Payne & Son (Goldsmiths) Limited 00429182 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is sale of jewellery Digita Accounts Production Advanced 6.30.9574.0 true 00429182 2023-02-01 2024-01-31 00429182 2024-01-31 00429182 bus:OrdinaryShareClass1 2024-01-31 00429182 core:CurrentFinancialInstruments 2024-01-31 00429182 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00429182 core:FurnitureFittingsToolsEquipment 2024-01-31 00429182 bus:SmallEntities 2023-02-01 2024-01-31 00429182 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00429182 bus:FilletedAccounts 2023-02-01 2024-01-31 00429182 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00429182 bus:RegisteredOffice 2023-02-01 2024-01-31 00429182 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 00429182 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 00429182 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00429182 core:FurnitureFittings 2023-02-01 2024-01-31 00429182 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 00429182 countries:England 2023-02-01 2024-01-31 00429182 2023-01-31 00429182 core:FurnitureFittingsToolsEquipment 2023-01-31 00429182 2022-02-01 2023-01-31 00429182 2023-01-31 00429182 bus:OrdinaryShareClass1 2023-01-31 00429182 core:CurrentFinancialInstruments 2023-01-31 00429182 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00429182 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00429182

Payne & Son (Goldsmiths) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Payne & Son (Goldsmiths) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Payne & Son (Goldsmiths) Limited

(Registration number: 00429182)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,318

14,631

Current assets

 

Stocks

5

1,854,664

1,725,905

Debtors

6

29,123

39,949

Cash at bank and in hand

 

1,187,737

1,132,639

 

3,071,524

2,898,493

Creditors: Amounts falling due within one year

7

(253,209)

(242,728)

Net current assets

 

2,818,315

2,655,765

Total assets less current liabilities

 

2,832,633

2,670,396

Provisions for liabilities

(3,580)

(1,165)

Net assets

 

2,829,053

2,669,231

Capital and reserves

 

Called up share capital

8

5,300

5,300

Retained earnings

2,823,753

2,663,931

Shareholders' funds

 

2,829,053

2,669,231

For the financial year ending 31 January 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 April 2024 and signed on its behalf by:
 

 

Payne & Son (Goldsmiths) Limited

(Registration number: 00429182)
Balance Sheet as at 31 January 2024

.........................................
Ms A Coppock
Company secretary and director

 

Payne & Son (Goldsmiths) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
131 High Street
Oxford
OX1 4DH
United Kingdom

These financial statements were authorised for issue by the Board on 26 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants as a result of having furloughed staff members.

 

Payne & Son (Goldsmiths) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 balance sheet 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

Fixtures and fittings

20% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Payne & Son (Goldsmiths) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.

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 (including directors) during the year, was 9 (2023 - 9).

 

Payne & Son (Goldsmiths) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

101,627

101,627

Additions

3,447

3,447

At 31 January 2024

105,074

105,074

Depreciation

At 1 February 2023

86,996

86,996

Charge for the year

3,760

3,760

At 31 January 2024

90,756

90,756

Carrying amount

At 31 January 2024

14,318

14,318

At 31 January 2023

14,631

14,631

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,854,664

1,725,905

6

Debtors

2024
£

2023
£

Prepayments

29,123

39,949

29,123

39,949

 

Payne & Son (Goldsmiths) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

23,437

15,501

Taxation and social security

110,063

100,169

Accruals and deferred income

108,290

107,927

Other creditors

11,419

19,131

253,209

242,728

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,300

5,300

5,300

5,300

       

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £0.80 (2023 - £0.80) per ordinary share

 

4,240

 

4,240