IRIS Accounts Production v24.3.0.553 04662294 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046622942023-03-31046622942024-03-31046622942023-04-012024-03-31046622942022-03-31046622942022-04-012023-03-31046622942023-03-3104662294ns15:EnglandWales2023-04-012024-03-3104662294ns14:PoundSterling2023-04-012024-03-3104662294ns10:Director12023-04-012024-03-3104662294ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104662294ns10:SmallEntities2023-04-012024-03-3104662294ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3104662294ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104662294ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104662294ns10:FullAccounts2023-04-012024-03-3104662294ns10:Director22023-04-012024-03-3104662294ns10:Director32023-04-012024-03-3104662294ns10:RegisteredOffice2023-04-012024-03-3104662294ns5:CurrentFinancialInstruments2024-03-3104662294ns5:CurrentFinancialInstruments2023-03-3104662294ns5:Non-currentFinancialInstruments2024-03-3104662294ns5:Non-currentFinancialInstruments2023-03-3104662294ns5:ShareCapital2024-03-3104662294ns5:ShareCapital2023-03-3104662294ns5:RetainedEarningsAccumulatedLosses2024-03-3104662294ns5:RetainedEarningsAccumulatedLosses2023-03-3104662294ns5:PlantMachinery2023-04-012024-03-3104662294ns5:PlantMachinery2023-03-3104662294ns5:PlantMachinery2024-03-3104662294ns5:PlantMachinery2023-03-3104662294ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104662294ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104662294ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3104662294ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31
REGISTERED NUMBER: 04662294 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31st March 2024

for

IFRAZ JEWELLERS LIMITED

IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IFRAZ JEWELLERS LIMITED

Company Information
for the Year Ended 31st March 2024







DIRECTORS: S Mushtaq
I Mushtaq





REGISTERED OFFICE: 107 Alum Rock Road
Saltely
Birmingham
B8 1ND





REGISTERED NUMBER: 04662294 (England and Wales)





ACCOUNTANTS: Brindleys Limited
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,539 107,693

CURRENT ASSETS
Stocks 1,668,478 1,259,163
Debtors 5 33,002 89,977
Cash at bank and in hand 23,321 19,950
1,724,801 1,369,090
CREDITORS
Amounts falling due within one year 6 820,885 704,283
NET CURRENT ASSETS 903,916 664,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

995,455

772,500

CREDITORS
Amounts falling due after more than
one year

7

165,116

78,797
NET ASSETS 830,339 693,703

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 830,239 693,603
830,339 693,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th November 2024 and were signed on its behalf by:





M Mushtaq - Director


IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

IFRAZ JEWELLERS 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 15% on reducing balance

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

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023
and 31st March 2024 173,676
DEPRECIATION
At 1st April 2023 65,983
Charge for year 16,154
At 31st March 2024 82,137
NET BOOK VALUE
At 31st March 2024 91,539
At 31st March 2023 107,693

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 1
VAT 23,648 81,159
Prepayments 9,354 8,817
33,002 89,977

IFRAZ JEWELLERS LIMITED (REGISTERED NUMBER: 04662294)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 23,725 23,725
Trade creditors 637,410 521,163
Tax 149,504 110,307
Social security and other taxes 2,745 2,224
Directors' current accounts 1,736 37,049
Accrued expenses 5,765 9,815
820,885 704,283

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 138,883 32,004
Hire purchase contracts 26,233 46,793
165,116 78,797

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Mushtaq.