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Registration number: 01771399

Stephen Jones Millinery Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Stephen Jones Millinery Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Stephen Jones Millinery Limited

Company Information

Directors

Mr S.J.M. Jones

Mrs S.M. Iredale

Ms R.A. Jones

Company secretary

Mrs S.M. Iredale

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Bankers

National Westminster Bank PLC
Maidenhead
66 High Street
Maidenhead
Berkshire
SL6 1PY

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Stephen Jones Millinery Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,739

5,479

Tangible assets

5

9,283

11,338

 

12,022

16,817

Current assets

 

Stocks

6

156,465

125,952

Debtors

7

933,149

1,129,714

Cash at bank and in hand

 

1,383,428

932,891

 

2,473,042

2,188,557

Creditors: Amounts falling due within one year

8

(186,465)

(141,370)

Net current assets

 

2,286,577

2,047,187

Total assets less current liabilities

 

2,298,599

2,064,004

Provisions for liabilities

(724)

(685)

Net assets

 

2,297,875

2,063,319

Capital and reserves

 

Called up share capital

110

110

Retained earnings

2,297,765

2,063,209

Shareholders' funds

 

2,297,875

2,063,319

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................

Mr S.J.M. Jones

Director

Company registration number: 01771399

 

Stephen Jones Millinery Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of Millinery and Fashion Designers.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date of £2,297,875, including cash at bank of £1,383,428.

Following the lifting of all COVID restrictions the company's products and consultancy services are in demand and the directors do not anticipate any further effects from the pandemic or from the economic environment or global conflicts.

Having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises turnover from retail sales and online sales at the point of sale. Turnover from wholesale sales are recognised when the goods are despatched to customers and it is probable future economic benefits will flow to the entity. Turnover from commission and consultancy is recognised based upon the stage of completion and entitlement to income.

 

Stephen Jones Millinery Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Furniture, fittings and equipment

15% reducing balance

Intangible assets

Separately acquired trademarks, licences and website development costs are shown at historical cost and have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment costs.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Stephen Jones Millinery Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 20 (2022 - 22).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 April 2022

10,957

10,957

At 31 March 2023

10,957

10,957

Amortisation

At 1 April 2022

5,478

5,478

Amortisation charge

2,740

2,740

At 31 March 2023

8,218

8,218

Carrying amount

At 31 March 2023

2,739

2,739

At 31 March 2022

5,479

5,479

 

Stephen Jones Millinery Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

27,227

16,965

44,192

Additions

58

-

58

At 31 March 2023

27,285

16,965

44,250

Depreciation

At 1 April 2022

19,915

12,939

32,854

Charge for the year

1,106

1,007

2,113

At 31 March 2023

21,021

13,946

34,967

Carrying amount

At 31 March 2023

6,264

3,019

9,283

At 31 March 2022

7,312

4,026

11,338

6

Stocks

2023
£

2022
£

Stocks

156,465

125,952

7

Debtors

2023
£

2022
£

Trade debtors

602,953

818,677

Other debtors

330,196

311,037

933,149

1,129,714

 

Stephen Jones Millinery Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

13,042

2,306

Taxation and social security

143,132

116,149

Other creditors

30,291

22,915

186,465

141,370

9

Commitments and guarantees

Operating leases

The total of future minimum lease payments not reflected in the statement of financial position amounts to £125,000 (2022: £150,000).

10

Transactions with directors

At 31 March 2023 an amount of £Nil (2022: £688) was due from a director. During the year advances of £2,912 and repayments of £3,600 were made. Interest of £Nil (2022: £162) is payable to the company at 2% p.a. and there are no agreed terms.