IRIS Accounts Production v25.1.4.42 08124228 Board of Directors 1.1.23 31.12.23 31.12.23 Medium entities manufacture of jewellery and related articles true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary share capital 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081242282022-12-31081242282023-12-31081242282023-01-012023-12-31081242282021-12-31081242282022-01-012022-12-31081242282022-12-3108124228ns15:EnglandWales2023-01-012023-12-3108124228ns14:PoundSterling2023-01-012023-12-3108124228ns10:Director12023-01-012023-12-3108124228ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108124228ns10:MediumEntities2023-01-012023-12-3108124228ns10:Audited2023-01-012023-12-3108124228ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3108124228ns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3108124228ns10:FullAccounts2023-01-012023-12-310812422812023-01-012023-12-3108124228ns10:OrdinaryShareClass12023-01-012023-12-3108124228ns10:Director22023-01-012023-12-3108124228ns10:RegisteredOffice2023-01-012023-12-3108124228ns5:CurrentFinancialInstruments2023-12-3108124228ns5:CurrentFinancialInstruments2022-12-3108124228ns5:ShareCapital2023-12-3108124228ns5:ShareCapital2022-12-3108124228ns5:RetainedEarningsAccumulatedLosses2023-12-3108124228ns5:RetainedEarningsAccumulatedLosses2022-12-3108124228ns5:ShareCapital2021-12-3108124228ns5:RetainedEarningsAccumulatedLosses2021-12-3108124228ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108124228ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3108124228ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108124228ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3108124228ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3108124228ns5:PlantMachinery2023-01-012023-12-3108124228ns5:FurnitureFittings2023-01-012023-12-3108124228ns5:ComputerEquipment2023-01-012023-12-3108124228ns5:OwnedAssets2023-01-012023-12-3108124228ns5:OwnedAssets2022-01-012022-12-3108124228ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-012022-12-3108124228112023-01-012023-12-3108124228112022-01-012022-12-310812422812023-01-012023-12-310812422812022-01-012022-12-310812422822023-01-012023-12-310812422822022-01-012022-12-3108124228ns10:OrdinaryShareClass12022-01-012022-12-3108124228ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3108124228ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3108124228ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3108124228ns5:PlantMachinery2022-12-3108124228ns5:FurnitureFittings2022-12-3108124228ns5:ComputerEquipment2022-12-3108124228ns5:PlantMachinery2023-12-3108124228ns5:FurnitureFittings2023-12-3108124228ns5:ComputerEquipment2023-12-3108124228ns5:PlantMachinery2022-12-3108124228ns5:FurnitureFittings2022-12-3108124228ns5:ComputerEquipment2022-12-3108124228ns5:CurrentFinancialInstruments2023-01-012023-12-3108124228ns5:DeferredTaxation2022-12-3108124228ns5:DeferredTaxation2023-01-012023-12-3108124228ns5:DeferredTaxation2023-12-3108124228ns10:OrdinaryShareClass12023-12-3108124228ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 08124228 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIVER MOUNTS JEWELLERY LIMITED

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company information 1

Strategic report 2

Report of the directors 4

Report of the independent auditors 5

Statement of comprehensive income 7

Statement of financial position 8

Statement of changes in equity 9

Statement of cash flows 10

Notes to the statement of cash flows 11

Notes to the financial statements 12


RIVER MOUNTS JEWELLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs X Metalinou
C W Chui





REGISTERED OFFICE: 95 Spencer Street Suite 304,
Jewellery Business Centre,
95 Spencer Street
Birmingham
B18 6DA





REGISTERED NUMBER: 08124228 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

River Mounts Jewellery Limited Directors present the strategic report together with the audited financial statements for the year ended 31st December 2023.

In this report it is provided an overview of the Company's principal activities and performance aimed to communicate
River Mounts Jewellery Limited strategy, objectives and measures in place to monitor the performance.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review is of manufacture of jewellery and related articles.

REVIEW OF BUSINESS
Turnover for the year was recorded at £16,302,587 which represents a decrease of 3% in comparison with the previous year £16,819,610.

The loss for the year was £400,803 (2022: £185,590). Current assets for the year ended 31st December 2023 increased by 19% (£11,455,055) compared to 2022 (£9,657,299). Current liabilities increased by approximately 36% (£9,231,725) compared to 2022 (£6,793,764).

Going forward the Company is looking to continue to expand its client base in its existing areas of operation, increase penetration within existing clients and expand with new services.

PRINCIPAL RISKS AND UNCERTAINTIES
Reputational Risks
One of the most significant risks for the company is potential damage to our reputation, which could adversely affect our market position, trust of our colleagues, customers and other stakeholders. This damage can also impact our overall business performance. Reputational risks may stem from regulatory, operational, or financial events. River Mounts Jewellery Limited has implemented internal procedures, approvals, and checks and balances to mitigate these risks, both before taking on new business and throughout the standard transaction process. All our colleagues are well-experienced and take pride in the work they do, upholding the highest standards of professionalism and integrity.

People Risks
Our workforce is our most valuable asset, essential to the long-term success of our business. To support and motivate our colleagues, our remuneration policy is designed to align compensation with the firm's long-term success. We implement performance-related pay, complemented by measures that ensure fairness and boost motivation among all colleagues.

Operational Risks
Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, colleagues, or systems, or from external causes, whether deliberate, accidental, or natural. This also includes risks from changes in legislation, regulation, or currency.

Regulatory Risks
Regulatory risk is the risk that the company fails to comply with the increasingly complex regulatory environment in which it operates. River Mounts Jewellery Limited has internal approval processes to mitigate risk before taking on new business and as transactions proceed. The company remains informed about regulatory changes and, with the assistance of its legal advisors, promptly updates its procedures to ensure full compliance.

Credit Risks
Credit risk represents the possibility that the company could suffer a loss from a counterparty failing to meet its obligations. This risk is managed through robust client account and vetting procedures, as well as by limiting exposure to concentration risk.

Liquidity Risks
Liquidity risk is the risk that the company is unable to raise sufficient funding to meet its obligations. River Mounts Jewellery Limited maintains a strong balance sheet and surplus cash to protect against the effects of any prolonged market downturn. These risks are closely monitored and controlled through the company's risk framework, day-to-day management, periodic business committee meetings, and quarterly management meetings.


RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The directors have identified the financial risk management objectives as minimizing any threats to the continued financial well-being and stability of the company. They seek to achieve this through maintaining a system of internal controls, sourcing products and services at the most competitive prices, and maintaining close relationships with customers.

The directors are responsible for the company's system of internal control and for evaluating its effectiveness. This system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, providing reasonable, but not absolute, assurance against material misstatement or loss.
There have been no changes to the company's exposure to these financial risks or the manner in which it manages and measures them.

KEY PERFORMANCE INDICATORS
Management closely monitors its financial positions and performance of the Company.

Some key financial performance indicators that reflect Company's profitability, liquidity and leverage are analysed below:

Ratio 2023 2022
Gross Margin (Gross Profit/Revenue) 20.45% 27.01%
Liquidity ratio (Current assets/ Current liabilities) 124.08% 142.15%
Trading ratio (Stock/ Cost of sales) 26.45% 22.12%
Profit before tax (Net (loss)/ profit before tax /Sales) -3.27% -0.92%
Profit after tax (Net (loss)/ profit after tax /Sales) -2.46% -1.10%

ON BEHALF OF THE BOARD:





C W Chui - Director


17 July 2025

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £260,000 (2022:£360,000) .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs X Metalinou
C W Chui

CHARITABLE DONATIONS AND EXPENDITURE
During the year charitable donations of £141 (2022:£5,511) were made in the year.

EVENTS SINCE THE END OF THE YEAR
Information relating to the events since the end of the year is given in the notes to the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic report, the Report of the directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Macalvins Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C W Chui - Director


17 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIVER MOUNTS JEWELLERY LIMITED


Opinion
We have audited the financial statements of River Mounts Jewellery Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the statement of cash flows, 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).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the Basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.


Basis for disclaimer of opinion
We were not appointed as auditors of the Company until after 31 December 2023 and thus did not observe the counting of physical inventories at the beginning and end of the year. We were not able to obtain sufficient appropriate audit evidence in relation the inventory quantities held and its valuation as at 31 December 2022 and 2023, which are stated in the statements of financial position. As a result, we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales recorded in the statement of comprehensive income, balance sheet and the elements making up the statement of changes in equity for the year ended 31 December 2023.

.

Detection of irregularities, including fraud
An audit is designed 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 a Report of the Auditors that includes an 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. As auditors we design procedures 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
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.

These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. 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 frameworks 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 included the UK Companies Act and local tax legislation.

Because of the significance of the matter described in the Basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the Basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether, based on the work undertaken in the course of the audit:
- 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
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIVER MOUNTS JEWELLERY LIMITED


Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, performed subject to the pervasive limitation described above, we have not identified material misstatements in the Strategic Report and Directors' Report

Arising from the limitation of our work referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
- 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.
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic report or in preparing the Report of the directors.


Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.

Auditors' responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

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.

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 Report of the auditors.

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 a Report of the auditors 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.




Shailesh Patel (Senior Statutory Auditor)
for and on behalf of Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

17 July 2025

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 16,302,587 16,819,610

Cost of sales 12,968,372 12,276,233
GROSS PROFIT 3,334,215 4,543,377

Administrative expenses 3,881,500 4,691,113
(547,285 ) (147,736 )

Other operating income - 540
OPERATING LOSS 4 (547,285 ) (147,196 )

Interest receivable and similar income 15,163 2,851
(532,122 ) (144,345 )

Interest payable and similar expenses 5 680 9,605
LOSS BEFORE TAXATION (532,802 ) (153,950 )

Tax on loss 6 (131,999 ) 31,640
LOSS FOR THE FINANCIAL YEAR (400,803 ) (185,590 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(400,803

)

(185,590

)

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 70,000
Tangible assets 9 232,947 226,599
232,947 296,599

CURRENT ASSETS
Stocks 10 3,429,749 2,715,025
Debtors 11 5,757,053 6,732,602
Cash at bank and in hand 2,268,253 209,672
11,455,055 9,657,299
CREDITORS
Amounts falling due within one year 12 9,231,725 6,793,764
NET CURRENT ASSETS 2,223,330 2,863,535
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,456,277

3,160,134

PROVISIONS FOR LIABILITIES 13 - 43,054
NET ASSETS 2,456,277 3,117,080

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 15 2,455,277 3,116,080
SHAREHOLDERS' FUNDS 2,456,277 3,117,080

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





C W Chui - Director


RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 3,661,670 3,662,670

Changes in equity
Dividends - (360,000 ) (360,000 )
Total comprehensive income - (185,590 ) (185,590 )
Balance at 31 December 2022 1,000 3,116,080 3,117,080

Changes in equity
Dividends - (260,000 ) (260,000 )
Total comprehensive income - (400,803 ) (400,803 )
Balance at 31 December 2023 1,000 2,455,277 2,456,277

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,307,740 (4,112,489 )
Interest paid (680 ) (9,605 )
Tax paid (8,875 ) (498,960 )
Net cash from operating activities 2,298,185 (4,621,054 )

Cash flows from investing activities
Purchase of tangible fixed assets (54,002 ) (32,054 )
Interest received 15,163 2,851
Net cash from investing activities (38,839 ) (29,203 )

Cash flows from financing activities
Amount introduced by directors 449,125 107,324
Amount withdrawn by directors (389,890 ) -
Equity dividends paid (260,000 ) -
Net cash from financing activities (200,765 ) 107,324

Increase/(decrease) in cash and cash equivalents 2,058,581 (4,542,933 )
Cash and cash equivalents at beginning of year 2 209,672 4,752,605

Cash and cash equivalents at end of year 2 2,268,253 209,672

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Loss before taxation (532,802 ) (153,950 )
Depreciation charges 47,652 179,766
Loss on disposal of fixed assets 70,001 155,759
Change in provisions - (11,659 )
Finance costs 680 9,605
Finance income (15,163 ) (2,851 )
(429,632 ) 176,670
Increase in stocks (714,724 ) (1,644,117 )
Decrease/(increase) in trade and other debtors 1,000,901 (2,955,807 )
Increase in trade and other creditors 2,451,195 310,765
Cash generated from operations 2,307,740 (4,112,489 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,268,253 209,672
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 209,672 4,752,605


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 209,672 2,058,581 2,268,253
209,672 2,058,581 2,268,253
Total 209,672 2,058,581 2,268,253

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

River Mounts 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The income statement and director's report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to the companies subject to the small companies regime.

Turnover
Turnoverrepresents the fair value of consideration received or receivable for the sale of goods in the ordinary course of the company’s business, excluding value-added tax (VAT), trade discounts, and rebates. Revenue is recognised when the following conditions are met:
- The company has transferred the significant risks and rewards of ownership of the goods to the buyer;
- The company retains neither continuing management nor effective control over the goods sold;
- The amount of revenue can be measured reliably;
- It is probable that the economic benefits associated with the transaction will flow to the company; and

Forsales of jewellery products, revenue is recognised at the point of dispatch or delivery to the customer, depending on the terms of sale. In the case ofwholesale orders, revenue is recognised when the goods are shipped and the customer is invoiced. Revenue fromretail customised jewelleryis recognised upon sale and delivery of the item. The company does not recognise revenue on consignment sales until the customer confirms acceptance and the risk and rewards of ownership have transferred.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised in the current year.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Computer equipment - 20% reducing balance

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

The company purchases stock on approval with the reservation of title by its suppliers and records such purchases once sales contracts are agreed, which the director considers is a proper reflection of the substances of such purchases transactions. The same basis is applied for recording any sales on approval
made by the company.


RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Trade and other receivables
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other payables
Short-term creditors are measured 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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,396,779 1,296,101
Social security costs 134,051 132,720
Other pension costs 36,566 34,274
1,567,396 1,463,095

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Admin Staff 38 38
40 40

2023 2022
£    £   
Directors' remuneration 48,000 48,000

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 47,654 64,006
Loss on disposal of fixed assets 70,001 155,759
Development costs amortisation - 115,763
Foreign exchange differences (25,290 ) 554,925
Audits fees (audit and non audit) 27,456 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 557 -
Interest on corporation tax 123 9,605
680 9,605

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 34,025
CT over/under provision (5,906 ) 9,274
Total current tax (5,906 ) 43,299

Deferred tax (126,093 ) (11,659 )
Tax on loss (131,999 ) 31,640

7. DIVIDENDS
2023 2022
£    £   
Final 260,000 360,000

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. INTANGIBLE FIXED ASSETS
Development
costs
£   
Cost
At 1 January 2023 350,000
Disposals (350,000 )
At 31 December 2023 -
Amortisation
At 1 January 2023 280,000
Eliminated on disposal (280,000 )
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 70,000

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 January 2023 81,183 47,430 358,481 487,094
Additions 2,568 36,303 15,131 54,002
At 31 December 2023 83,751 83,733 373,612 541,096
Depreciation
At 1 January 2023 28,546 29,127 202,822 260,495
Charge for year 10,620 4,802 32,232 47,654
At 31 December 2023 39,166 33,929 235,054 308,149
Net book value
At 31 December 2023 44,585 49,804 138,558 232,947
At 31 December 2022 52,637 18,303 155,659 226,599

10. STOCKS
2023 2022
£    £   
Stocks 3,429,749 2,715,025

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20232022
£   £   
Trade debtors3,913,7564,314,772
Other debtors1,720,0512,357,227
Prepayment and accrued income123,24660,603
5,757,0536,732,602

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20232022
£   £   
Trade creditors2,612,2354,643,682
Corporation tax payable1,14915,930
Social security and other taxes42,18716,201
Other creditors6,448,9981,685,969
Accruals and deferred income127,156431,982
9,231,7256,793,764

13. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 43,054

Deferred
tax
£   
Balance at 1 January 2023 43,054
Provided during year (126,094 )
Balance at 31 December 2023 (83,040 )

14. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Share capital 1 1 1,000 1,000

15. RESERVES
Retained
earnings
£   

At 1 January 2023 3,116,080
Deficit for the year (400,803 )
Dividends (260,000 )
At 31 December 2023 2,455,277

16. RENTAL COMMITMENTS

31 December 2023 the Company had future minimum rental lease payments due under non-cancellable operating leases of £182,645 (2022: £153,848).

RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. RELATED PARTY DISCLOSURES

Other creditors includes payable balance of £84,130 (2022: £24,895) to the directors. The company charges interest at annualised rate of 2% on any balance greater than £10,000 payable to the company by directors. The maximum receivable balances during the period from the directors E Metalinou and M Chui were £NIL and £142,076 respectively. The maximum payable balances to the directors E Metalinou and M Chui were £292,676 and £39,355 respectively.

As at the year end the company owed E Metalinou £120,342 and was owed £36,213 by M Chui.

Other Debtors included £1,559,091 (2022: £1,884,763) due from River Mounts Holdings Limited.

Other creditors included £1,378,295 (2022: £50,820 due from) due to River Mounts Ltd (previously known as Riviera ET Ltd).

Both companies are controlled by the directors. The company pays quarterly rent of £30,000 (2022: £10,000) to River Mounts Holding Limited and received advertising services from River Mounts Ltd for £600,000 (2022: £782,000) throughout the year.

Other Creditors also represent a balance due to River Mounts EU BVBA, a company registered in Belgium and controlled by Elizabeth Metalinou and Markus Chui.

18. ULTIMATE CONTROLLING PARTY

As at the balance sheet date, the company is controlled by the directors X Metalinou and M Chui through their 50% holding each of the issued share capital of the company.