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REGISTERED NUMBER: 01211336 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

KINGSHILL JEWELLERS LIMITED

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KINGSHILL JEWELLERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTOR: Mr K C Newlan





REGISTERED OFFICE: 6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA





REGISTERED NUMBER: 01211336 (England and Wales)





ACCOUNTANTS: Chartswood Limited
Chartered Certified Accountants
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

BALANCE SHEET
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 100,703 133,100
Investments 5 3,800 -
104,503 133,100

CURRENT ASSETS
Stocks 6 537,750 725,857
Debtors 7 199,899 164,147
Cash in hand 1 1
737,650 890,005
CREDITORS
Amounts falling due within one year 8 337,194 286,353
NET CURRENT ASSETS 400,456 603,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

504,959

736,752

CREDITORS
Amounts falling due after more than one
year

9

(411,208

)

(436,982

)

PROVISIONS FOR LIABILITIES 11 (18,734 ) (24,780 )
NET ASSETS 75,017 274,990

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 74,917 274,890
SHAREHOLDERS' FUNDS 75,017 274,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

BALANCE SHEET - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Mr K C Newlan - Director


KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Kingshill Jewellers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost from date of acquisition
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

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.

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, loans from fellow group undertakings and preference shares that are classified as debt, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 3,399 261,757 104,302 32,270 401,728
Additions - 566 - 2,384 2,950
At 31 July 2023 3,399 262,323 104,302 34,654 404,678
DEPRECIATION
At 1 August 2022 850 233,521 4,346 29,911 268,628
Charge for year 850 7,189 26,075 1,233 35,347
At 31 July 2023 1,700 240,710 30,421 31,144 303,975
NET BOOK VALUE
At 31 July 2023 1,699 21,613 73,881 3,510 100,703
At 31 July 2022 2,549 28,236 99,956 2,359 133,100

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 3,800
At 31 July 2023 3,800
NET BOOK VALUE
At 31 July 2023 3,800

6. STOCKS
31.7.23 31.7.22
£    £   
Stocks 537,750 725,857

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 155,803 81,164
Other debtors 12,750 29,005
Taxation 8,157 8,157
Prepayments and accrued income 23,189 45,821
199,899 164,147

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts (see note 10) 219,771 153,029
Hire purchase contracts 15,148 15,148
Trade creditors 54,373 41,421
Social security and other taxes 15,964 9,504
Value added tax 19,306 22,511
Other creditors 5,413 14,067
Directors current accounts 4,769 10,223
Accruals 2,450 20,450
337,194 286,353

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans (see note 10) 17,342 27,968
Hire purchase contracts 61,257 76,405
Amounts owed to group undertakings 332,609 332,609
411,208 436,982

10. LOANS

An analysis of the maturity of loans is given below:

31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 209,052 142,091
Bank loans 10,719 10,938
219,771 153,029

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,342 27,968

KINGSHILL JEWELLERS LIMITED (REGISTERED NUMBER: 01211336)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

11. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax
Accelerated capital allowances 18,734 24,780

Deferred
tax
£   
Balance at 1 August 2022 24,780
Provided during year (6,046 )
Balance at 31 July 2023 18,734

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary shares £1 100 100

13. RESERVES
Retained
earnings
£   

At 1 August 2022 274,890
Deficit for the year (197,973 )
Dividends (2,000 )
At 31 July 2023 74,917