Silverfin false 31/05/2023 01/06/2022 31/05/2023 Marc Placks Kasfiner 30/12/2022 Ariella Placks 30/12/2022 Stephen Harvey Placks 23 February 2024 The principal activity of the company during the financial year was the manufacturing of jewellery and creating unique and detailed rings. 01166037 2023-05-31 01166037 bus:Director1 2023-05-31 01166037 bus:Director2 2023-05-31 01166037 2022-05-31 01166037 core:CurrentFinancialInstruments 2023-05-31 01166037 core:CurrentFinancialInstruments 2022-05-31 01166037 core:ShareCapital 2023-05-31 01166037 core:ShareCapital 2022-05-31 01166037 core:CapitalRedemptionReserve 2023-05-31 01166037 core:CapitalRedemptionReserve 2022-05-31 01166037 core:RetainedEarningsAccumulatedLosses 2023-05-31 01166037 core:RetainedEarningsAccumulatedLosses 2022-05-31 01166037 core:PlantMachinery 2022-05-31 01166037 core:FurnitureFittings 2022-05-31 01166037 core:PlantMachinery 2023-05-31 01166037 core:FurnitureFittings 2023-05-31 01166037 bus:OrdinaryShareClass1 2023-05-31 01166037 bus:OrdinaryShareClass2 2023-05-31 01166037 2022-06-01 2023-05-31 01166037 bus:FullAccounts 2022-06-01 2023-05-31 01166037 bus:SmallEntities 2022-06-01 2023-05-31 01166037 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 01166037 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01166037 bus:Director1 2022-06-01 2023-05-31 01166037 bus:Director2 2022-06-01 2023-05-31 01166037 bus:Director3 2022-06-01 2023-05-31 01166037 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 01166037 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 01166037 2021-06-01 2022-05-31 01166037 core:PlantMachinery 2022-06-01 2023-05-31 01166037 core:FurnitureFittings 2022-06-01 2023-05-31 01166037 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 01166037 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 01166037 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 01166037 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 01166037 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 01166037 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01166037 (England and Wales)

STEPHEN FOSTER JEWELLERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

STEPHEN FOSTER JEWELLERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

STEPHEN FOSTER JEWELLERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
STEPHEN FOSTER JEWELLERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,222 4,054
4,222 4,054
Current assets
Stocks 611,702 594,836
Debtors 4 227,696 303,315
Cash at bank and in hand 5 456,808 438,261
1,296,206 1,336,412
Creditors: amounts falling due within one year 6 ( 244,164) ( 269,512)
Net current assets 1,052,042 1,066,900
Total assets less current liabilities 1,056,264 1,070,954
Net assets 1,056,264 1,070,954
Capital and reserves
Called-up share capital 7 3,000 3,000
Capital redemption reserve 3,500 3,500
Profit and loss account 1,049,764 1,064,454
Total shareholders' funds 1,056,264 1,070,954

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stephen Foster Jewellery Limited (registered number: 01166037) were approved and authorised for issue by the Director. They were signed on its behalf by:

Stephen Harvey Placks
Director

23 February 2024

STEPHEN FOSTER JEWELLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
STEPHEN FOSTER JEWELLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stephen Foster Jewellery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, England, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing
transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Incomeand Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 June 2022 24,102 546 24,648
Additions 2,098 0 2,098
At 31 May 2023 26,200 546 26,746
Accumulated depreciation
At 01 June 2022 20,051 543 20,594
Charge for the financial year 1,927 3 1,930
At 31 May 2023 21,978 546 22,524
Net book value
At 31 May 2023 4,222 0 4,222
At 31 May 2022 4,051 3 4,054

4. Debtors

2023 2022
£ £
Trade debtors 214,058 288,294
Other debtors 13,638 15,021
227,696 303,315

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 456,808 438,261

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 138,039 114,062
Taxation and social security 29,789 73,452
Other creditors 76,336 81,998
244,164 269,512

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,280 Ordinary A shares of £ 1.00 each (2022: nil shares) 2,280 0
720 Ordinary B shares of £ 1.00 each (2022: nil shares) 720 0
nil Ordinary shares (2022: 3,000 shares of £ 1.00 each) 0 3,000
3,000 3,000

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund 127 0

9. Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023 2022
£ £
Later than 1 year and not later than 5 years 35,000 70,000
Later than 5 years 0 0
35,000 70,000