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JEWELLERY BY LIAM ROSS LIMITED

Registered Number
SC590023
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

JEWELLERY BY LIAM ROSS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

ROSS, Liam

Registered Address

12 William Street
Edinburgh
EH3 7NH

Registered Number

SC590023 (Scotland)
JEWELLERY BY LIAM ROSS LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets376,26873,277
76,26873,277
Current assets
Stocks123,54670,000
Debtors437,90945,646
Cash at bank and on hand108,08487,480
269,539203,126
Creditors amounts falling due within one year5(199,678)(159,404)
Net current assets (liabilities)69,86143,722
Total assets less current liabilities146,129116,999
Creditors amounts falling due after one year6(11,667)(21,667)
Provisions for liabilities(3,735)(3,735)
Net assets130,72791,597
Capital and reserves
Called up share capital100100
Profit and loss account130,62791,497
Shareholders' funds130,72791,597
The financial statements were approved and authorised for issue by the Director on 24 December 2024, and are signed on its behalf by:
ROSS, Liam
Director
Registered Company No. SC590023
JEWELLERY BY LIAM ROSS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
Having made due and careful enquiry, the directors have made the informed judgement that the company has adequate working capital to continue its operations over the next 12 months. As a result, the directors have continued to adopt the going concern basis of accounting in preparing these statutory accounts.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from sale of goods
Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
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:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Financial instruments
The company has elected to apply provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic Financial Assets Basic financial assets, which include debtors and cash and bank balances and loans to fellow group companies, are measured at transaction price including transaction costs. Classification of Financial Liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic Financial Liabilities Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business for suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
2.Average number of employees

20242023
Average number of employees during the year66
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23119,716
Additions20,327
At 31 March 24140,043
Depreciation and impairment
At 01 April 2346,439
Charge for year17,336
At 31 March 2463,775
Net book value
At 31 March 2476,268
At 31 March 2373,277
4.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests37,86645,646
Other debtors43-
Total37,90945,646
Included in debtors within one year is a loan balance owed by the director. This loan has been repaid after the balance sheet date
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables95,19279,437
Bank borrowings and overdrafts160118
Taxation and social security71,13247,157
Payments received on account30,50030,500
Other creditors753493
Accrued liabilities and deferred income1,9411,699
Total199,678159,404
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts11,66721,667
Total11,66721,667