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Registration number: 07822269

Petra Jewellery Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 1 January 2023 to 31 March 2024

 

Petra Jewellery Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Petra Jewellery Ltd

Company Information

Directors

Michelle Lloyd

Petra Moore

Registered office

The Cottage Unit 19 Viables Craft Centre
The Harrow Way
Basingstoke
Hampshire
RG22 4BJ

Accountants

Krystal Clear Accounting
Westgate House
44 Hale Road
Ground Floor
Hale, Altrincham
Cheshire
WA14 2EX

 

Petra Jewellery Ltd

(Registration number: 07822269)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

5

45,355

9,366

Current assets

 

Stocks

6

181,240

133,236

Debtors

7

10,069

13,347

Cash at bank and in hand

 

133,268

140,260

 

324,577

286,843

Prepayments and accrued income

 

39,236

-

Creditors: Amounts falling due within one year

(149,948)

(63,168)

Net current assets

 

213,865

223,675

Total assets less current liabilities

 

259,220

233,041

Provisions for liabilities

-

(1,779)

Accruals and deferred income

 

(7,497)

(7,198)

Net assets

 

251,723

224,064

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

251,623

223,964

Shareholders' funds

 

251,723

224,064

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

Directors' responsibilities:

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

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

 

Petra Jewellery Ltd

(Registration number: 07822269)
Abridged Balance Sheet as at 31 March 2024

.........................................
Michelle Lloyd
Director

.........................................
Petra Moore
Director

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
The Cottage Unit 19 Viables Craft Centre
The Harrow Way
Basingstoke
Hampshire
RG22 4BJ
United Kingdom

These financial statements were authorised for issue by the Board on 4 September 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 abridged 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 abridged 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

Tax

The tax expense for the period comprises current 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.

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

IT Equipment

3 years straight line

Furniture & Fixtures

4 years straight line

Office equipment & Workshop equipment

4 years straight line

Motor vehicles

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2022 - 6).

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

56,796

At 31 March 2024

56,796

Amortisation

At 1 January 2023

56,796

At 31 March 2024

56,796

Carrying amount

At 31 March 2024

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

79,200

-

20,598

99,798

Additions

10,928

34,095

4,905

49,928

Disposals

-

-

(5,290)

(5,290)

At 31 March 2024

90,128

34,095

20,213

144,436

Depreciation

At 1 January 2023

78,285

-

12,147

90,432

Charge for the period

1,825

5,665

6,449

13,939

Eliminated on disposal

(5,290)

-

-

(5,290)

At 31 March 2024

74,820

5,665

18,596

99,081

Carrying amount

At 31 March 2024

15,308

28,430

1,617

45,355

At 31 December 2022

915

-

8,451

9,366

6

Stocks

2024
£

2022
£

Other inventories

181,240

133,236

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £1 each

80

80

80

80

A Ordinary of £1 each

20

20

20

20

100

100

100

100

9

Dividends

Interim dividends paid

2024
£

2022
£

Interim dividend of £550.00 (2022 - £450.00) per each Ordinary

44,000

36,000

Interim dividend of £2,006.25 (2022 - £225.00) per each A Ordinary

40,125

4,500

84,125

40,500

10

Related party transactions

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

Transactions with directors

2024

At 1 January 2023
£

Advances to director
£

At 31 March 2024
£

Michelle Lloyd

6,927

2,799

9,726

Petra Moore

(3,900)

(6,500)

(10,400)

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Michelle Lloyd

11,927

(5,000)

6,927

Petra Moore

(1,100)

(2,800)

(3,900)

 

Petra Jewellery Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 January 2023 to 31 March 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2022
£

Remuneration

11,375

9,030

Contributions paid to money purchase schemes

61,800

107,605

73,175

116,635