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REGISTERED NUMBER: 01880573 (England and Wales)














PHILLIP STONER JEWELLERY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHILLIP STONER JEWELLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: J P Stoner



SECRETARY: J P Stoner



REGISTERED OFFICE: 31-35 County Arcade
Victoria Quarter
Leeds
West Yorkshire
LS1 6BH



REGISTERED NUMBER: 01880573 (England and Wales)



ACCOUNTANTS: UHY BPR Heaton
Chartered Accountants
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY



BANKERS: Lloyds
45 Hustlergate
Bradford
West Yorkshire
BD1 1NT

PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 213,186 202,219

CURRENT ASSETS
Stocks 1,156,928 1,031,920
Debtors 5 27,480 466,561
Cash at bank and in hand 93,081 307,106
1,277,489 1,805,587
CREDITORS
Amounts falling due within one year 6 415,396 499,132
NET CURRENT ASSETS 862,093 1,306,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,075,279

1,508,674

CREDITORS
Amounts falling due after more than one
year

7

(189,335

)

(219,382

)

PROVISIONS FOR LIABILITIES (51,334 ) (48,032 )
NET ASSETS 834,610 1,241,260

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Retained earnings 819,610 1,226,260
SHAREHOLDERS' FUNDS 834,610 1,241,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 July 2024 and were signed by:





J P Stoner - Director


PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Phillip Stoner Jewellery 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.

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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

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 the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 14% on cost and 6% on cost
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 20% 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.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except those financial assets classified at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.


PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company makes contributions to the personal pension scheme of the directors. Contributions are charged to the profit and loss account as and when incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 19 ) .

PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 240,249 139,741 148,047 528,037
Additions - 5,727 48,980 54,707
At 29 February 2024 240,249 145,468 197,027 582,744
DEPRECIATION
At 1 March 2023 204,575 112,607 8,636 325,818
Charge for year 8,018 6,207 29,515 43,740
At 29 February 2024 212,593 118,814 38,151 369,558
NET BOOK VALUE
At 29 February 2024 27,656 26,654 158,876 213,186
At 28 February 2023 35,674 27,134 139,411 202,219


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors - 300
Other debtors 27,480 41,682
27,480 41,982

Amounts falling due after more than one year:
Amounts owed by group undertakings - 424,579

Aggregate amounts 27,480 466,561

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,454 45,454
Hire purchase contracts (see note 8) 27,817 12,996
Trade creditors 143,833 144,684
Taxation and social security 97,633 168,330
Other creditors 100,659 127,668
415,396 499,132

PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 56,818 102,273
Hire purchase contracts (see note 8) 132,517 117,109
189,335 219,382

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 27,817 12,996
Between one and five years 132,517 117,109
160,334 130,105

Non-cancellable operating leases
2024 2023
£    £   
Within one year 212,000 212,000
Between one and five years 507,583 719,584
719,583 931,584

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 102,272 147,727
Hire purchase contracts 160,334 130,105
262,606 277,832

PHILLIP STONER JEWELLERY LIMITED (REGISTERED NUMBER: 01880573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
J P Stoner
Balance outstanding at start of year 783 -
Amounts advanced - 783
Amounts repaid (783 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 783

Interest has been charged at the HMRC approved rate.

The company is paying a market rate of interest to the director whilst the director's loan account is in credit. The gross amount paid this year totals £448 (2023: £6,174).

11. RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of its parent Jonathan Stoner Holdings Limited.