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REGISTERED NUMBER: 03810094 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Prism Jewellery Design Limited

Prism Jewellery Design Limited (Registered number: 03810094)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Prism Jewellery Design Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Ms S L Milburn





REGISTERED OFFICE: Frome Road
Bradford On Avon
Wiltshire
BA15 1LE





REGISTERED NUMBER: 03810094 (England and Wales)

Prism Jewellery Design Limited (Registered number: 03810094)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,225 18,967
Tangible assets 5 24,606 28,493
38,831 47,460

CURRENT ASSETS
Stocks 241,160 239,247
Debtors 6 116,053 123,329
Cash at bank and in hand 133,003 143,529
490,216 506,105
CREDITORS
Amounts falling due within one year 7 87,162 143,447
NET CURRENT ASSETS 403,054 362,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

441,885

410,118

PROVISIONS FOR LIABILITIES 5,385 10,159
NET ASSETS 436,500 399,959

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 435,500 398,959
SHAREHOLDERS' FUNDS 436,500 399,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Ms S L Milburn - Director


Prism Jewellery Design Limited (Registered number: 03810094)

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

1. STATUTORY INFORMATION

Prism Jewellery Design 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction can be measured reliably.

Specifically, revenue from the sale of goods is primarily recognised on despatch of goods to the customer.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Prism Jewellery Design Limited (Registered number: 03810094)

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

2. ACCOUNTING POLICIES - continued
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.

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 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 June 2023
and 31 May 2024 23,709
AMORTISATION
At 1 June 2023 4,742
Amortisation for year 4,742
At 31 May 2024 9,484
NET BOOK VALUE
At 31 May 2024 14,225
At 31 May 2023 18,967

Prism Jewellery Design Limited (Registered number: 03810094)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023 257,341 36,666 125,498 419,505
Additions 4,758 - 1,272 6,030
Disposals (9,995 ) - - (9,995 )
At 31 May 2024 252,104 36,666 126,770 415,540
DEPRECIATION
At 1 June 2023 238,609 32,591 119,812 391,012
Charge for year 4,784 814 1,947 7,545
Eliminated on disposal (7,623 ) - - (7,623 )
At 31 May 2024 235,770 33,405 121,759 390,934
NET BOOK VALUE
At 31 May 2024 16,334 3,261 5,011 24,606
At 31 May 2023 18,732 4,075 5,686 28,493

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 101,074 111,695
Other debtors 1,451 1,350
Prepayments and accrued income 13,528 10,284
116,053 123,329

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 37,497 47,297
Tax 11,693 12,320
Social security and other taxes 26,096 16,709
Other creditors 5,242 5,638
Directors' loan account - 45,145
Accrued expenses 6,634 16,338
87,162 143,447

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 20,000 24,000
Between one and five years - 20,000
20,000 44,000

9. RELATED PARTY DISCLOSURES

During the year, dividends paid to directors totalled £6,000 (2023: £63,000).

At the year end, the directors were owed £nil (2023: £45,145). The balances are interest free with no fixed date for repayment.