Relate AccountsProduction v2.7.2 v2.7.2 2022-08-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Retail shop 11 April 2024 5 5 NI605900 2023-07-31 NI605900 2022-07-31 NI605900 2021-07-31 NI605900 2022-08-01 2023-07-31 NI605900 2021-08-01 2022-07-31 NI605900 uk-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI605900 uk-curr:PoundSterling 2022-08-01 2023-07-31 NI605900 uk-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI605900 uk-bus:FullAccounts 2022-08-01 2023-07-31 NI605900 uk-core:ShareCapital 2023-07-31 NI605900 uk-core:ShareCapital 2022-07-31 NI605900 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 NI605900 uk-core:RetainedEarningsAccumulatedLosses 2022-07-31 NI605900 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-31 NI605900 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-07-31 NI605900 uk-bus:FRS102 2022-08-01 2023-07-31 NI605900 uk-core:LandBuildings 2022-08-01 2023-07-31 NI605900 uk-core:PlantMachinery 2022-08-01 2023-07-31 NI605900 uk-core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI605900 uk-core:CustomerRelationships 2022-07-31 NI605900 uk-core:CustomerRelationships 2023-07-31 NI605900 uk-core:CustomerRelationships 2022-08-01 2023-07-31 NI605900 uk-core:WithinOneYear 2023-07-31 NI605900 uk-core:WithinOneYear 2022-07-31 NI605900 uk-core:WithinOneYear 2023-07-31 NI605900 uk-core:WithinOneYear 2022-07-31 NI605900 uk-core:AfterOneYear 2023-07-31 NI605900 uk-core:AfterOneYear 2022-07-31 NI605900 uk-core:BetweenOneTwoYears 2023-07-31 NI605900 uk-core:BetweenOneTwoYears 2022-07-31 NI605900 uk-core:BetweenTwoFiveYears 2023-07-31 NI605900 uk-core:BetweenTwoFiveYears 2022-07-31 NI605900 uk-core:OtherMiscellaneousReserve 2022-07-31 NI605900 uk-core:OtherMiscellaneousReserve 2022-08-01 2023-07-31 NI605900 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 NI605900 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-07-31 NI605900 uk-core:OtherDeferredTax 2023-07-31 NI605900 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-07-31 NI605900 uk-core:OtherMiscellaneousReserve 2023-07-31 NI605900 2022-08-01 2023-07-31 NI605900 uk-bus:Director1 2022-08-01 2023-07-31 NI605900 uk-bus:Director2 2022-08-01 2023-07-31 NI605900 uk-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI605900
 
 
Precious (UK) Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 July 2023



Precious (UK) Limited
Company Registration Number: NI605900
BALANCE SHEET
as at 31 July 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 417 625
Tangible assets 5 83,571 66,339
───────── ─────────
83,988 66,964
───────── ─────────
 
Current Assets
Stocks 6 217,955 199,942
Cash and cash equivalents 85,655 104,425
───────── ─────────
303,610 304,367
───────── ─────────
Creditors: amounts falling due within one year 7 (89,886) (105,548)
───────── ─────────
Net Current Assets 213,724 198,819
───────── ─────────
Total Assets less Current Liabilities 297,712 265,783
 
Creditors:
amounts falling due after more than one year 8 (25,758) (43,940)
 
Provisions for liabilities 9 (16,840) (12,115)
───────── ─────────
Net Assets 255,114 209,728
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 255,014 209,628
───────── ─────────
Equity attributable to owners of the company 255,114 209,728
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 11 April 2024 and signed on its behalf by
           
________________________________          
Carlene Leitch          
Director          
           
________________________________
P N Kelso
Director
           



Precious (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 July 2023

   
1. General Information
 
Precious (UK) Limited is a company limited by shares incorporated in Northern Ireland. Tullylagan, 135 Dungannon Road, Cookstown, BT80 9BD is the registered office,the principal place of business of the company is 18 William Street, Cookstown, Co Tyrone BT80 8NB. . The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.  The company moved on the 25th March 2022 to new business premises.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 July 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Website
Website are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 4 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stockss are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Dividends
Dividends paid are included in the Company financial statements in the period in which the related dividends are actually paid.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 5, (2022 - 5).
 
  2023 2022
  Number Number
 
Total 5 5
  ═════════ ═════════
     
4. Intangible assets
  Website
   
  £
Cost
At 1 August 2022 833
  ─────────
 
At 31 July 2023 833
  ─────────
Amortisation
At 1 August 2022 208
Charge for financial year 208
  ─────────
At 31 July 2023 416
  ─────────
Net book value
At 31 July 2023 417
  ═════════
At 31 July 2022 625
  ═════════
           
5. Tangible assets
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost or Valuation
At 1 August 2022 8,969 11,473 58,473 78,915
Additions 2,800 - 23,692 26,492
  ───────── ───────── ───────── ─────────
At 31 July 2023 11,769 11,473 82,165 105,407
  ───────── ───────── ───────── ─────────
Depreciation
At 1 August 2022 358 2,090 10,128 12,576
Charge for the financial year 471 1,147 7,642 9,260
  ───────── ───────── ───────── ─────────
At 31 July 2023 829 3,237 17,770 21,836
  ───────── ───────── ───────── ─────────
Net book value
At 31 July 2023 10,940 8,236 64,395 83,571
  ═════════ ═════════ ═════════ ═════════
At 31 July 2022 8,611 9,383 48,345 66,339
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 217,955 199,942
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts - 5,633
Bank loan 9,091 -
Trade creditors 13,478 38,240
Taxation 44,412 37,874
Directors' current accounts 13,280 17,612
Other creditors 5,619 2,075
Accruals and deferred income:
Pension accrual 117 131
Other accruals 3,889 3,983
  ───────── ─────────
  89,886 105,548
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 25,758 43,940
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 9,091 5,633
Repayable between one and two years 9,091 9,091
Repayable between two and five years 16,667 34,849
  ───────── ─────────
  34,849 49,573
  ═════════ ═════════
 
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 12,115 12,115 7,400
Charged to profit and loss 4,725 4,725 4,715
  ───────── ───────── ─────────
At financial year end 16,840 16,840 12,115
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 July 2023.
   
11. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.