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COMPANY REGISTRATION NUMBER: 04814633
JOHN GREED JEWELLERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
JOHN GREED JEWELLERY LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
Current assets
Stocks
664,768
678,750
Debtors
5
338,054
301,044
Cash at bank and in hand
962,577
811,131
--------------
--------------
1,965,399
1,790,925
Creditors: amounts falling due within one year
6
1,072,761
850,140
--------------
--------------
Net current assets
892,638
940,785
-----------
-----------
Total assets less current liabilities
892,638
940,785
-----------
-----------
Net assets
892,638
940,785
-----------
-----------
JOHN GREED JEWELLERY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
882,638
930,785
-----------
-----------
Shareholders funds
892,638
940,785
-----------
-----------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 24 January 2024 , and are signed on behalf of the board by:
J P Greed
L Shackleford
Director
Director
Company registration number: 04814633
JOHN GREED JEWELLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 Office Suite 2, Firth Road Business Park, Firth Road, Lincoln, Lincolnshire, LN6 7AA, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the statement of comprehensive income represents the value of goods supplied and services rendered during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on historical price.
Financial instruments
A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 51 (2022: 49 ).
5. Debtors
2023
2022
£
£
Trade debtors
39,404
17,962
Other debtors
298,650
283,082
-----------
-----------
338,054
301,044
-----------
-----------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
570,293
366,957
Amounts owed to group undertakings
168,836
138,356
Corporation tax
81,373
117,696
Social security and other taxes
189,385
174,230
Other creditors
62,874
52,901
--------------
-----------
1,072,761
850,140
--------------
-----------
7. Related party transactions
The company was a 100% subsidiary during the current and previous year of John Greed Group Limited, a company registered in England at Office Suite 2 Firth Road Business Park, Firth Road, Lincoln, LN6 7AA. The company prepares consolidated group financial statements. Accordingly, the company has taken advantage of the exemption in the Financial Reporting Standard 102 from disclosing transactions with members of investees of the group in these financial statements.
8. Controlling party
The company was under the control of J P Greed and L Shackleford throughout the current and previous year. J P Greed and L Shackleford are the managing directors and shareholders of the ultimate parent company, John Greed Group Limited.