Goddard & Grant Jewellers Limited 01560105 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Jewellers Digita Accounts Production Advanced 6.30.9574.0 true true 01560105 2023-02-01 2024-01-31 01560105 2024-01-31 01560105 core:RetainedEarningsAccumulatedLosses 2024-01-31 01560105 core:ShareCapital 2024-01-31 01560105 core:CurrentFinancialInstruments 2024-01-31 01560105 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 01560105 core:Non-currentFinancialInstruments 2024-01-31 01560105 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 01560105 core:FurnitureFittings 2024-01-31 01560105 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 01560105 bus:SmallEntities 2023-02-01 2024-01-31 01560105 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01560105 bus:FullAccounts 2023-02-01 2024-01-31 01560105 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 01560105 bus:RegisteredOffice 2023-02-01 2024-01-31 01560105 bus:Director1 2023-02-01 2024-01-31 01560105 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01560105 countries:EnglandWales 2023-02-01 2024-01-31 01560105 2023-01-31 01560105 core:FurnitureFittings 2023-01-31 01560105 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 01560105 2022-02-01 2023-01-31 01560105 2023-01-31 01560105 core:RetainedEarningsAccumulatedLosses 2023-01-31 01560105 core:ShareCapital 2023-01-31 01560105 core:CurrentFinancialInstruments 2023-01-31 01560105 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 01560105 core:Non-currentFinancialInstruments 2023-01-31 01560105 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 01560105

Goddard & Grant Jewellers Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 January 2024

 

Goddard & Grant Jewellers Limited

(Registration number: 01560105)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

9,000

9,000

Debtors

6

8,426

5,527

Cash at bank and in hand

 

3,285

7,961

 

20,711

22,488

Creditors: Amounts falling due within one year

7

(48,112)

(25,244)

Total assets less current liabilities

 

(27,401)

(2,756)

Creditors: Amounts falling due after more than one year

7

(85,000)

(85,000)

Net liabilities

 

(112,401)

(87,756)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(112,501)

(87,856)

Shareholders' deficit

 

(112,401)

(87,756)

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.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 9 July 2024
 

.........................................
M A Grant
Director

 

Goddard & Grant Jewellers 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 and Wales.

The address of its registered office is: 37 Frimley High Street, Frimley, Camberley, Surrey, GU16 7HJ.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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.

 

Goddard & Grant Jewellers Limited

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

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Goddard & Grant Jewellers Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

7,065

3,870

10,935

At 31 January 2024

7,065

3,870

10,935

Depreciation

At 1 February 2023

7,065

3,870

10,935

At 31 January 2024

7,065

3,870

10,935

Carrying amount

At 31 January 2024

-

-

-

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

9,000

9,000

 

Goddard & Grant Jewellers Limited

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

6

Debtors

2024
£

2023
£

Other debtors

2,344

47

Prepayments

3,618

3,679

Accrued income

2,464

1,801

8,426

5,527

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

25,528

12,807

Taxation and social security

118

108

Accruals and deferred income

3,013

2,763

Other creditors

19,453

9,566

48,112

25,244

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

85,000

85,000

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

85,000

85,000

9

Going concern

The principal creditor of the company is its Director/Majority Shareholder who injects funds as required to enable it to meet liabilities as they fall due. In addition to his current account balance he has provided £85,000 of long term funding. As such the Financial Statements are prepared on a going concern basis.

At the year end the director, M A Grant was owed £104,017 (2023: £94,484).