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Company No: 07524475 (England and Wales)

PARRISS JEWELLERS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

PARRISS JEWELLERS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

PARRISS JEWELLERS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
PARRISS JEWELLERS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 6,000 7,000
Tangible assets 4 2,106 2,170
8,106 9,170
Current assets
Stocks 245,828 269,194
Debtors 5 3,160 3,367
Cash at bank and in hand 41,777 91,890
290,765 364,451
Creditors: amounts falling due within one year 6 ( 288,865) ( 368,145)
Net current assets/(liabilities) 1,900 (3,694)
Total assets less current liabilities 10,006 5,476
Provision for liabilities ( 2,027) ( 2,293)
Net assets 7,979 3,183
Capital and reserves
Called-up share capital 100 100
Profit and loss account 7,879 3,083
Total shareholders' funds 7,979 3,183

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Parriss Jewellers Ltd (registered number: 07524475) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr N A Oxborough
Director
Mr H M Parriss
Director

12 June 2025

PARRISS JEWELLERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
PARRISS JEWELLERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Parriss Jewellers Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20 Station Road, Sheringham, NR26 8RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. The Directors have also considered the Company’s current working capital facilities, together with the range of measures they have, and may take, to mitigate ongoing costs.

Based on this, and the on-going support of the Directors, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income statement over its useful economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 20,000 20,000
At 31 March 2025 20,000 20,000
Accumulated amortisation
At 01 April 2024 13,000 13,000
Charge for the financial year 1,000 1,000
At 31 March 2025 14,000 14,000
Net book value
At 31 March 2025 6,000 6,000
At 31 March 2024 7,000 7,000

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2024 6,880 3,045 9,925
Additions 337 203 540
At 31 March 2025 7,217 3,248 10,465
Accumulated depreciation
At 01 April 2024 5,762 1,993 7,755
Charge for the financial year 336 268 604
At 31 March 2025 6,098 2,261 8,359
Net book value
At 31 March 2025 1,119 987 2,106
At 31 March 2024 1,118 1,052 2,170

5. Debtors

2025 2024
£ £
Prepayments 3,160 3,367

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 480 533
Amounts owed to directors 268,907 344,845
Accruals 2,360 2,625
Taxation and social security 16,958 19,855
Other creditors 160 287
288,865 368,145

7. Related party transactions

At the year end the company owed £268,907 to the directors (2024: £344,845). There are no fixed repayment terms in place.

The shop is owned personally by a Director, and provided to the company for it's use, rent free.