SPROULES JEWELLERS LIMITED

Company Registration Number:
NI623429 (Northern Ireland)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

SPROULES JEWELLERS LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Balance sheet
Additional notes
Balance sheet notes

SPROULES JEWELLERS LIMITED

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 7,500 22,500
Tangible assets: 4 269,975 283,693
Total fixed assets: 277,475 306,193
Current assets
Stocks: 5 463,500 414,000
Debtors: 6 737 26,174
Cash at bank and in hand: 20,263 40,221
Total current assets: 484,500 480,395
Creditors: amounts falling due within one year: 7 ( 179,019 ) ( 190,210 )
Net current assets (liabilities): 305,481 290,185
Total assets less current liabilities: 582,956 596,378
Creditors: amounts falling due after more than one year: 8 ( 356,472 ) ( 377,793 )
Provision for liabilities: ( 45,208 ) ( 48,146 )
Total net assets (liabilities): 181,276 170,439
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 181,176 170,339
Total Shareholders' funds: 181,276 170,439

The notes form part of these financial statements

SPROULES JEWELLERS LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 28 March 2025
and signed on behalf of the board by:

Name: N Sproule
Status: Director

The notes form part of these financial statements

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable net of VAT. Turnover is recognised upon sale.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less depreciation and impairment. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows: Leasehold Land and Buildings - 2% Reducing balance Fixtures, fittings and equipment - 10% Reducing balance The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘administrative expenses’ in the profit and loss account.

    Intangible fixed assets amortisation policy

    Purchased goodwill arising on acquisitions is eliminated by amortisation through the profit and loss account over its useful economic life. The useful economic life of the asset has been estimated by the directors at ten years.

    Other accounting policies

    General information and basis of preparation Sproules Jewellers Limited is a private company limited by shares incorporated in Northern Ireland, United Kingdom. The address of the registered office is given on page 1 of these financial statements. The company’s principal activity is jewellery sales. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) as adapted by Section 1A of FRS 102 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Cash at bank and in hand Cash at bank and in hand includes cash on hand, demand deposits and other term highly liquid investments regardless of maturity. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Creditors Creditors with no stated interest rate and payable within one year are recorded at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Financial instruments The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable and loans to or from related parties which are recognised at transaction price. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price (present value of the future cash flows, including transaction costs) and subsequently at amortised cost using the effective interest method. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognises as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses are arising on translation in the period are included in profit or loss. Dividends Dividends payable to the company’s shareholder are recognised as a liability of the company when they are declared.

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 11 11

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 July 2023 150,000 150,000
Additions
Disposals
Revaluations
Transfers
At 30 June 2024 150,000 150,000
Amortisation
At 1 July 2023 127,500 127,500
Charge for year 15,000 15,000
On disposals
Other adjustments
At 30 June 2024 142,500 142,500
Net book value
At 30 June 2024 7,500 7,500
At 30 June 2023 22,500 22,500

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 97,487 299,892 397,379
Additions 7,841 7,841
Disposals
Revaluations
Transfers
At 30 June 2024 97,487 307,733 405,220
Depreciation
At 1 July 2023 7,569 106,117 113,686
Charge for year 1,798 19,761 21,559
On disposals
Other adjustments
At 30 June 2024 9,367 125,878 135,245
Net book value
At 30 June 2024 88,120 181,855 269,975
At 30 June 2023 89,918 193,775 283,693

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Stocks

2024 2023
£ £
Stocks 463,500 414,000
Total 463,500 414,000

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Debtors

2024 2023
£ £
Other debtors 737 26,174
Total 737 26,174

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 39,724 39,373
Trade creditors 94,647 113,976
Taxation and social security 38,838 34,040
Accruals and deferred income 5,810 2,821
Total 179,019 190,210

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

8. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 225,037 241,688
Other creditors 131,435 136,105
Total 356,472 377,793

SPROULES JEWELLERS LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

9. Financial Commitments

There were no commitments, guarantees or contingencies as at 30 June 2024 (2023: None).