Company registration number 00635418 (England and Wales)
M KAYE (JEWELLERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
M KAYE (JEWELLERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
M KAYE (JEWELLERS) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
90,777
114,786
Current assets
Stocks
1,047,000
1,150,000
Debtors
5
123,585
130,461
Cash at bank and in hand
20,821
19,122
1,191,406
1,299,583
Creditors: amounts falling due within one year
6
(218,909)
(265,228)
Net current assets
972,497
1,034,355
Total assets less current liabilities
1,063,274
1,149,141
Creditors: amounts falling due after more than one year
7
(94,496)
(124,177)
Provisions for liabilities
(21,085)
(26,265)
Net assets
947,693
998,699
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
945,693
996,699
Total equity
947,693
998,699

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

For the financial year ended 31 January 2024 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.

M KAYE (JEWELLERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 June 2024 and are signed on its behalf by:
Mr N J Kaye
Director
Company registration number 00635418 (England and Wales)
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

M Kaye (Jewellers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 St Michael's Row, Grosvenor Precinct, Chester, CH1 1EF.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the sales of goods sold for cash or on credit during the year, exclusive of Value Added Tax, and recognised at the time the sale is completed.

1.3
Tangible fixed assets

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

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

Leasehold land and buildings
Over the life of the lease
Fixtures and fittings
10% straight line
Computers
20% 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
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

 

M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Retirement benefits

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
7
7
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
107,758
157,637
53,890
107,997
427,282
Additions
-
0
9,324
200
-
0
9,524
Disposals
-
0
-
0
(3,499)
-
0
(3,499)
At 31 January 2024
107,758
166,961
50,591
107,997
433,307
Depreciation and impairment
At 1 February 2023
85,299
150,143
50,055
26,999
312,496
Depreciation charged in the year
6,185
3,224
1,076
20,249
30,734
Eliminated in respect of disposals
-
0
-
0
(700)
-
0
(700)
At 31 January 2024
91,484
153,367
50,431
47,248
342,530
Carrying amount
At 31 January 2024
16,274
13,594
160
60,749
90,777
At 31 January 2023
22,459
7,494
3,835
80,998
114,786
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,099
26,304
Other debtors
86,134
102,911
Prepayments and accrued income
16,352
1,246
123,585
130,461
M KAYE (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,667
16,667
Trade creditors
106,499
149,798
Taxation and social security
71,706
75,873
Other creditors
24,037
22,890
218,909
265,228
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,611
40,278
Other creditors
70,885
83,899
94,496
124,177
8
Operating lease commitments

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

2024
2023
£
£
147,500
177,500
9
Directors' transactions

The following advances to directors arose during the year ended 31 January 2024:

 

 

Mr N J Kaye

Balance outstanding at start of year £91,385

Balance outstanding at end of year £82,005

 

The advances outstanding from Mr N J Kaye at 31 January 2023 totalling £91,385 were repaid by dividends voted on 6 April 2023 totalling £92,000 and capital introduced of £17,995 leaving £18,610 owed to Mr N J Kaye at 31 January 2024.

 

Advances totalling £99,229 were made to Mr N J Kaye during the year and remained outstanding at 31 January 2024. In addition, interest of £1,386 was charged to Mr N J Kaye making the total of £82,005 outstanding.

 

Interest was charged on the outstanding advances at a rate of 2%/2.25% per annum.

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