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Registration number: 01397089

Glyn Griffiths (Jewellers) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Glyn Griffiths (Jewellers) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Glyn Griffiths (Jewellers) Limited

Company Information

Directors

Mrs Eileen Griffiths

Mr Glyn Joseph Griffiths

Mr Glyn ( Jnr) James Griffiths

Registered office

5 Bowers Parade
High Street
Harpenden
Herts
AL5 2SH

Accountants

JPL Accountants Ltd
46 Orchard Avenue
Berkhamsted
Hertfordshire
HP4 3LG

 

Glyn Griffiths (Jewellers) Limited

(Registration number: 01397089)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,097

12,909

Current assets

 

Stocks

5

382,289

337,938

Debtors

6

8,518

7,689

Cash at bank and in hand

 

231,134

297,130

 

621,941

642,757

Creditors: Amounts falling due within one year

7

(159,776)

(230,765)

Net current assets

 

462,165

411,992

Total assets less current liabilities

 

470,262

424,901

Provisions for liabilities

(1,119)

(1,924)

Net assets

 

469,143

422,977

Capital and reserves

 

Called up share capital

100

100

Retained earnings

469,043

422,877

Shareholders' funds

 

469,143

422,977

For the financial year ending 31 December 2023 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 year 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.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr Glyn Joseph Griffiths
Director

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Bowers Parade
High Street
Harpenden
Herts
AL5 2SH

These financial statements were authorised for issue by the Board on 24 October 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 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 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.

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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and deferred 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.

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Short leasehold

Over term of lease

Fixture and fittings

20% on cost

Motor Vehicles

20% on cost

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.

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.

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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 year, was 4 (2022 - 3).

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

6,068

167,190

173,258

Additions

-

5,510

5,510

At 31 December 2023

6,068

172,700

178,768

Depreciation

At 1 January 2023

6,068

154,281

160,349

Charge for the year

-

10,322

10,322

At 31 December 2023

6,068

164,603

170,671

Carrying amount

At 31 December 2023

-

8,097

8,097

At 31 December 2022

-

12,909

12,909

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

382,289

337,938

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Prepayments

8,518

7,671

Other debtors

-

18

 

8,518

7,689

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

47,544

80,115

Amounts owed to related parties

8

79,704

95,783

Taxation and social security

 

15,208

20,848

Accruals and deferred income

 

3,689

10,405

Other creditors

 

13,631

23,614

 

159,776

230,765

 

Glyn Griffiths (Jewellers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

95,783

95,783

Repaid

(16,079)

(16,079)

At end of period

79,704

79,704

Terms of loans from related parties

These loans are interest free and repayable on demand