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REGISTERED NUMBER: 01488011 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THE COMPANY OF MASTER JEWELLERS LIMITED

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE COMPANY OF MASTER JEWELLERS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: M Aldridge
E M J Cummins
P R Simpkins
Ms J Lockwood
Mrs G Murphy





SECRETARY: R Lewis





REGISTERED OFFICE: Somers House
25 Somers Road
Rugby
Warwickshire
CV22 7DG





REGISTERED NUMBER: 01488011 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 178,160 -
Tangible assets 6 282,989 278,777
461,149 278,777

CURRENT ASSETS
Debtors 7 6,477,343 6,322,420
Cash at bank 2,745,416 2,779,623
9,222,759 9,102,043
CREDITORS
Amounts falling due within one year 8 6,933,787 6,624,369
NET CURRENT ASSETS 2,288,972 2,477,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,750,121

2,756,451

CAPITAL AND RESERVES
Called up share capital 9 322,500 298,500
Share premium 10 227,613 209,613
Revaluation reserve 10 202,892 202,892
Capital redemption reserve 10 185,906 179,906
Retained earnings 10 1,811,210 1,865,540
SHAREHOLDERS' FUNDS 2,750,121 2,756,451

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 25 July 2023 and were signed on its behalf by:





M Aldridge - Director


THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

The Company of Master Jewellers Limited is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about The Company of Master Jewellers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The company acts as a negotiating and paying agent for its group of retail jeweller members. Turnover represents the commission earned by the company from suppliers on purchases made by CMJ members, plus sales made from the company's own stock or of its other services.

Commissions are recognised when the right to consideration has been earned and where the economic benefits to members are accrued evenly during the year on supplier contracts, commissions are spread evenly throughout the year.

Employment support income
Grant income received from the UK's Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Land and buildings- 2% on cost / valuation
Plant and machinery etc- 33% on cost and 25% on reducing balance

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

Freehold property is shown and depreciated based on its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest.

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.

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the statement of comprehensive income in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 178,160
At 31 March 2023 178,160
NET BOOK VALUE
At 31 March 2023 178,160

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 265,000 73,595 97,924 436,519
Additions - 17,750 - 17,750
At 31 March 2023 265,000 91,345 97,924 454,269
DEPRECIATION
At 1 April 2022 - 59,818 97,924 157,742
Charge for year 5,300 8,238 - 13,538
At 31 March 2023 5,300 68,056 97,924 171,280
NET BOOK VALUE
At 31 March 2023 259,700 23,289 - 282,989
At 31 March 2022 265,000 13,777 - 278,777

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

6. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Valuation in 2004 78,545 - - 78,545
Valuation in 2010 17,317 - - 17,317
Valuation in 2015 12,683 - - 12,683
Valuation in 2017 35,000 - - 35,000
Valuation in 2019 5,000 - - 5,000
Cost 116,455 91,345 97,924 305,724
265,000 91,345 97,924 454,269

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 116,455 116,455
Aggregate depreciation 81,519 79,189

Value of land in freehold land and buildings 225,000 225,000

Freehold property was valued on an open market basis on 28 March 2022 by George and Company (Surveyors) Limited .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,354,137 6,181,088
Other debtors - 63,949
Deferred tax asset 35,000 -
Prepayments and accrued income 88,206 77,383
6,477,343 6,322,420

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,704,005 6,354,448
Taxation - 439
Social security and other taxes 18,362 18,578
VAT 31,329 60,437
Other creditors 70,027 54,543
Accruals and deferred income 108,032 135,924
Deferred government grants 2,032 -
6,933,787 6,624,369

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
298,500 Ordinary £1 322,500 298,500

10. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 April 2022 1,865,540 209,613 202,892 179,906 2,457,951
Deficit for the year (44,730 ) (44,730 )
Premium on shares issued in
year - 18,000 - - 18,000
Purchase of own shares (3,600 ) - - - (3,600 )
Transfer to capital redemption
reserve (6,000 ) - - 6,000 -
At 31 March 2023 1,811,210 227,613 202,892 185,906 2,427,621

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andy Bewick FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments and guarantees which are not included in the balance sheet amount to £30,863 (2022: £44,585).

THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

13. RELATED PARTY DISCLOSURES

As described in the directors report the shareholders consist of a group of retail jewellers who exploit their combined buying power and marketing potential for their mutual benefit. The board of directors are elected from the shareholders to manage the affairs of the company by holding periodic board meetings, therefore the directors are not involved on a day to day basis. The shareholders, including the directors, as retail jewellers make purchases through the company and form part of the trade debtors of the company. All transactions with the shareholders are at arms length under normal trading terms and conditions and therefore no separate disclosure of these transactions is considered to be appropriate in these financial statements.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.