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REGISTERED NUMBER: 01586944 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

GRIFFINS JEWELLERS LIMITED

GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GRIFFINS JEWELLERS LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: Mr D P White
Mrs S Jansen van Rensburg
Mrs B Hilton





SECRETARY: Mrs S E White





REGISTERED OFFICE: 4 Prospect Street
Bridlington
East Yorkshire
YO15 2AJ





REGISTERED NUMBER: 01586944 (England and Wales)

GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 42,572 42,326
Investment property 5 330,000 301,025
372,572 343,351

CURRENT ASSETS
Inventories 1,501,677 1,712,316
Debtors 6 428,967 309,455
Cash at bank and in hand 35,584 24,544
1,966,228 2,046,315
CREDITORS
Amounts falling due within one year 7 229,852 266,349
NET CURRENT ASSETS 1,736,376 1,779,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,108,948

2,123,317

CREDITORS
Amounts falling due after more than one year 8 (73,979 ) (114,390 )

PROVISIONS FOR LIABILITIES (29,254 ) (25,699 )
NET ASSETS 2,005,715 1,983,228

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 2,005,515 1,983,028
SHAREHOLDERS' FUNDS 2,005,715 1,983,228

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.

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 and authorised for issue by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:



Mr D P White - Director


GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024


1. STATUTORY INFORMATION

Griffins 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 (£).


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 as modified by the revaluation of certain assets.

Going concern
The company has a net asset position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue
Revenue represents goods and services supplied, excluding value added tax.

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset overs its estimated useful life.

Investment property
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

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 statement of financial position date.


GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 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 statement of financial position 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 statement of financial position 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
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

Leasing commitments
Operating lease rentals are charged against profits of the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 26 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings
and Computer
equipment equipment Totals
£    £    £   
COST
At 1 February 2023 171,200 32,605 203,805
Additions 8,742 50 8,792
At 31 January 2024 179,942 32,655 212,597
DEPRECIATION
At 1 February 2023 131,130 30,349 161,479
Charge for year 7,732 814 8,546
At 31 January 2024 138,862 31,163 170,025
NET BOOK VALUE
At 31 January 2024 41,080 1,492 42,572
At 31 January 2023 40,070 2,256 42,326

GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 301,025
Revaluations 28,975
At 31 January 2024 330,000
NET BOOK VALUE
At 31 January 2024 330,000
At 31 January 2023 301,025

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 330,000

Investment property was valued on an open market basis on 31 January 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 125,883 59,164
Other debtors 303,084 250,291
428,967 309,455

Other debtors include £6,500 (2023 - £6,500) receivable after more than one year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 73,081 57,333
Trade creditors 70,596 80,360
Taxation and social security 26,903 74,009
Other creditors 59,272 54,647
229,852 266,349

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 73,979 114,390

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years by instalments 3,796 10,090

GRIFFINS JEWELLERS LIMITED (REGISTERED NUMBER: 01586944)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,969 7,232
Between one and five years 3,409 7,111
8,378 14,343

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 78,330 108,623

Bank borrowings are secured on the properties of the company, by bank debenture and by a personal guarantee limited to £118,000 by Mr D P White.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr D P White
Balance outstanding at start of year - -
Amounts advanced 3,244 100,234
Amounts repaid (3,244 ) (100,234 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The above loan account is held jointly with Mrs S E White. Interest in the sum of £Nil (2023 - £259) has been charged on the overdrawn loan account at normal commercial rates.

12. RELATED PARTY DISCLOSURES

2024 2023
£ £
Interest-free loan owing from/(to) group undertakings 125,883 59,164