Company Registration No. 04705280 (England and Wales)
G & S Jewellers Limited
Unaudited accounts
for the year ended 31 March 2024
G & S Jewellers Limited
Unaudited accounts
Contents
G & S Jewellers Limited
Company Information
for the year ended 31 March 2024
Directors
Mr Graham Shilcock
Mrs Wendy Shilcock
Secretary
Mrs Wendy Shilcock
Company Number
04705280 (England and Wales)
Registered Office
2 Charlotte Street
Portsmouth
Hampshire
PO1 4AJ
Accountants
Babcock Tax & Accountancy Services Ltd
The Florins, 8 Lulworth Close
Hayling Island
Hampshire
PO11 0NY
G & S Jewellers Limited
Statement of financial position
as at 31 March 2024
Tangible assets
3,313
1,998
Inventories
125,000
145,000
Cash at bank and in hand
4,523
1,195
Creditors: amounts falling due within one year
(66,104)
(80,381)
Net current assets
64,836
68,594
Called up share capital
1,000
1,000
Profit and loss account
67,149
69,592
Shareholders' funds
68,149
70,592
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by
Mrs Wendy Shilcock
Director
Company Registration No. 04705280
G & S Jewellers Limited
Notes to the Accounts
for the year ended 31 March 2024
G & S Jewellers Limited is a private company, limited by shares, registered in England and Wales, registration number 04705280. The registered office is 2 Charlotte Street, Portsmouth, Hampshire, PO1 4AJ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Taxation for the year compromises 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.
G & S Jewellers Limited
Notes to the Accounts
for the year ended 31 March 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & Fittings - 15% on reducing balance
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of 10 years
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Intangible fixed assets
Goodwill
At 31 March 2024
(200,000)
At 31 March 2024
(200,000)
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Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Accrued income and prepayments
318
644
G & S Jewellers Limited
Notes to the Accounts
for the year ended 31 March 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
11,342
13,726
Trade creditors
13,870
31,418
Taxes and social security
888
805
Loans from directors
33,932
30,767
The ultimate controlling party is the directors, Mr & Mrs Shilcock
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Average number of employees
During the year the average number of employees was 6 (2023: 6).