Registration number:
for the Year Ended
Robert Gatward Jewellers Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Robert Gatward Jewellers Limited
Company Information
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Directors |
K L A Gill B Gill A J Gibson |
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Registered office |
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Auditors |
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Robert Gatward Jewellers Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity is that of a retail jeweller.
Fair review of the business
The Company's turnover has decreased from £16.2m last year to £15.8m in the current year. There has been a certain amount of economic uncertainty, and this has created economic headwind in the retail sector, the modest decrease in turnover is well within expectations. Whilst the Directors are never happy with a decline in turnover this modest decrease is good result, in the circumstances.
The Company's gross profit margin reduced from 37.0% to 35.5% in the year and this reflects a further move towards high value items which attract a smaller gross profit margin but which are more attractive in the current market conditions as they attract high net worth clients who are frequently also repeat customers. This is in line with the focus of the business on building customer loyalty. This along with the decreased turnover caused a decrease in absolute gross profit from just under £6.0m last year to just over £5.6m this year. The Directors are satisfied with the growth and margins given the economic conditions.
Overheads were also under pressure with cost of living impacts and they increased by just over £300,000, however this includes some large discretionary spend. Depreciation increased by over £100,000. Most of this was related to fixtures and fittings, as a result of the full year impact from major capital spend last year on the Rolex watch repair centre and some further additions in the current year but also some extra depreciation on newly acquired buildings. There was also an exceptional cost of pension contributions of £280,000. Excluding these two sums overheads were down on the prior year due to expedient cost control, and in particular lower repair costs to the buildings. Recent years have seen some major expenditure on repairs, but the Directors feel that the estate is now in a good condition and hope that lower levels of repairs will continue for some years.
Treasury management of the current cash balances resulted in significantly increased interest earned which was up by nearly £250,000 on the prior year.
Overall, the net profit decreased by almost £500,000 but £380,000 of this was pensions and depreciation driven by capital investment. As a result, the Directors are very pleased with the outcome as they have contained the decrease in profitability to about £120,000 when discretionary spend is excluded.
The Company continues to develop its website and expend funds on general marketing and staff training to ensure staff offer a high-quality customer service and a superior knowledge of the range of products on offer. The focus on fewer high-quality outlets and high-quality brands is continuing to be the correct strategy.
Given the current economic climate and higher costs of living the Directors are satisfied with the overall results.
The Directors have considered the Company’s results, the economic conditions and the balance sheet and have no doubts that the Company continues to be a going concern.
The Company's balance sheet remains strong with net assets increasing from £13.3m last year to £15.2m this year. Stock has again increased, due in part to higher stocks of high value items that are supporting ongoing levels of trading. Management continues to have strict controls on buying, such that only fast-moving items are stocked. Stock values are also continuing to be affected by significantly higher cost prices with inflation affecting virtually all lines of stock. Net current assets of the Company increased from last year's £10.5m to £11.9m as at 30 September 2024.
Robert Gatward Jewellers Limited
Strategic Report for the Year Ended 30 September 2024
Financial instruments
The Company has no borrowings and has a strong cash position, which is managed with treasury operations to maximise interest earned, which has shown improvements in interest earned this year. This will be affected by lower interest rate, in future, but will continue to be a good source of additional income.
During the year £824,700 was spent on acquiring one of the businesses’ retail premises and £109,724 was spent on fixtures and fittings and improving the quality of various outlets and continuing the policy of offering high end retail experiences. These investments will improve the Company’s position overall despite the short-term impact of higher depreciation charges.
Cash reserves are significant and as a result the Directors do not believe there is any risk of credit facilities being required.
The Company has no interest rate risk other than the longer-term possibility that sums earned may reduce if interest rates fall. In the short term the high interest rates present an opportunity to earn good returns on cash balances.
The majority of sales are for cash and credit. Where given, this is outsourced to a third party such that the Company has no exposure to credit risk.
All sales are in sterling; however, some suppliers are based overseas and therefore the Company has some exposure to exchange rate risk. Creditors are settled promptly such that the risk is primarily in increased cost of stock and goods sold, and the Company seek to reflect this in selling prices. The Company has no hedging exposure or forward exchange contract risks.
Robert Gatward Jewellers Limited
Strategic Report for the Year Ended 30 September 2024
Principal risks and uncertainties
The Directors are required to identify risks that might adversely affect the Company’s business in the medium to long term. The Directors have considered the risks to the business and the means to manage those risks. The primary risks are considered to be as follows:
Changing customer trends and preferences
There is an ongoing risk with respect to changes in the retail market, in particular a shift to online shopping. There is a recognised move towards websites needing to be user friendly and allow transactions to be completed online. In response to this the Company continues to invest in its website and can transact online for an increasing range of its offerings. It continues to believe that its high-end offering will always be a mainly face to face transaction, due to the nature of the products.
Competition within the industry
The Company regularly gets recognised for providing leading edge shopping experiences and continues to invest in updating its stores, training staff to provide high levels of service and customer experience and innovating its product offerings. These ongoing developments mean the Directors believe they are dealing effectively with these risks.
Slow moving stock
With the increasing trend of some jewellery brands to create fashion items that have a high risk of losing value as fashion moves on, there is an increased risk of stock obsolescence. The Company controls its buying patterns very closely to minimise this risk and makes adequate provision for all slow moving or obsolete stock.
Ongoing cost of living pressures and inflation
The ongoing cost of living pressures and inflation are clearly impacting costs and wages and salaries, and the Company has continued to ensure it pays employees at rates that ensure good retention. The ongoing pressures on costs have mainly been matched by higher prices, but some margin pressures may be expected in future years if these cost pressures continue. The nature of the Company’s position in the market where it is focused on high-end product has meant that there has been little effect on the Company’s trading and the Directors note that whilst this is a risk, it is not a significant one to the business.
Conclusion and outlook
Trade in the current financial year has remained strong. Substantial cash reserves have been maintained and with no debt the Company’s financial position is extremely strong. Fixed overheads have been controlled and the decline in gross profit partially offset by higher interest earned. Excluding discretionary spend the decline net profit is modest and still generated further strong cash inflows with an increase in cash balances of £1.7m.
Profitability is expected to continue at current levels and cash flows for the coming year are expected to also be positive and strong.
Approved and authorised by the
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Robert Gatward Jewellers Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Robert Gatward Jewellers Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Robert Gatward Jewellers Limited
Independent Auditor's Report to the Members of Robert Gatward Jewellers Limited
Opinion
We have audited the financial statements of Robert Gatward Jewellers Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 30 September 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 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Robert Gatward Jewellers Limited
Independent Auditor's Report to the Members of Robert Gatward Jewellers Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
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.
Auditor 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.
Robert Gatward Jewellers Limited
Independent Auditor's Report to the Members of Robert Gatward Jewellers Limited
Detecting irregularities, including fraud
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. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
- 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; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. 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 framework 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 were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Robert Gatward Jewellers Limited
Independent Auditor's Report to the Members of Robert Gatward Jewellers 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 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.
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For and on behalf of
2 Old Bath Road
Berkshire
RG14 1QL
Robert Gatward Jewellers Limited
Profit and Loss Account for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
2,551,337 |
3,275,997 |
|
|
Other interest receivable and similar income |
|
|
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Robert Gatward Jewellers Limited
Statement of Comprehensive Income for the Year Ended 30 September 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Robert Gatward Jewellers Limited
(Registration number: 07568606)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Retained earnings |
15,232,443 |
13,275,363 |
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|
Shareholders' funds |
15,232,445 |
13,275,365 |
Approved and authorised by the
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Robert Gatward Jewellers Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Retained earnings |
Total |
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|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 September 2023 |
2 |
13,275,363 |
13,275,365 |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 October 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 September 2024 |
|
|
|
Robert Gatward Jewellers Limited
Statement of Cash Flows for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Repayment of bank borrowing |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
7,975,089 |
6,271,508 |
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Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of jewellery in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Asset class |
Depreciation method and rate |
|
Land and buildings |
2% straight line |
|
Fixtures and fittings |
20% straight line |
|
Computer equipment |
25% straight line |
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Motor vehicles |
20% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
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Goodwill |
20 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and obligations to customers for deposits, credits and gift vouchers.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense |
- |
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
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Sales, marketing and distribution |
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
289,100 |
9,100 |
In respect of the highest paid director:
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2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
- |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 October 2023 |
|
|
|
At 30 September 2024 |
|
|
|
Amortisation |
||
|
At 1 October 2023 |
|
|
|
Amortisation charge |
|
|
|
At 30 September 2024 |
|
|
|
Carrying amount |
||
|
At 30 September 2024 |
|
|
|
At 30 September 2023 |
|
|
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Additions |
|
|
- |
- |
|
|
At 30 September 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £nil (2023 - £nil) in respect of short leasehold land and buildings.
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
505,392 |
271,527 |
|
|
|
|
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 September 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2 |
|
2 |
Robert Gatward Jewellers Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
|
Other transactions with directors |
K L A Gill and B Gill had a loan with the company, which is included within other debtors. At the balance sheet date, the amount owed by K L A Gill and B Gill was £7,560 (2023: £346,588). The loan is repayable on demand and interest accrues at HMRC's official interest rate.
Advances in the year were £560,047 and repayments were £899,075. The loan was repaid post year end.
|
Non adjusting events after the financial period |
|
|