Silverfin false false 31/08/2023 01/09/2022 31/08/2023 G M Golsong 11/08/2015 29 August 2024 The principal activity of the Company during the financial year was the retailing of jewellery. 09727702 2023-08-31 09727702 bus:Director1 2023-08-31 09727702 2022-08-31 09727702 core:CurrentFinancialInstruments 2023-08-31 09727702 core:CurrentFinancialInstruments 2022-08-31 09727702 core:ShareCapital 2023-08-31 09727702 core:ShareCapital 2022-08-31 09727702 core:RetainedEarningsAccumulatedLosses 2023-08-31 09727702 core:RetainedEarningsAccumulatedLosses 2022-08-31 09727702 core:OtherPropertyPlantEquipment 2022-08-31 09727702 core:OtherPropertyPlantEquipment 2023-08-31 09727702 2022-09-01 2023-08-31 09727702 bus:FilletedAccounts 2022-09-01 2023-08-31 09727702 bus:SmallEntities 2022-09-01 2023-08-31 09727702 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09727702 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09727702 bus:Director1 2022-09-01 2023-08-31 09727702 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-09-01 2023-08-31 09727702 2021-09-01 2022-08-31 09727702 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 09727702 (England and Wales)

GG JEWELS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

GG JEWELS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

GG JEWELS LTD

BALANCE SHEET

As at 31 August 2023
GG JEWELS LTD

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 264 152
264 152
Current assets
Stocks 4 194,494 160,027
Debtors 5 1,085 1,080
Cash at bank and in hand 2,208 12,275
197,787 173,382
Creditors: amounts falling due within one year 6 ( 103,674) ( 99,527)
Net current assets 94,113 73,855
Total assets less current liabilities 94,377 74,007
Provision for liabilities ( 50) ( 38)
Net assets 94,327 73,969
Capital and reserves
Called-up share capital 1 1
Profit and loss account 94,326 73,968
Total shareholder's funds 94,327 73,969

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of GG Jewels LTD (registered number: 09727702) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

G M Golsong
Director
GG JEWELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
GG JEWELS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GG Jewels LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
20-22 Wenlock Road
London
N1 7GU
United Kingdom

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' 'FRS 102 1A', and with the Companies Act 2006.

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.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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 and after eliminating sales within the company.

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.

Taxation

Current tax
The tax expense for the period comprises current 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 corporation 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
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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 is charged so as to write off the cost of assets over their estimated useful lives.

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 1,591 1,591
Additions 290 290
At 31 August 2023 1,881 1,881
Accumulated depreciation
At 01 September 2022 1,439 1,439
Charge for the financial year 178 178
At 31 August 2023 1,617 1,617
Net book value
At 31 August 2023 264 264
At 31 August 2022 152 152

4. Stocks

2023 2022
£ £
Stocks 194,494 160,027

5. Debtors

2023 2022
£ £
Other debtors 1,085 1,080

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 103,674 99,527

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts payable to related party 101,488 97,465

The above is unsecured, interest free and repayable on demand.