Company registration number 03951451 (England and Wales)
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,882
26,637
Current assets
Stocks
286,800
403,295
Debtors
4
32,880
17,699
Cash at bank and in hand
23,491
32,610
343,171
453,604
Creditors: amounts falling due within one year
5
(187,697)
(245,202)
Net current assets
155,474
208,402
Total assets less current liabilities
173,356
235,039
Creditors: amounts falling due after more than one year
6
(17,194)
(25,143)
Net assets
156,162
209,896
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
156,062
209,796
Total equity
156,162
209,896
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Ian Dingley
Director
Company Registration No. 03951451
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Ian Quartermaine (Jeweller & Goldsmith) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Tansley Road, Dudley, West Midlands, DY2 7ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
5 year straight line
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
20,960
256,635
277,595
Depreciation and impairment
At 1 June 2023
12,576
238,382
250,958
Depreciation charged in the year
4,192
4,563
8,755
At 31 May 2024
16,768
242,945
259,713
Carrying amount
At 31 May 2024
4,192
13,690
17,882
At 31 May 2023
8,384
18,253
26,637
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
32,880
17,699
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,455
14,354
Trade creditors
122,129
125,957
Corporation tax
19,105
49,437
Other taxation and social security
55,771
41,507
Other creditors
(15,763)
13,947
187,697
245,202
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
17,194
25,143
IAN QUARTERMAINE (JEWELLER & GOLDSMITH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
50,000
60,000