more than one year

9

(14,524)

(20,500)

Provisions for liabilities

(795)

(920)

Net (liabilities)/assets

 

(37,699)

534

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(37,700)

533

Shareholders' (deficit)/funds

 

(37,699)

534

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.

Director's 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 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.

Approved and authorised by the director on 23 November 2023
 

 

(Registration number: 08129239)
Balance Sheet as at 31 March 2023

.........................................
Alyssa Lianne Smith
Director

 

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 & Wales.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
8 Works Road
Letchworth
Herts
SG6 1JZ

These financial statements were authorised for issue by the director on 23 November 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has net current liabilities at the year end. The Director has pledged her support to the company for the foreseeable future and on that basis the accounts have been prepared on a going concern basis.

 

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, paypal fees 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.

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.

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

20-33% straight line

Plant and machinery

33% reducing balance

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

Website

33% reducing balance

 

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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. 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 at the transaction price.

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.

Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 9).

 

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

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,718

3,598

Amortisation expense

351

1,733

 

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

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

5,251

5,251

At 31 March 2023

5,251

5,251

Amortisation

At 1 April 2022

4,189

4,189

Amortisation charge

351

351

At 31 March 2023

4,540

4,540

Carrying amount

At 31 March 2023

711

711

At 31 March 2022

1,062

1,062

6

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

24,557

24,557

Additions

1,417

1,417

At 31 March 2023

25,974

25,974

Depreciation

At 1 April 2022

20,595

20,595

Charge for the year

1,718

1,718

At 31 March 2023

22,313

22,313

Carrying amount

At 31 March 2023

3,661

3,661

At 31 March 2022

3,962

3,962

7

Stocks

2023
£

2022
£

Other inventories

110,000

120,250

 

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

8

Debtors

2023
£

2022
£

Other debtors

8,055

1,072

Prepayments

2,290

3,442

10,345

4,514

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

13

14,035

10,426

Trade creditors

 

24,616

29,881

Taxation and social security

 

20,043

10,937

Accruals and deferred income

 

525

500

Other creditors

 

87,878

56,090

 

147,097

107,834

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

13

14,524

20,500

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

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

11

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed A Smith £17,578 (2022: £18,150), Director of the company. There are no terms for repayment or interest being charged.
 

12

Controlling party

The ultimate controlling party is Alyssa Smith, by virtue of her shareholding.

13

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,524

20,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,000

6,000

Bank overdrafts

8,035

4,426

14,035

10,426

The company has a Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

The bank overdraft has no security.