Company registration number 04344883 (England and Wales)
JEWELCAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JEWELCAST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JEWELCAST LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
896,037
836,289
Investment properties
4
2,435,723
1,996,998
3,331,760
2,833,287
Current assets
Stocks
596,207
579,356
Debtors
5
1,057,059
1,126,612
Cash at bank and in hand
512,807
366,679
2,166,073
2,072,647
Creditors: amounts falling due within one year
6
(866,423)
(1,079,956)
Net current assets
1,299,650
992,691
Total assets less current liabilities
4,631,410
3,825,978
Creditors: amounts falling due after more than one year
7
(1,040,987)
(781,716)
Net assets
3,590,423
3,044,262
Capital and reserves
Called up share capital
8
118
118
Share premium account
34,900
34,900
Profit and loss reserves
3,555,405
3,009,244
Total equity
3,590,423
3,044,262

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JEWELCAST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
K S Murphy
Director
Company Registration No. 04344883
JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Jewelcast Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25-26 Warstone Lane, Birmingham, B18 6JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Land and buildings Leasehold
Straight line over the term of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
33% straight line
Motor vehicles
25% reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at market value less costs to complete and sell.

 

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
42
38
JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
580,070
613,333
1,193,403
Additions
-
0
134,978
134,978
At 30 November 2023
580,070
748,311
1,328,381
Depreciation and impairment
At 1 December 2022
53,153
303,961
357,114
Depreciation charged in the year
12,910
62,320
75,230
At 30 November 2023
66,063
366,281
432,344
Carrying amount
At 30 November 2023
514,007
382,030
896,037
At 30 November 2022
526,917
309,372
836,289
4
Investment property
2023
£
Fair value
At 1 December 2022
1,996,998
Additions
438,725
At 30 November 2023
2,435,723

Investment property comprises a single property held for rental purposes.

 

The properties were subject to directors' valuation as at 30 November 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The carrying value of the remaining property is the same as the cost basis based on the above valuation.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
421,880
588,402
Other debtors
491,516
434,880
Prepayments and accrued income
54,575
42,120
967,971
1,065,402
Deferred tax asset
89,088
61,210
1,057,059
1,126,612
JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
168,120
162,312
Trade creditors
130,548
457,608
Corporation tax
106,722
113,642
Other taxation and social security
254,184
178,246
Government grants
7,402
8,733
Other creditors
154,856
119,966
Accruals and deferred income
44,591
39,449
866,423
1,079,956

Bank loans are secured by way of fixed and floating charges on the assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,007,791
740,621
Government grants
33,196
41,095
1,040,987
781,716

Bank loans are secured by way of fixed and floating charges on the assets of the company.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
5
5
5
5
Ordinary C shares of £1 each
5
5
5
5
Ordinary D shares of £1 each
8
8
8
8
118
118
118
118

 

JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
30,944
21,989
10
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2023
Balance
Amounts owed by related parties
£
Owners holding a participating interest
256,692
2022
Balance
Amounts owed in previous period
£
Owners holding a participating interest
182,973

Loans due from owners holding a participating interest carry no fixed interest and are repayable on demand.

JEWELCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
11
Directors' transactions

Advances to directors carry no fixed interest and are repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director loan
-
121,315
108,228
(86,000)
143,543
Director loan
-
129,049
96,228
(135,000)
90,277
250,364
204,456
(221,000)
233,820
12
Prior period adjustment

Following preparation of a specialist report in respect of capital allowances it was determined that £369,265 previously capitalised in the 2022 financial statements did not meet the definition of assets and should therefore be expensed to profit and loss. The full amount has been recognised in repairs and renewals within administrative expenses. As a result of this adjustment a provision for corporation tax of £113,642 has been made for the year to 30 November 2022 and a deferred tax asset of £61,210 has been recognised.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
Fixed assets
Investment properties
2,366,263
(369,265)
1,996,998
Current assets
Debtors due within one year
1,065,402
61,210
1,126,612
Creditors due within one year
Taxation
(178,246)
(113,642)
(291,888)
Provisions for liabilities
Deferred tax
(68,567)
68,567
-
0
Net assets
3,397,392
(353,130)
3,044,262
Capital and reserves
Profit and loss reserves
3,362,374
(353,130)
3,009,244
2023-11-302022-12-01false20 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityK S MurphyJ Sciclunafalsefalsetrue043448832022-12-012023-11-30043448832023-11-30043448832022-11-3004344883core:LandBuildings2023-11-3004344883core:OtherPropertyPlantEquipment2023-11-3004344883core:LandBuildings2022-11-3004344883core:OtherPropertyPlantEquipment2022-11-3004344883core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3004344883core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3004344883core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3004344883core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3004344883core:CurrentFinancialInstruments2023-11-3004344883core:CurrentFinancialInstruments2022-11-3004344883core:Non-currentFinancialInstruments2023-11-3004344883core:Non-currentFinancialInstruments2022-11-3004344883core:ShareCapital2023-11-3004344883core:ShareCapital2022-11-3004344883core:SharePremium2023-11-3004344883core:SharePremium2022-11-3004344883core:RetainedEarningsAccumulatedLosses2023-11-3004344883core:RetainedEarningsAccumulatedLosses2022-11-3004344883core:ShareCapitalOrdinaryShares2023-11-3004344883core:ShareCapitalOrdinaryShares2022-11-3004344883bus:Director12022-12-012023-11-3004344883core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-012023-11-3004344883core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-012023-11-3004344883core:PlantMachinery2022-12-012023-11-3004344883core:FurnitureFittings2022-12-012023-11-3004344883core:MotorVehicles2022-12-012023-11-300434488312022-12-012023-11-30043448832021-12-012022-11-3004344883core:LandBuildings2022-11-3004344883core:OtherPropertyPlantEquipment2022-11-30043448832022-11-3004344883core:LandBuildings2022-12-012023-11-3004344883core:OtherPropertyPlantEquipment2022-12-012023-11-3004344883bus:OrdinaryShareClass12022-12-012023-11-3004344883bus:OrdinaryShareClass22022-12-012023-11-3004344883bus:OrdinaryShareClass32022-12-012023-11-3004344883bus:OrdinaryShareClass42022-12-012023-11-3004344883bus:OrdinaryShareClass12023-11-3004344883bus:OrdinaryShareClass12022-11-3004344883bus:OrdinaryShareClass22023-11-3004344883bus:OrdinaryShareClass22022-11-3004344883bus:OrdinaryShareClass32023-11-3004344883bus:OrdinaryShareClass32022-11-3004344883bus:OrdinaryShareClass42023-11-3004344883bus:OrdinaryShareClass42022-11-3004344883bus:OrdinaryShareClass12021-12-012022-11-3004344883bus:OrdinaryShareClass22021-12-012022-11-3004344883bus:OrdinaryShareClass32021-12-012022-11-3004344883bus:OrdinaryShareClass42021-12-012022-11-3004344883bus:PrivateLimitedCompanyLtd2022-12-012023-11-3004344883bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3004344883bus:FRS1022022-12-012023-11-3004344883bus:AuditExemptWithAccountantsReport2022-12-012023-11-3004344883bus:Director22022-12-012023-11-3004344883bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP