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REGISTERED NUMBER: SC239987 (Scotland)
















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Hebridean Jewellery Limited

Hebridean Jewellery Limited (Registered number: SC239987)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hebridean Jewellery Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: J M Hart
Mrs M Hart
F MacInnes
J MacLeod
W MacPhee





SECRETARY: J M Hart





REGISTERED OFFICE: Garrieganichy
Iochdar
South Uist
HS8 5QX





REGISTERED NUMBER: SC239987 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Hebridean Jewellery Limited (Registered number: SC239987)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 14,088 3,371
14,088 3,371

CURRENT ASSETS
Stocks 460,043 429,190
Debtors 6 19,958 10,044
Cash at bank and in hand 338,055 364,903
818,056 804,137
CREDITORS
Amounts falling due within one year 7 (58,606 ) (71,576 )
NET CURRENT ASSETS 759,450 732,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

773,538

735,932

CREDITORS
Amounts falling due after more than one
year

8

(23,433

)

(33,433

)

PROVISIONS FOR LIABILITIES (2,575 ) -
NET ASSETS 747,530 702,499

CAPITAL AND RESERVES
Called up share capital 10 100 100
Own shares held in Employee
Benefit Trust 11 (80,000 ) (80,000 )
Retained earnings 11 827,430 782,399
SHAREHOLDERS' FUNDS 747,530 702,499

Hebridean Jewellery Limited (Registered number: SC239987)

Balance Sheet - continued
28 February 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





W MacPhee - Director


Hebridean Jewellery Limited (Registered number: SC239987)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Hebridean Jewellery Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.


Hebridean Jewellery Limited (Registered number: SC239987)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 200,000
AMORTISATION
At 1 March 2022
and 28 February 2023 200,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Hebridean Jewellery Limited (Registered number: SC239987)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 March 2022 18,722 3,653 34,831 57,206
Additions - - 17,285 17,285
At 28 February 2023 18,722 3,653 52,116 74,491
DEPRECIATION
At 1 March 2022 16,850 3,630 33,355 53,835
Charge for year 1,872 6 4,690 6,568
At 28 February 2023 18,722 3,636 38,045 60,403
NET BOOK VALUE
At 28 February 2023 - 17 14,071 14,088
At 28 February 2022 1,872 23 1,476 3,371

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 12,501 7,674
Other debtors 7,457 2,370
19,958 10,044

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 6,110 1,787
Taxation and social security 31,989 30,193
Other creditors 10,507 29,596
58,606 71,576

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 23,333 33,333
Other creditors 100 100
23,433 33,433

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 100 100

Hebridean Jewellery Limited (Registered number: SC239987)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.2.23 28.2.22
£    £   
In more than five years 275,600 296,400

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100,000 Ordinary £.001 100 100

11. RESERVES
Own
shares
held in
Employee
Retained Benefit
earnings Trust Totals
£    £    £   

At 1 March 2022 782,399 (80,000 ) 702,399
Profit for the year 45,031 45,031
At 28 February 2023 827,430 (80,000 ) 747,430

Own shares held in Employee Benefit Trust

Amounts paid to acquire own shares for the Employee Benefit Trust (EBT), an employee share ownership trust, are deducted in arriving at shareholders funds. The EBT must at all times hold at least 50.1% of the shares in issue.

20222021
££
Own shares held in EBT at 01 March 202280,00080,000
Own shares purchases for EBT in the year--
Own shares held in EBT at 28 February 202380,00080,000

At 28 February 2023 the EBT held 80,000 ordinary shares of £0.001 in the company (2022 - 80,000) at an average value of £1 per share. The shares will be held in the EBT until such time as they may be acquired by the company's employees through participation in company sponsored employee share schemes.

The nominal value of shares held by the EBT at 28 February 2023 was £80.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company paid rent of £22,533 (2022: £20,453) to John M Hart and Mrs M Hart, directors of the company.

13. ULTIMATE CONTROLLING PARTY

The Trustees of the Hebridean Jewellery Employee Benefit Trust who own 80% of the issued share capital, hold the controlling interest in the company.