Registered number
06223406
TURQUOISE JEWELLERY LIMITED
Filleted Accounts
31 May 2024
TURQUOISE JEWELLERY LIMITED
Registered number: 06223406
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,712 11,845
Current assets
Stocks 626,950 585,030
Debtors 4 140 -
Cash at bank and in hand 5,226 27,294
632,316 612,324
Creditors: amounts falling due within one year 5 (75,983) (123,960)
Net current assets 556,333 488,364
Total assets less current liabilities 566,045 500,209
Creditors: amounts falling due after more than one year 6 (63,104) (36,869)
Net assets 502,941 463,340
Capital and reserves
Called up share capital 100 100
Profit and loss account 502,841 463,240
Shareholders' funds 502,941 463,340
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Erhan Kacar
Director
Approved by the board on 19 February 2025
TURQUOISE JEWELLERY LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
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 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.Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Fix, fittings & equipment 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit . Corporation tax liability is not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Fix, fittings & equipment
£
Cost
At 1 June 2023 31,651
At 31 May 2024 31,651
Depreciation
At 1 June 2023 19,806
Charge for the year 2,133
At 31 May 2024 21,939
Net book value
At 31 May 2024 9,712
At 31 May 2023 11,845
4 Debtors 2024 2023
£ £
Prepayments, deposit and other debtors 140 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and commercial cards 15,176 18,584
Trade creditors 16,766 32,721
Corporation tax 10,633 12,458
Other taxes and social security costs 33,408 40,197
Other creditors - 20,000
75,983 123,960
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,720 21,429
Other creditors 51,384 15,440
63,104 36,869
7 Other information
TURQUOISE JEWELLERY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
12 Portpool Lane
London
EC1N 7UJ
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