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REGISTERED NUMBER: 02703752 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Jewellery World Limited

Jewellery World Limited (Registered number: 02703752)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Jewellery World Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: S A Nevitt
Mrs D S Geller





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





REGISTERED NUMBER: 02703752 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Jewellery World Limited (Registered number: 02703752)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 285,074 292,619
285,074 292,619

CURRENT ASSETS
Stocks 6 956,916 1,009,281
Debtors 7 23,243 41,259
Cash at bank and in hand 104,372 195,295
1,084,531 1,245,835
CREDITORS
Amounts falling due within one year 8 269,837 264,210
NET CURRENT ASSETS 814,694 981,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,099,768

1,274,244

CREDITORS
Amounts falling due after more than one year 9 (12,500 ) (22,500 )

PROVISIONS FOR LIABILITIES (14,742 ) (14,309 )
NET ASSETS 1,072,526 1,237,435

CAPITAL AND RESERVES
Called up share capital 301,000 301,000
Retained earnings 771,526 936,435
SHAREHOLDERS' FUNDS 1,072,526 1,237,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Jewellery World Limited (Registered number: 02703752)

Balance Sheet - continued
29 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Mrs D S Geller - Director


Jewellery World Limited (Registered number: 02703752)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Jewellery World 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants

Government grants are credited to the profit and loss account as the related expenditure is incurred.

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.

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 20% on cost

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Jewellery World Limited (Registered number: 02703752)

Notes to the Financial Statements - continued
for the Year Ended 29 February 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.


Going concern
The company's financial statements for the year ended 29 February 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 27 ) .

Jewellery World Limited (Registered number: 02703752)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 512,344
AMORTISATION
At 1 March 2023
and 29 February 2024 512,344
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 444,168 625 259,363 107,863 812,019
Additions - - - 22,666 22,666
At 29 February 2024 444,168 625 259,363 130,529 834,685
DEPRECIATION
At 1 March 2023 210,966 625 237,938 69,871 519,400
Charge for year 8,883 - 3,214 18,114 30,211
At 29 February 2024 219,849 625 241,152 87,985 549,611
NET BOOK VALUE
At 29 February 2024 224,319 - 18,211 42,544 285,074
At 28 February 2023 233,202 - 21,425 37,992 292,619

6. STOCKS
2024 2023
£    £   
Goods for resale 956,916 1,009,281

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,650 23,965
Other debtors 7,593 17,294
23,243 41,259

Jewellery World Limited (Registered number: 02703752)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 36,502 42,226
Taxation and social security 73,602 137,777
Other creditors 149,733 74,207
269,837 264,210

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,500 22,500

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 18,000 18,000
Between one and five years 1,500 19,500
19,500 37,500

11. RELATED PARTY DISCLOSURES

Included in other creditors is the directors' current account balances totalling £82,759 (2023: £7,362). There are no fixed repayment terms and interest of £502 has been charged to the company during the year in respect of this balance.