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REGISTERED NUMBER: 06723931 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

FROST & CO. JEWELLERS LIMITED

FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FROST & CO. JEWELLERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTOR: D R D'Auria





SECRETARY: Mrs J Peters





REGISTERED OFFICE: Unit 3
Gateway Mews
London
N11 2UT





REGISTERED NUMBER: 06723931 (England and Wales)





ACCOUNTANTS: E M Costas & Co (Easebay Limited)
Chartered Accountants
Unit 3
Gateway Mews
London
N11 2UT

FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)

BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,689 57,630

CURRENT ASSETS
Stocks 4,007,305 3,741,241
Debtors 5 844,944 912,702
Cash at bank 55 232
4,852,304 4,654,175
CREDITORS
Amounts falling due within one year 6 5,097,939 4,727,890
NET CURRENT LIABILITIES (245,635 ) (73,715 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(190,946

)

(16,085

)

CREDITORS
Amounts falling due after more than one
year

7

(181,468

)

(259,108

)

PROVISIONS FOR LIABILITIES - (10,950 )
NET LIABILITIES (372,414 ) (286,143 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (372,415 ) (286,144 )
(372,414 ) (286,143 )

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

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

The director acknowledges his 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.

FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)

BALANCE SHEET - continued
31ST OCTOBER 2023


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 director and authorised for issue on 16th September 2024 and were signed by:





D R D'Auria - Director


FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)

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

1. STATUTORY INFORMATION

Frost & Co. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 12 (2022 - 11 ) .

FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022 262,928
Additions 15,289
At 31st October 2023 278,217
DEPRECIATION
At 1st November 2022 205,298
Charge for year 18,230
At 31st October 2023 223,528
NET BOOK VALUE
At 31st October 2023 54,689
At 31st October 2022 57,630

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 450,392 463,620
Other debtors 394,552 449,082
844,944 912,702

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,029 37,515
Trade creditors 2,091,964 2,475,038
Taxation and social security 611,026 406,999
Other creditors 2,372,920 1,808,338
5,097,939 4,727,890

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 27,100
Other creditors 181,468 232,008
181,468 259,108

FROST & CO. JEWELLERS LIMITED (REGISTERED NUMBER: 06723931)

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

8. CONTINGENT LIABILITIES

The company is currently subject to an ongoing VAT enquiry. The company has cooperated throughout the period of the enquiry and has enlisted professional advisors who have been dealing with the enquiry on the company’s behalf. At this point in time HMRC have issued assessments against the company totalling £493,772 and therefore the director felt it prudent to bring this to users attention by way of note. The director is of the opinion that the vat is not due and HMRC have not adequately considered recent case law which mirrors their own case. The matter has come about due to, in HMRC's opinion, the company not having adequate export documentation. This is refuted by the company, and the director is in the process of seeking Alternative Dispute Resolution (ADR) to resolve matters. Should this fail then the company is prepared to be heard before a tribunal and to seek a positive outcome. The director remains confident in the outcome of this process, and in the meantime has procured further evidence to supply to HMRC.The assessments figure quoted above will reduced due to the further evidence as noted, but HMRC have yet to process the information. Given the fact that the director accepts that the possibility of a liability could not be considered as remote, they have therefore duly disclosed the fact in compliance with applicable accounting standards. Should a liability arise from the enquiry, then the company would seek terms (dependent on the amount) for a time to pay arrangement to ensure cash flow is protected.