REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE COMPANY OF MASTER JEWELLERS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE COMPANY OF MASTER JEWELLERS LIMITED |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE COMPANY OF MASTER JEWELLERS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Revaluation reserve | 10 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Company of Master Jewellers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about The Company of Master Jewellers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
The company acts as a negotiating and paying agent for its group of retail jeweller members. Turnover represents the commission earned by the company from suppliers on purchases made by CMJ members, plus sales made from the company's own stock or of its other services. |
Commissions are recognised when the right to consideration has been earned and where the economic benefits to members are accrued evenly during the year on supplier contracts, commissions are spread evenly throughout the year. |
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. |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
Land and buildings | - 2% on cost / valuation |
Plant and machinery etc | - 33% on cost and 25% on reducing balance |
Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
Freehold property is shown and depreciated based on its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income. |
Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the statement of comprehensive income in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2004 | 78,545 | - | - | 78,545 |
Valuation in 2010 | 17,317 | - | - | 17,317 |
Valuation in 2015 | 12,683 | - | - | 12,683 |
Valuation in 2017 | 35,000 | - | - | 35,000 |
Valuation in 2019 | 5,000 | - | - | 5,000 |
Cost | 116,455 | 96,441 | 97,924 | 310,820 |
265,000 | 96,441 | 97,924 | 459,365 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 116,455 | 116,455 |
Aggregate depreciation | 83,848 | 81,519 |
Value of land in freehold land and buildings | 225,000 | 225,000 |
Freehold property was valued on an open market basis on 28 March 2022 by George and Company (Surveyors) Limited . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Tax |
Deferred tax asset |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 48,583 | 31,329 |
Other creditors |
Accruals and deferred income |
Deferred government grants |
THE COMPANY OF MASTER JEWELLERS LIMITED (REGISTERED NUMBER: 01488011) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 313,500 | 322,500 |
10. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2023 | 2,427,621 |
Deficit for the year | ( |
) | ( |
) |
Premium on shares issued in |
year |
Purchase of own shares | (12,600 | ) | - | - | - | (12,600 | ) |
Transfer to capital redemption |
reserve | (21,000 | ) | - | - | 21,000 | - |
At 31 March 2024 | 2,403,297 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments and guarantees which are not included in the balance sheet amount to £60,009 (2023: £30,863). |
13. | RELATED PARTY DISCLOSURES |
As described in the directors report the shareholders consist of a group of retail jewellers who exploit their combined buying power and marketing potential for their mutual benefit. The board of directors are elected from the shareholders to manage the affairs of the company by holding periodic board meetings, therefore the directors are not involved on a day to day basis. The shareholders, including the directors, as retail jewellers make purchases through the company and form part of the trade debtors of the company. All transactions with the shareholders are at arms length under normal trading terms and conditions and therefore no separate disclosure of these transactions is considered to be appropriate in these financial statements. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |