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REGISTERED NUMBER: 05018945 (England and Wales)















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: N C Howard
J L A Evans
N A Evans
R J D Evans
S M Holmes
L E Howard





SECRETARY: N C Howard





REGISTERED OFFICE: Network House
Stubs Beck Lane
West 26
Cleckheaton
West Yorkshire
BD19 4TT





REGISTERED NUMBER: 05018945 (England and Wales)






Whittaker's Jewellers Limited (Registered number: 05018945)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 74,416 93,454
Investments 5 3,800 3,800
78,216 97,254

CURRENT ASSETS
Stocks 981,233 1,000,297
Debtors 6 490,021 1,565,465
Cash at bank and in hand 8,524,594 7,477,901
9,995,848 10,043,663
CREDITORS
Amounts falling due within one year 7 395,436 93,434
NET CURRENT ASSETS 9,600,412 9,950,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,678,628

10,047,483

CREDITORS
Amounts falling due after more than one
year

8

(1,417

)

(3,117

)

PROVISIONS FOR LIABILITIES (1,700 ) (1,700 )

PENSION ASSET 10 1,447,000 1,172,000
NET ASSETS 11,122,511 11,214,666

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Pension reserve 1,447,000 1,172,000
Retained earnings 9,674,511 10,041,666
SHAREHOLDERS' FUNDS 11,122,511 11,214,666

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Whittaker's Jewellers Limited (Registered number: 05018945)

Balance Sheet - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





N C Howard - Director


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 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 (£).


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

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 20% straight line
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% reducing balance

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 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 3,746 237,283 94,795 25,799 361,623
Additions - 879 - 4,885 5,764
At 31 January 2024 3,746 238,162 94,795 30,684 367,387
DEPRECIATION
At 1 February 2023 3,746 207,370 34,233 22,820 268,169
Charge for year - 7,697 15,141 1,964 24,802
At 31 January 2024 3,746 215,067 49,374 24,784 292,971
NET BOOK VALUE
At 31 January 2024 - 23,095 45,421 5,900 74,416
At 31 January 2023 - 29,913 60,562 2,979 93,454

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023
and 31 January 2024 3,800
NET BOOK VALUE
At 31 January 2024 3,800
At 31 January 2023 3,800

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 49,667 11,032
Other debtors 7,937 1,389,888
Directors' current accounts 100,397 78,642
Tax 47,769 37,716
Prepayments & accrued income 251,114 22,391
456,884 1,539,669

Amounts falling due after more than one year:
s455 taxation 33,137 25,796

Aggregate amounts 490,021 1,565,465

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 4,311 124
Trade creditors 22,882 30,161
VAT 6,939 17,929
Other creditors 336,816 8,101
Directors' current accounts 3,971 2,441
Accrued expenses 20,517 34,678
395,436 93,434

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Accruals and deferred income 1,417 3,117

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 97,000 -
Net interest from net defined benefit
asset/liability

(59,000

)

(18,000

)
Past service cost - -
38,000 (18,000 )

Actual return on plan assets 92,000 (85,000 )

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 422,000 835,000
Current service cost 97,000 -
Interest cost 21,000 17,000
Actuarial losses/(gains) (1,000 ) (430,000 )
539,000 422,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 1,594,000 1,679,000
Contributions by employer 300,000 -
Expected return 80,000 35,000
Actuarial gains/(losses) 12,000 (120,000 )
1,986,000 1,594,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actual return on scheme assets less expected
return

(12,000

)

120,000
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 4.50% 4.50%
Future pension increases 2.50% 2.50%
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
£    £   
J L A Evans
Balance outstanding at start of year - -
Amounts advanced - 255
Amounts repaid - (255 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

N A Evans
Balance outstanding at start of year 17,912 -
Amounts advanced 44,300 18,423
Amounts repaid (22,010 ) (511 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,202 17,912

R J D Evans
Balance outstanding at start of year 60,730 59,653
Amounts advanced 19,710 1,077
Amounts repaid (20,003 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,437 60,730

L E Howard
Balance outstanding at start of year - -
Amounts advanced - 463
Amounts repaid - (463 )
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.