19 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,500 1,500 1,500 xbrli:pure xbrli:shares iso4217:GBP 00584683 2023-06-01 2024-05-31 00584683 2024-05-31 00584683 2023-05-31 00584683 2022-06-01 2023-05-31 00584683 2023-05-31 00584683 2022-05-31 00584683 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00584683 core:FurnitureFittings 2023-06-01 2024-05-31 00584683 core:MotorVehicles 2023-06-01 2024-05-31 00584683 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 00584683 bus:Director1 2023-06-01 2024-05-31 00584683 core:WithinOneYear 2024-05-31 00584683 core:WithinOneYear 2023-05-31 00584683 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 00584683 core:FurnitureFittings 2023-05-31 00584683 core:MotorVehicles 2023-05-31 00584683 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 00584683 core:FurnitureFittings 2024-05-31 00584683 core:MotorVehicles 2024-05-31 00584683 core:ShareCapital 2024-05-31 00584683 core:ShareCapital 2023-05-31 00584683 core:CapitalRedemptionReserve 2024-05-31 00584683 core:RetainedEarningsAccumulatedLosses 2024-05-31 00584683 core:RetainedEarningsAccumulatedLosses 2023-05-31 00584683 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 00584683 core:Non-currentFinancialInstruments 2024-05-31 00584683 core:Non-currentFinancialInstruments 2023-05-31 00584683 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 00584683 core:FurnitureFittings 2023-05-31 00584683 core:MotorVehicles 2023-05-31 00584683 bus:SmallEntities 2023-06-01 2024-05-31 00584683 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 00584683 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 00584683 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00584683 bus:FullAccounts 2023-06-01 2024-05-31 00584683 bus:OrdinaryShareClass1 2024-05-31 00584683 bus:OrdinaryShareClass1 2023-05-31
COMPANY REGISTRATION NUMBER: 00584683
Cox & Son (Goldsmiths) Limited
Unaudited financial statements
31 May 2024
Cox & Son (Goldsmiths) Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
236,973
241,084
Investments
6
1,500
1,500
---------
---------
238,473
242,584
Current assets
Stocks
2,995,540
2,803,532
Debtors
7
36,057
46,200
Cash at bank and in hand
725,788
3,895,818
-----------
-----------
3,757,385
6,745,550
Creditors: Amounts falling due within one year
8
( 108,214)
( 1,005,763)
-----------
-----------
Net current assets
3,649,171
5,739,787
-----------
-----------
Total assets less current liabilities
3,887,644
5,982,371
Provisions
Taxation including deferred tax
( 1,095)
( 1,095)
-----------
-----------
Net assets
3,886,549
5,981,276
-----------
-----------
Capital and reserves
Called up share capital
9
5,995
10,000
Capital redemption reserve
4,005
Profit and loss account
3,876,549
5,971,276
-----------
-----------
Shareholders funds
3,886,549
5,981,276
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cox & Son (Goldsmiths) Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
E M Cox
Director
Company registration number: 00584683
Cox & Son (Goldsmiths) Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Northgate Street, Great Yarmouth, Norfolk, NR30 1BE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Stock valuation Certain items of stock are valued by the directors using judgement and their experience of sales prices to establish a reasonable value. This value does not exceed the original cost of the stock.
Revenue recognition
Turnover represents income received from the sale of jewellery and other goods and repair work undertaken, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that the directors consider they will reverse, or tax losses utilised, in the foreseeable future.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 19 (2023: 19 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
328,058
298,951
11,500
638,509
Additions
5,254
5,254
---------
---------
-------
---------
At 31 May 2024
328,058
304,205
11,500
643,763
---------
---------
-------
---------
Depreciation
At 1 June 2023
105,194
280,990
11,241
397,425
Charge for the year
5,559
3,754
52
9,365
---------
---------
-------
---------
At 31 May 2024
110,753
284,744
11,293
406,790
---------
---------
-------
---------
Carrying amount
At 31 May 2024
217,305
19,461
207
236,973
---------
---------
-------
---------
At 31 May 2023
222,864
17,961
259
241,084
---------
---------
-------
---------
Freehold property includes land at an estimated cost of £50,000 (2023: £50,000) that has not been depreciated.
6. Investments
Unlisted investments
£
Cost
At 1 June 2023 and 31 May 2024
1,500
------
Impairment
At 1 June 2023 and 31 May 2024
------
Carrying amount
At 31 May 2024
1,500
------
At 31 May 2023
1,500
------
7. Debtors
2024
2023
£
£
Trade debtors
185
535
Prepayments and accrued income
35,872
39,190
Corporation tax repayable
6,475
-------
-------
36,057
46,200
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
23,532
31,051
Accruals and deferred income
57,847
58,910
Social security and other taxes
26,528
31,654
Director loan accounts
883,841
Other creditors
307
307
---------
-----------
108,214
1,005,763
---------
-----------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
5,995
5,995
10,000
10,000
------
------
-------
-------
On 14th May 2024 the company cancelled 4,005 shares under a purchase of own shares.