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Logo On Report
Registered Number: 08246520
England and Wales

 

 

 

M/G JEWELLERY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2023

End date: 31 October 2024
Director Melanie Georgacopoulos
Registered Number 08246520
Registered Office Studio 416, Pill Box
115 Coventry Road
London
E2 6GG
Accountants Ward Williams Creatives Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,344    2,016 
1,344    2,016 
Current assets      
Stocks 4 159,951    187,803 
Debtors 5 22,897    7,514 
Cash at bank and in hand 142,921    83,153 
325,769    278,470 
Creditors: amount falling due within one year 6 (18,905)   (10,085)
Net current assets 306,864    268,385 
 
Total assets less current liabilities 308,208    270,401 
Provisions for liabilities 7 (310)  
Net assets 307,898    270,401 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 307,798    270,301 
Shareholders' funds 307,898    270,401 
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 28 January 2025 and were signed by:


-------------------------------
Melanie Georgacopoulos
Director
2
General Information
M/G Jewellery Ltd is a private company, limited by shares, registered in England and Wales, registration number 08246520, registration address Studio 416, Pill Box, 115 Coventry Road, London, E2 6GG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 November 2023 1,747    941    2,688 
Additions    
Disposals    
At 31 October 2024 1,747    941    2,688 
Depreciation
At 01 November 2023 437    235    672 
Charge for year 437    235    672 
On disposals    
At 31 October 2024 874    470    1,344 
Net book values
Closing balance as at 31 October 2024 873    471    1,344 
Opening balance as at 01 November 2023 1,310    706    2,016 


4.

Stocks

2024
£
  2023
£
Stocks 159,951    187,803 
159,951    187,803 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 22,357    6,098 
Prepayments & Accrued Income 540   
VAT   1,416 
22,897    7,514 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   1,165 
Corporation Tax 12,594    5,115 
Other Creditors  
Directors' Current Accounts 3,805    3,805 
VAT 2,506   
18,905    10,085 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 310   
310   

3