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Registered number: 05408213
Phoenix Jewellery Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05408213
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,368 19,361
15,368 19,361
CURRENT ASSETS
Stocks 5 452,160 698,696
Debtors 6 167,707 211,399
Cash at bank and in hand 65,920 22,101
685,787 932,196
Creditors: Amounts Falling Due Within One Year 7 (275,142 ) (468,912 )
NET CURRENT ASSETS (LIABILITIES) 410,645 463,284
TOTAL ASSETS LESS CURRENT LIABILITIES 426,013 482,645
Creditors: Amounts Falling Due After More Than One Year 8 (227,064 ) (350,258 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,632 ) -
NET ASSETS 195,317 132,387
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 195,217 132,287
SHAREHOLDERS' FUNDS 195,317 132,387
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A J Pattni
Director
25/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Phoenix Jewellery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05408213 . The registered office is 51 Belgrave Road, Leicester, LE4 6AR.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 20% on reducing balance
2.4. Stocks and Work in Progress
Stocks are valued at net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Financial Instruments
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. 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 deffered taxation assets and liabilities are not discounted.
Current tax is recognised at the amiunt of tax payable using the tax rates nd laws that have been encted or subsequently enacted by the balance sheet due date.
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 subsequently enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 11,989 54,643 31,127 3,830 101,589
As at 31 March 2024 11,989 54,643 31,127 3,830 101,589
Depreciation
As at 1 April 2023 11,473 43,506 25,278 1,971 82,228
Provided during the period 516 2,228 877 372 3,993
As at 31 March 2024 11,989 45,734 26,155 2,343 86,221
Net Book Value
As at 31 March 2024 - 8,909 4,972 1,487 15,368
As at 1 April 2023 516 11,137 5,849 1,859 19,361
5. Stocks
2024 2023
£ £
Stock 452,160 698,696
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 167,582 211,234
Other debtors 125 165
167,707 211,399
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,364 277,360
Bank loans and overdrafts 27,249 33,296
Other creditors 130,981 103,628
Taxation and social security 101,548 54,628
275,142 468,912
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 191,666 309,597
Other loans 35,398 40,661
227,064 350,258
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 135,916 143,107
9. Secured Creditors
The bank loans and overdrafts are secured by bank charges over business assets and directors personal residential property including directors personal guarantees over the period of loan.
2024 2023
£ £
Bank loans and overdrafts 218,849 342,893
10. Provisions for Liabilities
Deferred Tax Total
£ £
Deferred taxation 3,632 3,632
Balance at 31 March 2024 3,632 3,632
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within creditors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Amit Pattni 29,950 17,614 28,507 - 40,843
Mr Vinay Pattni 35,609 - 9,000 - 44,609
Mr Chetan Pattni 17,481 21,440 29,663 - 25,704
Mr Ashok Pattni 16,095 5,474 7,005 - 17,626
The above loan is unsecured, interest free and repayable on demand.
Page 5