Registered number
03579721
V Jewellery Limited
Report and Unaudited Accounts
31 May 2024
Collins
Chartered Accountants
West Midlands
V Jewellery Limited
Registered number: 03579721
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 6,138 9,340
Current assets
Stocks 86,997 38,398
Debtors 4 126,067 87,138
Cash at bank and in hand 95,684 150,943
308,748 276,479
Creditors: amounts falling due within one year 5 (148,873) (64,946)
Net current assets 159,875 211,533
Net assets 166,013 220,873
Capital and reserves
Called up share capital 70 70
Capital Redemption Reserve 30 30
Profit and loss account 165,913 220,773
Shareholder's funds 166,013 220,873
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
T J Vann
Director
Approved by the board on 20 February 2025
V 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 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and 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, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% straight line
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Computer Equipment
£
Cost
At 1 June 2023 18,808
At 31 May 2024 18,808
Depreciation
At 1 June 2023 9,468
Charge for the year 3,202
At 31 May 2024 12,670
Net book value
At 31 May 2024 6,138
At 31 May 2023 9,340
4 Debtors 2024 2023
£ £
Trade debtors 118,702 79,840
Prepayments and accrued income 7,365 7,298
126,067 87,138
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 91,415 21,936
Other taxes and social security costs 20,454 10,566
Directors loans 32,854 28,494
Accruals and deferred income 4,150 3,950
148,873 64,946
6 Pension commitments
The company operates a defined scheme for staff. The assets of the scheme are independent from those of the company. The total contributions in the year were £12,802 (2023 - £16,815).
7 Other information
V Jewellery Limited is a private company limited by shares and incorporated in England. Its registered office is:
5b The Courtyard,
Reddicap Trading Estate
Sutton Coldfield
West Midlands
B75 7BU
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