REGISTERED NUMBER: |
Belmont Jewellery Co. Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Belmont Jewellery Co. Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
Belmont Jewellery Co. Limited (Registered number: 00408511) |
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 |
Belmont Jewellery Co. Limited |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Belmont Jewellery Co. Limited (Registered number: 00408511) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
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. |
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 |
Belmont Jewellery Co. Limited (Registered number: 00408511) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
Belmont Jewellery Co. Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Turnover |
Turnover represents rental income receivable during the year, exclusive of Value Added Tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
Belmont Jewellery Co. Limited (Registered number: 00408511) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Depreciation |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2022 | 4,000,000 |
The directors assessed the valuation of the investment property portfolio at the year-end and consider the current value represents an open market value on an existing use basis. |
Belmont Jewellery Co. Limited (Registered number: 00408511) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 926,003 | 926,003 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 82 | 82 |
Ordinary B | £1 | 82 | 82 |
Ordinary C | £1 | 82 | 82 |
Ordinary D | £1 | 156 | 156 |
402 | 402 |
10. | Non distributable reserves |
Included in reserves is £2,778,009 (2023: £2,778,009) that relates to a revaluation of investment property. This balance is not distributable until the property is sold. |