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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
Page
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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
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G & S Jewellers Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,313 
1,998 
Current assets
Inventories
125,000 
145,000 
Debtors
1,417 
2,780 
Cash at bank and in hand
4,523 
1,195 
130,940 
148,975 
Creditors: amounts falling due within one year
(66,104)
(80,381)
Net current assets
64,836 
68,594 
Net assets
68,149 
70,592 
Capital and reserves
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
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G & S Jewellers Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items
Deferred taxation
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
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.
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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
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
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
(200,000)
At 31 March 2024
(200,000)
Amortisation
At 1 April 2023
(200,000)
At 31 March 2024
(200,000)
Net book value
At 31 March 2024
- 
5
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 April 2023
18,532 
Additions
1,900 
At 31 March 2024
20,432 
Depreciation
At 1 April 2023
16,534 
Charge for the year
585 
At 31 March 2024
17,119 
Net book value
At 31 March 2024
3,313 
At 31 March 2023
1,998 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
318 
644 
Other debtors
1,099 
2,136 
1,417 
2,780 
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G & S Jewellers Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
11,342 
13,726 
VAT
2,533 
890 
Trade creditors
13,870 
31,418 
Taxes and social security
888 
805 
Loans from directors
33,932 
30,767 
Accruals
3,539 
2,775 
66,104 
80,381 
8
Controlling party
The ultimate controlling party is the directors, Mr & Mrs Shilcock
9
Average number of employees
During the year the average number of employees was 6 (2023: 6).
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