| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| RIVER MOUNTS JEWELLERY LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 7 St John's Road |
| Harrow |
| Middlesex |
| HA1 2EY |
| RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (547,285 | ) | (147,736 | ) |
| Other operating income |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest receivable and similar income |
| (532,122 | ) | (144,345 | ) |
| Interest payable and similar expenses | 5 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 6 | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| RIVER MOUNTS JEWELLERY LIMITED (REGISTERED NUMBER: 08124228) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2023 |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | 449,125 | 107,324 |
| Amount withdrawn by directors | (389,890 | ) | - |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year | 2 | 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 | ( |
) | ( |
) |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Change in provisions | - | (11,659 | ) |
| Finance costs | 680 | 9,605 |
| Finance income | (15,163 | ) | (2,851 | ) |
| (429,632 | ) | 176,670 |
| Increase in stocks | ( |
) | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) |
| 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 | 2,268,253 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| Directors | 2 | 2 |
| Admin Staff | 38 | 38 |
| 2023 | 2022 |
| £ | £ |
| Directors' remuneration |
| 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 |
| Loss on disposal of fixed assets |
| Development costs amortisation |
| Foreign exchange differences | ( |
) |
| Audits fees (audit and non audit) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| £ | £ |
| Other interest |
| Interest on corporation tax |
| 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 |
| CT over/under provision | (5,906 | ) | 9,274 |
| Total current tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on loss | ( |
) |
| 7. | DIVIDENDS |
| 2023 | 2022 |
| £ | £ |
| Final |
| 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 |
| Disposals | ( |
) |
| At 31 December 2023 |
| Amortisation |
| At 1 January 2023 |
| Eliminated on disposal | ( |
) |
| At 31 December 2023 |
| Net book value |
| At 31 December 2023 |
| At 31 December 2022 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| Depreciation |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| Net book value |
| At 31 December 2023 |
| At 31 December 2022 |
| 10. | STOCKS |
| 2023 | 2022 |
| £ | £ |
| Stocks |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors | 3,913,756 | 4,314,772 |
| Other debtors | 1,720,051 | 2,357,227 |
| Prepayment and accrued income | 123,246 | 60,603 |
| 5,757,053 | 6,732,602 |
| 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 |
| 2023 | 2022 |
| £ | £ |
| Trade creditors | 2,612,235 | 4,643,682 |
| Corporation tax payable | 1,149 | 15,930 |
| Social security and other taxes | 42,187 | 16,201 |
| Other creditors | 6,448,998 | 1,685,969 |
| Accruals and deferred income | 127,156 | 431,982 |
| 9,231,725 | 6,793,764 |
| 13. | PROVISIONS FOR LIABILITIES |
| 2022 |
| £ |
| Deferred tax | 43,054 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2023 |
| Provided during year | ( |
) |
| Balance at 31 December 2023 | ( |
) |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Share capital 1 | 1 | 1,000 | 1,000 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2023 |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 December 2023 |
| 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. |