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Logo On Report
Registered Number: 08246520
England and Wales

 

 

 

M/G JEWELLERY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Director Melanie Georgacopoulos
Registered Number 08246520
Registered Office Studio 416, Pill Box
115 Coventry Road
London
E2 6GG
Accountants Ward Williams Creatives Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 2,016   
2,016   
Current assets      
Stocks 4 187,803    183,884 
Debtors 5 7,514    5,177 
Cash at bank and in hand 83,153    94,513 
278,470    283,574 
Creditors: amount falling due within one year 6 (10,085)   (21,246)
Net current assets 268,385    262,328 
 
Total assets less current liabilities 270,401    262,328 
Net assets 270,401    262,328 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 270,301    262,228 
Shareholder's funds 270,401    262,328 
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 20 February 2024 and were signed by:


-------------------------------
Melanie Georgacopoulos
Director
2
General Information
M/G Jewellery Ltd is a private company, limited by shares, registered in England and Wales, registration number 08246520, registration address Studio 416, Pill Box, 115 Coventry Road, London, E2 6GG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 November 2022    
Additions 1,747    941    2,688 
Disposals    
At 31 October 2023 1,747    941    2,688 
Depreciation
At 01 November 2022    
Charge for year 437    235    672 
On disposals    
At 31 October 2023 437    235    672 
Net book values
Closing balance as at 31 October 2023 1,310    706    2,016 
Opening balance as at 01 November 2022    


4.

Stocks

2023
£
  2022
£
Stocks 187,803    183,884 
187,803    183,884 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 6,098    5,177 
VAT 1,416   
7,514    5,177 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,165    6,753 
Corporation Tax 5,115    9,187 
Other Creditors   1 
Pension Control Account  
Directors' Current Accounts 3,805    1,885 
VAT   3,420 
10,085    21,246 

3