REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Whittaker's Jewellers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Whittaker's Jewellers Limited |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Whittaker's Jewellers Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
PENSION ASSET | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Pension reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Whittaker's Jewellers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's principal place of business is Ground Floor, 63 High Street, Yarm, Stockton on Tees. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated by management and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions regarding the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below: |
Useful economic lives of tangible and intangible assets |
The annual depreciation and amortisation charge is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. Amounts involved are shown in the fixed assets note. |
Defined benefit pension scheme |
Details of the estimates and their underlying assumptions are detailed in the Employee Benefit Obligations note. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when goods are delivered to the customer. |
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. |
These were fully amortised in the previous year. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recognised when they have been brought into use by the company. If there is any indication of impairment the assets are written down accordingly. |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The company measures the cost of stock on a first in first out basis and includes expenditure incurred in acquiring the stocks. |
Financial instruments |
(i) Basic financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Financing transactions are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Basic financial assets and liabilities consist of trade debtors, other debtors, cash and bank and trade and other creditors. These assets and liabilities are measured at amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment . |
(ii) Investments are measured at cost less impairment. |
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 benefit pension scheme for the directors. The company's defined benefit pension scheme measures assets at fair value and obligations at present value to arrive at a surplus or deficit in the balance sheet. |
The company also operates a defined contribution pension scheme for all employees. Contributions payable to this scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised in accordance with the accrual model. |
Fixed asset investments |
Fixed asset investments are measured at cost value less impairment. |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | 100,397 | 78,642 |
Tax |
Prepayments & accrued income |
Amounts falling due after more than one year: |
s455 taxation |
Aggregate amounts |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
VAT | 6,939 | 17,929 |
Other creditors |
Directors' current accounts | 3,971 | 2,441 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
9. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments. |
Financial assets measured at amortised cost: trade debtors & other debtors with amounts as shown in the debtors note. |
Financial liabilities measured at undiscounted amounts payable: trade creditors, other creditors and directors' current accounts with amounts as shown in the creditors note. |
Equity instruments measured at cost less impairment: investments with amount shown in the investments note. |
10. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit pension scheme for the benefit of the directors. The scheme was funded by an initial contribution of £1.6 million followed by a further £300 thousand in the 2024 accounting year. |
The most recent actuarial valuation was carried out at 31 January 2024. |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(59,000 |
) |
(18,000 |
) |
Past service cost |
38,000 | (18,000 | ) |
Actual return on plan assets | ( |
) |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Expected return | 80,000 | 35,000 |
Actuarial gains/(losses) | ( |
) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Actual return on scheme assets less expected return |
( |
) |
Experience gains & losses on scheme liabilities |
(1,000 |
) |
(430,000 |
) |
(13,000 | ) | (310,000 | ) |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
Equities | 56% | 57% |
Fixed Interest | 14% | 14% |
Cash | 27% | 9% |
Other | 3% | 12% |
Property | - | 8% |
100% | 100% |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2024 | 2023 |
Discount rate |
Future pension increases |
Expected return on plan assets | 4.50% | 2.00% |
The amount shown in other comprehensive income as experience gains and losses on scheme liabilities has arisen as a result of changes in assumptions underlying the present value of scheme liabilities. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged on overdrawn loan accounts at the official HMRC rate. Such balances are repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
Whittaker's Jewellers Limited (Registered number: 05018945) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is J L A Evans. |