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Registered number: 08395530










WEBB'S JEWELLERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WEBB'S JEWELLERS LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs P J Webb 
N D Webb 
O D Webb 
Mrs V J Saunders 




Company secretary
Mrs P J Webb



Registered number
08395530



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
WEBB'S JEWELLERS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8

 
WEBB'S JEWELLERS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEBB'S JEWELLERS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Webb's Jewellers Limited for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Webb's Jewellers Limited, as a body, in accordance with the terms of our engagement letter dated 24 May 2024Our work has been undertaken solely to prepare for your approval the financial statements of Webb's Jewellers Limited and state those matters that we have agreed to state to the Board of directors of Webb's Jewellers Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webb's Jewellers Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Webb's Jewellers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Webb's Jewellers Limited. You consider that Webb's Jewellers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Webb's Jewellers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
9 September 2024
Page 1

 
WEBB'S JEWELLERS LIMITED
REGISTERED NUMBER: 08395530

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
79,998
59,025

  
79,998
59,025

Current assets
  

Stocks
  
1,333,308
1,243,720

Debtors: amounts falling due within one year
 5 
10,369
15,044

Cash at bank and in hand
  
736,322
737,630

  
2,079,999
1,996,394

Creditors: amounts falling due within one year
 6 
(330,436)
(290,972)

Net current assets
  
 
 
1,749,563
 
 
1,705,422

Total assets less current liabilities
  
1,829,561
1,764,447

Provisions for liabilities
  

Deferred tax
  
(19,999)
(11,050)

  
 
 
(19,999)
 
 
(11,050)

Net assets
  
1,809,562
1,753,397


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
  
1,808,562
1,752,397

  
1,809,562
1,753,397


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
WEBB'S JEWELLERS LIMITED
REGISTERED NUMBER: 08395530
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




N D Webb
O D Webb
Director
Director

The notes on pages 4 to 8 form part of these financial statements.
Page 3

 
WEBB'S JEWELLERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The Company's principal activity is retail sales of watches and jewellery in specialised stores.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
WEBB'S JEWELLERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
WEBB'S JEWELLERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
straight line

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance
Office equipment
-
3 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
WEBB'S JEWELLERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
86,466
13,767
100,233


Additions
43,737
720
44,457



At 31 March 2024

130,203
14,487
144,690



Depreciation


At 1 April 2023
38,077
3,131
41,208


Charge for the year on owned assets
17,796
5,688
23,484



At 31 March 2024

55,873
8,819
64,692



Net book value



At 31 March 2024
74,330
5,668
79,998



At 31 March 2023
48,389
10,636
59,025
Page 7

 
WEBB'S JEWELLERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,327
3,748

Other debtors
-
982

Prepayments and accrued income
9,042
10,314

10,369
15,044



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
47,882
12,236

Other taxation and social security
133,840
132,425

Other creditors
146,054
144,796

Accruals and deferred income
2,660
1,515

330,436
290,972



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 Ordinary A shares of £1.00 each
300
300
300 Ordinary B shares of £1.00 each
300
300
250 Ordinary C shares of £1.00 each
250
250
50 Ordinary D shares of £1.00 each
50
50
100 Ordinary E shares of £1.00 each
100
100

1,000

1,000



8.Commitments, guarantees and contingencies

At 31 March 2024, the company had total financial commitments, guarantees and contingencies
which are not included in the balance sheet amounting to 
£89,375.

 
Page 8