Registered number
06223406
TURQUOISE JEWELLERY LIMITED
Filleted Accounts
31 May 2023
TURQUOISE JEWELLERY LIMITED
Registered number: 06223406
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,845 14,446
Current assets
Stocks 585,030 706,980
Cash at bank and in hand 27,294 36,738
612,324 743,718
Creditors: amounts falling due within one year 4 (123,960) (129,762)
Net current assets 488,364 613,956
Total assets less current liabilities 500,209 628,402
Creditors: amounts falling due after more than one year 5 (36,869) (191,809)
Net assets 463,340 436,593
Capital and reserves
Called up share capital 100 100
Profit and loss account 463,240 436,493
Shareholders' funds 463,340 436,593
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Erhan Kacar
Director
Approved by the board on 1 December 2023
TURQUOISE JEWELLERY LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Fix, fittings & equipment 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit . Corporation tax liability is not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Fix, fittings & equipment
£
Cost
At 1 June 2022 31,651
At 31 May 2023 31,651
Depreciation
At 1 June 2022 17,205
Charge for the year 2,601
At 31 May 2023 19,806
Net book value
At 31 May 2023 11,845
At 31 May 2022 14,446
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and commercial cards 18,584 30,297
Trade creditors 32,721 32,090
Corporation tax 12,458 9,066
Other taxes and social security costs 40,197 38,309
Other creditors 20,000 20,000
123,960 129,762
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,429 27,899
Other creditors 15,440 163,910
36,869 191,809
6 Other information
TURQUOISE JEWELLERY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
12 Portpool Lane
London
EC1N 7UJ
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