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REGISTERED NUMBER: 05099284 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SIDDHARTH JEWELLERY (U.K.) LIMITED

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


SIDDHARTH JEWELLERY (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Kohli
R Kohli
Mrs N Kohli





SECRETARY: Mrs N Kohli





REGISTERED OFFICE: 1 Oxhey Ridge Close
Northwood
Middlesex
HA6 3JU





REGISTERED NUMBER: 05099284 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results for the year and the financial position of the company are shown in the financial statements.

The key areas for comment are stated below:

During the year ended 31 March 2024, the sales were £17,630,860 (2023 - £17,069,101) an increase of 3.29%. The corresponding purchase costs for the year were £16,679,574 (2023 - £16,300,788) an increase of 2.33%.

The turnover of the company has improved compared to prior year and this has given rise to a profit on ordinary activities before taxation of £500,978 (2023 - £423,531).

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks.

The directors have set out below the principal risks facing the business.

The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.

Economic conditions
The performance of the business continues to be reliant on market conditions within the gold bullion market and the influence on demand within the UK and Europe, which are the main markets targeted by the company. In response to this risk, the Directors keep abreast of other markets and regularly communicate with their main UK customers to attain a pulse on what levels of demand they are anticipating.

Financial risk management, market risk objectives and policies
The company has a close working relationship with its bankers due to the debt factoring facility and with its clients who are generally low risk. The key risks are the difficulty of forecasting accurately how much stock to buy ahead of any increase in sales and also possible exchange rate fluctuations.

Liquidity risk
The company monitors cash-flow on a daily basis due to the factoring arrangements that it has secured. This liquidity risk is also minimised due to arrangements where customers pay monthly which helps with cash-flow. In this way the company is able to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

Currency risk
The company seeks to fix prices with its suppliers due to the daily fluctuation in the gold market. Key company purchases are made in US dollars and although the foreign exchange risk is present, this is reduced as the company carefully monitors the exchange rates.

ON BEHALF OF THE BOARD:





R Kohli - Director


13 March 2025

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
An interim dividend of £0.30 per share was paid on 28 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 60,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

S Kohli
R Kohli
Mrs N Kohli

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Macalvins Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Kohli - Director


13 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIDDHARTH JEWELLERY (U.K.) LIMITED

Opinion
We have audited the financial statements of Siddharth Jewellery (U.K.) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIDDHARTH JEWELLERY (U.K.) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the
company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIDDHARTH JEWELLERY (U.K.) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Colin D. Ford BCom FCA (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

13 March 2025

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 17,630,860 17,069,101

Cost of sales 16,679,574 16,300,788
GROSS PROFIT 951,286 768,313

Administrative expenses 392,169 301,678
559,117 466,635

Other operating income 30,000 30,000
OPERATING PROFIT 5 589,117 496,635


Interest payable and similar expenses 6 88,139 73,104
PROFIT BEFORE TAXATION 500,978 423,531

Tax on profit 7 138,116 80,495
PROFIT FOR THE FINANCIAL YEAR 362,862 343,036

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 362,862 343,036


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

362,862

343,036

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 531,040 319,562
Tangible assets 11 1,670,138 1,408,255
2,201,178 1,727,817

CURRENT ASSETS
Stocks 12 5,267,691 4,070,304
Debtors 13 4,741,634 5,017,060
Cash at bank and in hand 2,256 17,767
10,011,581 9,105,131
CREDITORS
Amounts falling due within one year 14 8,111,084 6,800,456
NET CURRENT ASSETS 1,900,497 2,304,675
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,101,675

4,032,492

CREDITORS
Amounts falling due after more than one year 15 (521,916 ) (833,919 )

PROVISIONS FOR LIABILITIES 19 (78,884 ) (560 )
NET ASSETS 3,500,875 3,198,013

CAPITAL AND RESERVES
Called up share capital 20 200,000 200,000
Retained earnings 21 3,300,875 2,998,013
SHAREHOLDERS' FUNDS 3,500,875 3,198,013

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





R Kohli - Director


SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 200,000 2,732,977 2,932,977

Changes in equity
Dividends - (78,000 ) (78,000 )
Total comprehensive income - 343,036 343,036
Balance at 31 March 2023 200,000 2,998,013 3,198,013

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 362,862 362,862
Balance at 31 March 2024 200,000 3,300,875 3,500,875

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,286,836 684,109
Interest paid (87,439 ) (72,340 )
Interest element of hire purchase payments paid (700 ) (764 )
Tax paid (92,355 ) 1,865
Net cash from operating activities 1,106,342 612,870

Cash flows from investing activities
Purchase of intangible fixed assets (270,482 ) (319,562 )
Purchase of tangible fixed assets (297,018 ) (50,676 )
Net cash from investing activities (567,500 ) (370,238 )

Cash flows from financing activities
Loan repayments in year (312,104 ) (304,869 )
Capital repayments in year (4,583 ) (5,000 )
Amount introduced by directors 69,447 -
Amount withdrawn by directors - (32,815 )
Equity dividends paid (60,000 ) (78,000 )
Net cash from financing activities (307,240 ) (420,684 )

Increase/(decrease) in cash and cash equivalents 231,602 (178,052 )
Cash and cash equivalents at beginning of year 2 (2,042,354 ) (1,864,302 )

Cash and cash equivalents at end of year 2 (1,810,752 ) (2,042,354 )

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 500,978 423,531
Depreciation charges 94,240 549
Finance costs 88,139 73,104
683,357 497,184
Increase in stocks (1,197,387 ) (574,300 )
Decrease/(increase) in trade and other debtors 275,426 (407,875 )
Increase in trade and other creditors 1,525,440 1,169,100
Cash generated from operations 1,286,836 684,109

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,256 17,767
Bank overdrafts (1,813,008 ) (2,060,121 )
(1,810,752 ) (2,042,354 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 17,767 2,076
Bank overdrafts (2,060,121 ) (1,866,378 )
(2,042,354 ) (1,864,302 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 17,767 (15,511 ) 2,256
Bank overdrafts (2,060,121 ) 247,113 (1,813,008 )
(2,042,354 ) 231,602 (1,810,752 )
Debt
Finance leases (4,583 ) 4,583 -
Debts falling due within 1 year (311,332 ) - (311,332 )
Debts falling due after 1 year (833,919 ) 312,003 (521,916 )
(1,149,834 ) 316,586 (833,248 )
Total (3,192,188 ) 548,188 (2,644,000 )

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Siddharth Jewellery (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable for goods 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 discounts and rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 15% reducing balance

No depreciation is provided in respect of freehold property. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that the freehold property does not reduce in value and that to depreciate the freehold property would not give a true and fair view. Accordingly the directors have decided to record freehold property at cost less any provision for impairment. The directors consider that this policy results in the accounts giving a true and fair view.

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due
allowance for obsolete and slow moving items.

Cost of gold and precious jewellery is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Work in progress of development property includes all direct expenditure, construction costs and other material directly attributable overheads incurred in bringing the products to their present condition. Where work in progress is included in the financial statements at net realisable value, these are at open market values based on the valuations carried out by the directors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Factoring
The company uses factoring services where its debts are discounted to a factoring bank who provide a set percentage of debt as advance to the company once the invoice is raised. The risks and rewards of the debts are borne by the company and therefore, the debtors are still recognised by the company in its books. The amounts owed to the factoring bank are shown as part of bank loans and overdrafts.

Going concern
Where total liabilities exceed current assets the directors considers the ability of the company to meet its liabilities from liquid assets as and when they fall due. The directors also consider the support given to the company by its directors, associates and suppliers.

If the directors are of the opinion that the company can meet its liabilities as and when they fall due, and has sufficient support from its directors, associates and suppliers, the financial statements are prepared on a going concern basis.

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Sales 15,900,452 16,220,626
Scrap sales 1,712,779 848,475
Export sales 17,629 -
17,630,860 17,069,101

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 17,613,231 17,026,746
Europe - 42,355
Rest of the world 17,629 -
17,630,860 17,069,101

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 48,000 52,615

The average number of employees during the year was as follows:
31.3.24 31.3.23

3 3

31.3.24 31.3.23
£    £   
Directors' remuneration 36,000 36,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 35,135 549
Patents and licences amortisation 59,004 -
Auditors' remuneration 12,480 8,000
Foreign exchange differences (87,446 ) (47,732 )

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 85,221 70,947
Interest payable 2,218 1,393
Hire purchase 700 764
88,139 73,104

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 59,792 80,592

Deferred tax 78,324 (97 )
Tax on profit 138,116 80,495

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 500,978 423,531
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

125,245

80,471

Effects of:
Capital allowances in excess of depreciation (65,453 ) -
Depreciation in excess of capital allowances - 121
Deferred tax charge 78,324 (97 )
Total tax charge 138,116 80,495

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of 1 each
Interim 60,000 78,000

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. RECLASSIFICATION OF COMPARATIVES

The financial statements for the year ended 31 March 2023 recorded exploration and evaluation assets of £319,562 within plant and machinery.

The directors believe that it is more appropriate to classify the exploration and evaluation assets as patents and licences.

The balance sheet within the financial statements for the year ended 31 March 2023 recorded net book value of plant and machinery at £370,238 and no patents and licences.

The balance sheet within these financial statements records opening net book value for plant and machinery of £50,676 and opening net book value for patents and licences of £319,562.

The financial statements for the year ended 31 March 2023 recorded trade creditors payable after more than one year of £1,500,000.

The directors believe that this classification was incorrect as all trade creditors were payable within one year.

The balance sheet within the financial statements for the year ended 31 March 2023 recorded trade creditors payable within one year as £1,987,953 and trade creditors payable after more than one year as £1,500,000.

The balance sheet within these financial statements records opening balance for trade creditors payable within one year as £3,487,953 and opening value for trade creditors payable after more than one year as nil.

Neither of these reclassifications affect profits recorded within the income statement or retained earnings within the balance sheet.

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023 319,562
Additions 270,482
At 31 March 2024 590,044
AMORTISATION
Amortisation for year 59,004
At 31 March 2024 59,004
NET BOOK VALUE
At 31 March 2024 531,040
At 31 March 2023 319,562

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 1,354,468 50,676 37,510 1,442,654
Additions - 297,018 - 297,018
At 31 March 2024 1,354,468 347,694 37,510 1,739,672
DEPRECIATION
At 1 April 2023 - - 34,399 34,399
Charge for year - 34,669 466 35,135
At 31 March 2024 - 34,669 34,865 69,534
NET BOOK VALUE
At 31 March 2024 1,354,468 313,025 2,645 1,670,138
At 31 March 2023 1,354,468 50,676 3,111 1,408,255

12. STOCKS
31.3.24 31.3.23
£    £   
Stocks 1,267,078 1,564,927
Work-in-progress 4,000,613 2,505,377
5,267,691 4,070,304

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,408,158 4,789,735
Other debtors 77,442 61,942
Amounts owed by related companies 246,001 146,096
Prepayments 10,033 19,287
4,741,634 5,017,060

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 16) 2,124,340 2,371,453
Hire purchase contracts (see note 17) - 4,583
Trade creditors 5,445,267 3,487,954
Corporation Tax payable 142,161 174,724
Social security and other taxes 12,477 15,400
VAT 304,227 689,555
Other creditors - 30,152
Director's current account 70,132 685
Accrued expenses 12,480 25,950
8,111,084 6,800,456

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 16) 521,916 833,919

16. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,813,008 2,060,121
Bank loans 311,332 311,332
2,124,340 2,371,453

Amounts falling due between one and two years:
Bank loans - 1-2 years 311,332 311,332

Amounts falling due between two and five years:
Bank loans - 2-5 years 210,584 522,587

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year - 4,583

18. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 1,813,008 2,060,121
Bank loans 833,248 1,145,251
2,646,256 3,205,372

The bank loans and overdrafts are secured by way of a fixed charge over the company's freehold property and by way of a charge over the fixed and floating assets of the company. The directors have also provided personal guarantees.

19. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 78,884 560

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 560
Charge to Income Statement during year 78,324
Balance at 31 March 2024 78,884

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
200,000 Ordinary 1 200,000 200,000

21. RESERVES
Retained
earnings
£   

At 1 April 2023 2,998,013
Profit for the year 362,862
Dividends (60,000 )
At 31 March 2024 3,300,875

22. RELATED PARTY DISCLOSURES

During the year under review the directors were in receipt of salaries totalling £36,000 (2023: £36,000) and dividends of £60,000 (2023: £78,000)

In addition the directors pay rent of £30,000 (2023 - £30,000) for occupying part of a property owned by the company.

During the year the company made purchases from Bridal Jewellery Mfg. Pvt. Ltd in the amount of £15,653,360 (2023: £15,343,289).

As at the balance sheet date the company owed Bridal Jewellery Mfg. Pvt. Ltd a total of £4,986,203 (2023: £3,188,731).

Bridal Jewellery Mfg. Pvt. Ltd is a company incorporated in India and is wholly owned by two of the directors.

During the year the company made unsecured interest-free loans to A-One Tex Tech Private Limited of £100,807 (2023: £146,096).

As at the balance sheet date A-One Tex Tech Private Limited owed the company £246,903 (2023: £146,096).

A-One Tex Tech Private Limited is a company incorporated in India and two of the directors hold a majority of the shares.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by the Directors, R Kohli and Mrs N Kohli.

SIDDHARTH JEWELLERY (U.K.) LIMITED (REGISTERED NUMBER: 05099284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

24. GOING CONCERN

The directors have reviewed the going concern position of the company and are confident that the company can continue to operate as a going concern. As at the balance sheet date the company had net current assets of £1,900,497 (2023: £2,304,675) and net assets of £3,500,875 (2023: £3,198,013).

The directors also consider the company has sufficient support from its directors, associates and suppliers.

The directors anticipate that the company will require to spend £1.2 million in the period from 1 April 2024 to 30 September 2026 in order to complete the development of residential properties intended for resale. The directors acknowledge that additional external finance may be required to complete the residential properties and are confident that this can be secured if required. The costs incurred in the development of the residential properties amounted to £4,000,613 at 31 March 2024 (2023: £2,505,377).

Accordingly the directors have prepared the financial statements on a going concern basis. Further, the directors believe that there are no material uncertainties in relation to going concern.