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Registered number: 11102302


 

FOPE JEWELLERY LIMITED
 
DIRECTORS' REPORT AND FINANCIAL STATEMENTS 
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
FOPE JEWELLERY LIMITED
 

COMPANY INFORMATION


Directors
W J Coupland 
M Fowler 
D Nardin 




Registered number
11102302



Registered office
Part 2nd Floor of Radcliffe House Blenheim Court
Warwick Road And Lode Lane

Solihull

West Midlands

B91 2AA




Independent auditor
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA





 
FOPE JEWELLERY LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Profit and loss account
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 21


 
FOPE JEWELLERY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; 

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £139,364 (2023: £165,128).

No dividends will be distributed for the year ended 31 December 2024 (2023: £Nil).

Directors

The directors who served during the year were:

W J Coupland 
M Fowler 
D Nardin 
J Coupland (resigned 22 July 2024)
M D M Eleuteri (resigned 31 December 2024)

Page 1

 
FOPE JEWELLERY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial instruments

The company's principal financial instruments comprise cash in liquid resources and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
Financial instruments comprise of cash and working capital, i.e. the trade debtors and the trade creditors that arise during the course of the day to day running of the business. This can result in a liquidity risk. The liquidity risk is controlled by maintaining a healthy balance between debtors and creditors. Trade creditor liquidity risks are managed by ensuring that sufficient funds are available to meet amounts as and when they fall due and in accordance with agreed payment terms.
Foreign currency risk is the risk that the company will sustain losses through adverse movements in currency exchange rates. The company manages this foreign currency risk by monitoring exchange rates on e regular basis.
Future developments
The directors expect the trading position to improve as a result of increased advertising for Fope across Europe.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Cooper Parry Group Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Nardin
Director

Date: 27 March 2025

Page 2

 
FOPE JEWELLERY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOPE JEWELLERY LIMITED
 

Opinion


We have audited the financial statements of Fope Jewellery Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 December 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 auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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. 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 course of 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.


Page 3

 
FOPE JEWELLERY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOPE JEWELLERY LIMITED (CONTINUED)


Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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 is 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.


Page 4

 
FOPE JEWELLERY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOPE JEWELLERY LIMITED (CONTINUED)


Auditor's 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 an auditor's report 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.
 
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.
In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its turnover sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.
Because ot the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 auditor's report.


Page 5

 
FOPE JEWELLERY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOPE JEWELLERY LIMITED (CONTINUED)


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 2006Our 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 an auditor's report 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.





Chris Evans BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
Cooper Parry Group Limited
 
Statutory Auditor
  
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

 
Date: 
31 March 2025
Page 6

 
FOPE JEWELLERY LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
7,067,967
7,982,596

Cost of sales
  
(4,521,099)
(5,705,353)

Gross profit
  
2,546,868
2,277,243

Administrative expenses
  
(2,343,845)
(2,036,527)

Operating profit
 4 
203,023
240,716

Tax on profit
 8 
(63,659)
(75,588)

Profit for the financial year
  
139,364
165,128

There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.

The notes on pages 10 to 21 form part of these financial statements.

Page 7

 
FOPE JEWELLERY LIMITED
REGISTERED NUMBER: 11102302

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
1,614
2,098

Tangible assets
 10 
354,548
207,581

  
356,162
209,679

Current assets
  

Stocks
 11 
2,341,768
1,920,052

Debtors: amounts falling due within one year
 12 
3,313,546
2,804,640

Cash at bank and in hand
  
981,631
751,662

  
6,636,945
5,476,354

Creditors: amounts falling due within one year
 13 
(6,026,580)
(4,895,491)

Net current assets
  
 
 
610,365
 
 
580,863

Total assets less current liabilities
  
966,527
790,542

Provisions for liabilities
  

Deferred tax
 15 
(89,041)
(52,420)

Net assets
  
877,486
738,122


Capital and reserves
  

Called up share capital 
 16 
10,000
10,000

Profit and loss account
  
867,486
728,122

Shareholders' funds
  
877,486
738,122


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Nardin
Director

Date: 27 March 2025

The notes on pages 10 to 21 form part of these financial statements.

Page 8

 
FOPE JEWELLERY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
10,000
728,122
738,122



Profit for the year
-
139,364
139,364


At 31 December 2024
10,000
867,486
877,486



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
10,000
562,994
572,994



Profit for the year
-
165,128
165,128


At 31 December 2023
10,000
728,122
738,122


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
FOPE JEWELLERY LIMITED
 

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

1.


General information

Fope Jewellery 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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional currency of the company is the Pound Sterling. The presentational currency of the financial statements is the Pound Sterling, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
 
the requirements of Section 7 Statement of Cash Flows;   
the requirement of paragraph 3.17 (d);   
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);   
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; and 
the requirement of paragraph 33.7.
 
This information is included in the consolidated financial statements of Fope S.p.A. as at 31 December 2024 and these financial statements may be obtained from the Italian Stock Market.

 
2.3

Going concern

These financial statements have been prepared on a going concern basis.
Based on assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business.
In addition, the company's assets are assessed for recoverability on a regular basis, and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Page 10

 
FOPE JEWELLERY LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short leasehold
-
Over the lease of 10 years
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line

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 in the profit and loss account.

Page 11

 
FOPE JEWELLERY LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Stocks

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

  
2.9

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 
2.10

Provisions for liabilities

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material.

 
2.11

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank, trade and other receivables, and trade and other payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.
Financial assets - classified as basic financial instruments
(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.
At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the profit and loss account.
Financial Liabilities - classified as basic financial instruments
(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at emortised cost using the effective interest method. Amounts thet are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

Page 12

 
FOPE JEWELLERY LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the firm's accounting policies
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the firm's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
b) Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the firm's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Measurement of stock
Significant judgements relate to the carrying value of stock, being the value of jewellery. In accordance with FRS 102 stock is measured at the lower of cost and net realisable value. Cost is based on the cost of purchase.
At each reporting date, stock is assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the profit and loss account.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
71,980
76,032

Depreciation - owned tangible fixed assets
71,377
31,843

Computer software amortisation
484
323

Exchange differences
(150)
2,515


5.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
17,800
14,100

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 13

 
FOPE JEWELLERY LIMITED
 

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

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
472,940
451,890

Social security costs
56,960
55,109

Cost of defined contribution scheme
6,799
3,398

536,699
510,397


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
3
2



Operations
3
5

6
7


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
246,019
322,262

Company contributions to defined contribution pension schemes
2,642
2,642

248,661
324,904



8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
27,038
49,505

Deferred tax


Origination and reversal of timing differences
36,621
26,083


Tax on profit
63,659
75,588
Page 14

 
FOPE JEWELLERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:

2024
2023
£
£


Profit before tax
203,023
240,716


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
50,756
56,616

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,346
9,657

Capital allowances for year in excess of depreciation
(37,009)
(16,768)

Profit on sale of asset
(55)
-

Deferred tax
36,621
26,083

Total tax charge for the year
63,659
75,588


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
FOPE JEWELLERY LIMITED
 

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

9.


Intangible assets




Computer software

£



Cost


At 1 January 2024
2,421



At 31 December 2024

2,421



Amortisation


At 1 January 2024
323


Charge for the year
484



At 31 December 2024

807



Net book value



At 31 December 2024
1,614



At 31 December 2023
2,098



Page 16

 
FOPE JEWELLERY LIMITED
 

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

10.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
201,336
1,177
135,466
21,528
359,507


Additions
-
65,372
143,783
9,189
218,344


Disposals
-
-
-
(717)
(717)



At 31 December 2024

201,336
66,549
279,249
30,000
577,134



Depreciation


At 1 January 2024
90,429
831
44,728
15,938
151,926


Charge for the year on owned assets
20,133
83
50,311
850
71,377


Disposals
-
-
-
(717)
(717)



At 31 December 2024

110,562
914
95,039
16,071
222,586



Net book value



At 31 December 2024
90,774
65,635
184,210
13,929
354,548



At 31 December 2023
110,907
346
90,738
5,590
207,581


11.


Stocks

2024
2023
£
£

Stocks
2,341,768
1,920,052



12.


Debtors

2024
2023
£
£


Trade debtors
2,167,576
2,104,471

Amounts owed by group undertakings
1,036,252
607,423

Other debtors
30,750
24,000

Tax recoverable
946
2,984

Prepayments and accrued income
78,022
65,762

3,313,546
2,804,640

Page 17

 
FOPE JEWELLERY LIMITED
 

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

12.Debtors (continued)


Page 18

 
FOPE JEWELLERY LIMITED
 

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

13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
162,592
121,533

Amounts owed to group undertakings
5,361,277
4,415,952

Other taxation and social security
376,950
324,749

Other creditors
5,801
7,073

Accruals and deferred income
119,960
26,184

6,026,580
4,895,491



14.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
4,216,209
3,487,556


Financial liabilities


Financial liabilities measured at amortised cost
5,649,630
4,570,742


Financial assets measured at fair value through profit or loss comprise cash, amounts owed by group undertakings, trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.


Information regarding the group's exposure to risks are included in the directors' report.


15.


Deferred taxation




2024


£






At beginning of year
(52,420)


Charged to profit or loss
(36,621)



At end of year
(89,041)

Page 19

 
FOPE JEWELLERY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
15.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(89,041)
(52,420)

(89,041)
(52,420)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



 A Ordinary shares of £1 each
8,400
7,500
 B Ordinary shares of £1 each
1,600
2,500

10,000

10,000

In accordance with the Articles of Association, on 22 July 2024 900 B ordinary shares were coverted to 900 A ordinary shares. 
The A and B shares rank pari passu but constitute seperates classes of shares. Any profits available for distribution shall be distributed amongst the holders of the A shares and B shares as if they constituted on class of shares.



17.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £9,441 (2023: £6,040).

Page 20

 
FOPE JEWELLERY LIMITED
 

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

18.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
55,465
50,344

Later than 1 year and not later than 5 years
189,505
201,376

Later than 5 years
-
20,977

244,970
272,697

The company entered into a lease agreement of business premises on 9 May 2019. The lease agreement is a 10 year lease ending 9 May 2029. This is principal rent and car park rent due per annum.


19.


Related party transactions

During the year the company invoiced the parent company Fope S.p.a for commission of £88,833 (2023: £116,271). At the year end there was an outstanding balance of £1,036,252 (2023: £607,423).
During the year the company was invoiced by the parent company Fope S.p.a for costs of £4,890,416 (2023: £6,182,135). At the year end a balance of £5,361,277 (2023: £4,415,952) was owed by the company.


20.


Ultimate parent company

The immediate and ultimate parent undertaking is Fope S.p.a. which is listed on the Italian AIM and registered in Italy. Copies of the parent's financial statements can be obtained from http://www.fopegroup .com/en. The ultimate controlling party is Umberto Cazzola.

Page 21