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REGISTERED NUMBER: 05889815 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PALA SONS JEWELLERS LIMITED

PALA SONS JEWELLERS LIMITED (REGISTERED NUMBER: 05889815)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PALA SONS JEWELLERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr J K De Pala
Mrs J J De Pala
Mrs P A Patel





SECRETARY: Mrs J J De Pala





REGISTERED OFFICE: 199 Upper Tooting Road
London
SW17 7TG





REGISTERED NUMBER: 05889815 (England and Wales)






PALA SONS JEWELLERS LIMITED (REGISTERED NUMBER: 05889815)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,250 4,250
Tangible assets 5 2,738 3,221
5,988 7,471

CURRENT ASSETS
Stocks 180,419 195,120
Debtors 6 207,819 3,884
Cash at bank and in hand 982,635 944,988
1,370,873 1,143,992
CREDITORS
Amounts falling due within one year 7 100,507 97,534
NET CURRENT ASSETS 1,270,366 1,046,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,276,354

1,053,929

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,276,254 1,053,829
SHAREHOLDERS' FUNDS 1,276,354 1,053,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th September 2024 and were signed on its behalf by:





Mr J K De Pala - Director


PALA SONS JEWELLERS LIMITED (REGISTERED NUMBER: 05889815)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Pala Sons Jewellers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

PALA SONS JEWELLERS LIMITED (REGISTERED NUMBER: 05889815)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 20,000
AMORTISATION
At 1st January 2023 15,750
Charge for year 1,000
At 31st December 2023 16,750
NET BOOK VALUE
At 31st December 2023 3,250
At 31st December 2022 4,250

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 25,732
DEPRECIATION
At 1st January 2023 22,511
Charge for year 483
At 31st December 2023 22,994
NET BOOK VALUE
At 31st December 2023 2,738
At 31st December 2022 3,221

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,524 -
Other debtors 6,295 3,884
7,819 3,884

Amounts falling due after more than one year:
Other debtors 200,000 -

Aggregate amounts 207,819 3,884

PALA SONS JEWELLERS LIMITED (REGISTERED NUMBER: 05889815)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 44,138
Taxation and social security 94,203 48,022
Other creditors 6,304 5,374
100,507 97,534

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

i) During the year the company paid rent of £30,000 (2022: £30,000) to Mr. J.K. De Pala who is also the director in the company.

ii) The company owed £1,374 (2022: £1,374) to the director Mr. J, K. De Pala at the year end.

10. ULTIMATE CONTROLLING PARTY

The company was under the control of the director and his wife through out the period.