Company registration number 07133680 (England and Wales)
T. H. BAKER GOLDSMITHS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
T. H. BAKER GOLDSMITHS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
T. H. BAKER GOLDSMITHS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
95,686
131,697
Current assets
Stocks
1,589,411
1,553,790
Debtors
5
97,276
260,242
Cash at bank and in hand
35,688
78,378
1,722,375
1,892,410
Creditors: amounts falling due within one year
6
(2,134,717)
(2,371,305)
Net current liabilities
(412,342)
(478,895)
Total assets less current liabilities
(316,656)
(347,198)
Provisions for liabilities
7
(85,883)
(85,883)
Net liabilities
(402,539)
(433,081)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(402,639)
(433,181)
Total equity
(402,539)
(433,081)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
A H Higgs
Director
Company Registration No. 07133680
T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

T. H. Baker Goldsmiths Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchfield House, 36 Vicar Street, Dudley, West Midlands, England, DY2 8RG.

 

The principal place of business is Brinton House, Kidderminster, DY10 1BT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

 

Turnover from the sale of jewellery is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the time of sale in stores or on dispatch of the goods for internet sales.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost

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.

1.4
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock 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.

Change in accounting estimate

 

During the year the directors undertook a review of the stock provision and due to the value of stock being driven by gold and diamond prices have updated the provision for stock older than 48 days.

 

The impact in the accounts for the year ended 31/03/2023 is an increase in stock of £13,770.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

The company, via a fellow subsidiary receives government grants in respect of the coronavirus job retention scheme and also receives business support grants from Local Government in respect of the commercial effects of the Coronavirus Pandemic. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and, should there be an indication of obsolescence, the stock is written down to its assessed net realisable value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
25
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
180,057
Depreciation and impairment
At 1 April 2022
48,360
Depreciation charged in the year
36,011
At 31 March 2023
84,371
Carrying amount
At 31 March 2023
95,686
At 31 March 2022
131,697
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
145,287
Other debtors
97,276
114,955
97,276
260,242
T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,771
16,403
Amounts owed to group undertakings
2,037,038
2,242,232
Corporation tax
-
0
6,868
Other taxation and social security
49,065
55,940
Other creditors
36,843
49,862
2,134,717
2,371,305

Barclays Bank plc hold a fixed charge over all book and other debts, goodwill, uncalled capital and intellectual property rights and a first floating charge over all assets and undertakings, both present and future.

 

Cross Guarantee and Debenture have been given by and between T H Baker Group Limited, T H Baker Holdings Limited, T H Baker & Co (Established 1888) Limited, T H Baker Limited, West Midland Merchants Limited, Creedpoint Limited, T H Baker Goldsmiths Limited and T H Baker (Management Services) Limited to secure all liabilities

7
Provisions for liabilities
2023
2022
£
£
Other provisions
85,883
85,883
Movements on provisions:
Other provisions
£
At 1 April 2022 and 31 March 2023
85,883

Other provisions represent dilapidations provisions in respect of retail units occupied by the company.

8
Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
T. H. BAKER GOLDSMITHS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Hession C.A.
Statutory Auditor:
BK Plus Audit Limited
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
191,875
296,875
12
Parent company

The company is a wholly owned subsidiary of T H Baker Group Limited (company No. 6217948). The ultimate controlling company is T H Baker Global Incorporated Limited registered office address Churchfield House, 36 Vicar Street, Dudley, West Midlands, DY2 8RG.

2023-03-312022-04-01false25 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedA H HiggsA S D HiggsMrs P J HiggsP J HiggsR A Wyliefalse071336802022-04-012023-03-31071336802023-03-31071336802022-03-3107133680core:OtherPropertyPlantEquipment2023-03-3107133680core:OtherPropertyPlantEquipment2022-03-3107133680core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107133680core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107133680core:CurrentFinancialInstruments2023-03-3107133680core:CurrentFinancialInstruments2022-03-3107133680core:ShareCapital2023-03-3107133680core:ShareCapital2022-03-3107133680core:RetainedEarningsAccumulatedLosses2023-03-3107133680core:RetainedEarningsAccumulatedLosses2022-03-3107133680bus:Director12022-04-012023-03-3107133680core:FurnitureFittings2022-04-012023-03-31071336802021-04-012022-03-3107133680core:OtherPropertyPlantEquipment2022-03-3107133680core:OtherPropertyPlantEquipment2022-04-012023-03-3107133680core:WithinOneYear2023-03-3107133680core:WithinOneYear2022-03-3107133680bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107133680bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107133680bus:FRS1022022-04-012023-03-3107133680bus:Audited2022-04-012023-03-3107133680bus:Director22022-04-012023-03-3107133680bus:Director32022-04-012023-03-3107133680bus:Director42022-04-012023-03-3107133680bus:Director52022-04-012023-03-3107133680bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP