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Registration number: SC653991

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Royal Mile Jewellers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Royal Mile Jewellers Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Royal Mile Jewellers Ltd

Company Information

Directors

Martin Bosi

Registered office

363 High Street
Edinburgh
EH1 1PW

Bankers

Royal Bank of Scotland
30 Nicolson Street
Edinburgh
EH8 9DL

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Royal Mile Jewellers Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Royal Mile Jewellers Ltd for the year ended 31 May 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Royal Mile Jewellers Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Royal Mile Jewellers Ltd and state those matters that we have agreed to state to the Board of Directors of Royal Mile Jewellers Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Royal Mile Jewellers Ltd and its Board of Directors as a body for our work or for this report.
 

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

We have not been instructed to carry out an audit or a review of the accounts of Royal Mile Jewellers Ltd. 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 accounts.

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RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

27 August 2024

 

Royal Mile Jewellers Ltd

(Registration number: SC653991)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,750

900

Current assets

 

Stocks

6

129,501

101,148

Cash at bank and in hand

 

209,989

168,929

 

339,490

270,077

Creditors: Amounts falling due within one year

7

(124,141)

(154,696)

Net current assets

 

215,349

115,381

Total assets less current liabilities

 

218,099

116,281

Provisions for liabilities

(646)

(171)

Net assets

 

217,453

116,110

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

217,353

116,010

Shareholders' funds

 

217,453

116,110

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
Martin Bosi
Director

 

Royal Mile Jewellers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
363 High Street
Edinburgh
EH1 1PW

These financial statements were authorised for issue by the director on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Royal Mile Jewellers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Royal Mile Jewellers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

563

208

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

1,695

1,695

Additions

2,413

2,413

At 31 May 2024

4,108

4,108

Depreciation

At 1 June 2023

795

795

Charge for the year

563

563

At 31 May 2024

1,358

1,358

Carrying amount

At 31 May 2024

2,750

2,750

At 31 May 2023

900

900

6

Stocks

2024
£

2023
£

Stock for sale and business use

129,501

101,148

 

Royal Mile Jewellers Ltd

Notes to the Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

82,592

122,810

Taxation and social security

 

40,124

25,286

Accruals and deferred income

 

1,425

1,300

Other creditors

 

-

5,300

 

124,141

154,696

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Director current account

82,592

122,810