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Company No: 06902267 (England and Wales)

MORTIMER'S JEWELLERS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MORTIMER'S JEWELLERS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MORTIMER'S JEWELLERS LIMITED

BALANCE SHEET

As at 30 June 2024
MORTIMER'S JEWELLERS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 175,000
Tangible assets 4 74,697 86,000
Investments 5 2,600,000 2,400,000
2,674,697 2,661,000
Current assets
Stocks 3,700,000 3,650,000
Debtors 6 173,748 150,172
Cash at bank and in hand 804,666 309,918
4,678,414 4,110,090
Creditors: amounts falling due within one year 7 ( 667,971) ( 469,577)
Net current assets 4,010,443 3,640,513
Total assets less current liabilities 6,685,140 6,301,513
Provision for liabilities ( 18,543) ( 21,371)
Net assets 6,666,597 6,280,142
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 6,666,595 6,280,140
Total shareholders' funds 6,666,597 6,280,142

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mortimer's Jewellers Limited (registered number: 06902267) were approved and authorised for issue by the Board of Directors on 10 January 2025. They were signed on its behalf by:

I T Watson
Director
MORTIMER'S JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MORTIMER'S JEWELLERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mortimer's Jewellers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is 87 Queen Street, Exeter, EX4 3RP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 1,750,000 1,750,000
At 30 June 2024 1,750,000 1,750,000
Accumulated amortisation
At 01 July 2023 1,575,000 1,575,000
Charge for the financial year 175,000 175,000
At 30 June 2024 1,750,000 1,750,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 175,000 175,000

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2023 186,567 186,567
Additions 1,541 1,541
At 30 June 2024 188,108 188,108
Accumulated depreciation
At 01 July 2023 100,567 100,567
Charge for the financial year 12,844 12,844
At 30 June 2024 113,411 113,411
Net book value
At 30 June 2024 74,697 74,697
At 30 June 2023 86,000 86,000

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 2,400,000 2,400,000
Additions 200,000 200,000
At 30 June 2024 2,600,000 2,600,000
Carrying value at 30 June 2024 2,600,000 2,600,000
Carrying value at 30 June 2023 2,400,000 2,400,000

6. Debtors

2024 2023
£ £
Trade debtors 103,846 84,768
Prepayments 69,902 65,404
173,748 150,172

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 47,114 62,853
Amounts owed to related parties 6,015 6,015
Taxation and social security 352,303 302,742
Other creditors 262,539 97,967
667,971 469,577

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 2