BrightAccountsProduction v1.0.0 v1.0.0 2023-12-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is selling jewellery. 2 May 2025 NI052258 2024-11-30 NI052258 2023-11-30 NI052258 2022-11-30 NI052258 2023-12-01 2024-11-30 NI052258 2022-12-01 2023-11-30 NI052258 uk-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 NI052258 uk-curr:PoundSterling 2023-12-01 2024-11-30 NI052258 uk-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 NI052258 uk-bus:FullAccounts 2023-12-01 2024-11-30 NI052258 uk-bus:Director1 2023-12-01 2024-11-30 NI052258 uk-bus:Director2 2023-12-01 2024-11-30 NI052258 uk-bus:Director3 2023-12-01 2024-11-30 NI052258 uk-bus:RegisteredOffice 2023-12-01 2024-11-30 NI052258 uk-bus:Agent1 2023-12-01 2024-11-30 NI052258 uk-bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 NI052258 uk-core:ShareCapital 2024-11-30 NI052258 uk-core:ShareCapital 2023-11-30 NI052258 uk-core:RetainedEarningsAccumulatedLosses 2024-11-30 NI052258 uk-core:RetainedEarningsAccumulatedLosses 2023-11-30 NI052258 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-11-30 NI052258 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-11-30 NI052258 uk-bus:FRS102 2023-12-01 2024-11-30 NI052258 uk-core:Goodwill 2023-12-01 2024-11-30 NI052258 uk-core:Land 2023-12-01 2024-11-30 NI052258 uk-core:PlantMachinery 2023-12-01 2024-11-30 NI052258 uk-core:Goodwill 2023-11-30 NI052258 uk-core:Goodwill 2024-11-30 NI052258 uk-core:WithinOneYear 2024-11-30 NI052258 uk-core:WithinOneYear 2023-11-30 NI052258 uk-core:WithinOneYear 2024-11-30 NI052258 uk-core:WithinOneYear 2023-11-30 NI052258 uk-core:AfterOneYear 2024-11-30 NI052258 uk-core:AfterOneYear 2023-11-30 NI052258 uk-core:BetweenOneTwoYears 2024-11-30 NI052258 uk-core:BetweenOneTwoYears 2023-11-30 NI052258 uk-core:BetweenTwoFiveYears 2024-11-30 NI052258 uk-core:BetweenTwoFiveYears 2023-11-30 NI052258 uk-core:OtherMiscellaneousReserve 2023-11-30 NI052258 uk-core:OtherMiscellaneousReserve 2023-12-01 2024-11-30 NI052258 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-11-30 NI052258 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-11-30 NI052258 uk-core:OtherDeferredTax 2024-11-30 NI052258 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-11-30 NI052258 uk-core:OtherMiscellaneousReserve 2024-11-30 NI052258 2023-12-01 2024-11-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joseph Rea Jewellers Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2024



Joseph Rea Jewellers Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Patrick Flynn (Snr)
Joshua Flynn
Jenna Corry
 
 
Company Registration Number NI052258
 
 
Registered Office 76 Ann Street
Belfast
BT1 4EH
 
 
Business Address 76 Ann Street
Belfast
Antrim
BT1 4EH
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Belfast
Antrim
BT1 1PG
 
 
Bankers Ulster Bank
  Lombard House
  10-20 Lombard Street
  Belfast
  BT1 1BH



Joseph Rea Jewellers Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Joseph Rea Jewellers Limited
for the financial year ended 30 November 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2024 as set out on pages  to 13 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Joseph Rea Jewellers Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Balance Sheet for the year ended 30 November 2024 your duty to ensure that Joseph Rea Jewellers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Joseph Rea Jewellers Limited. You consider that Joseph Rea Jewellers Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Joseph Rea Jewellers Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Belfast
Antrim
BT1 1PG
 
2 May 2025



Joseph Rea Jewellers Limited
Company Registration Number: NI052258
BALANCE SHEET
as at 30 November 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 145,000 174,000
Tangible assets 5 4,393 6,590
───────── ─────────
Fixed Assets 149,393 180,590
───────── ─────────
 
Current Assets
Stocks 6 1,428,769 1,419,286
Debtors 7 21,164 15,348
Cash and cash equivalents 108,701 103,659
───────── ─────────
1,558,634 1,538,293
───────── ─────────
Creditors: amounts falling due within one year 8 (415,873) (401,844)
───────── ─────────
Net Current Assets 1,142,761 1,136,449
───────── ─────────
Total Assets less Current Liabilities 1,292,154 1,317,039
 
Creditors:
amounts falling due after more than one year 9 (7,554) (16,667)
 
Provisions for liabilities 11 (1,098) (1,647)
───────── ─────────
Net Assets 1,283,502 1,298,725
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 1,283,402 1,298,625
───────── ─────────
Equity attributable to owners of the company 1,283,502 1,298,725
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 2 May 2025 and signed on its behalf by
           
           
           
________________________________     ________________________________
Joshua Flynn     Jenna Corry
Director     Director
           



Joseph Rea Jewellers Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2024

   
1. General Information
 
Joseph Rea Jewellers Limited is a company limited by shares incorporated in Northern Ireland. 76 Ann Street, Belfast, BT1 4EH is the registered office. The principal place of business of the company is 76 Ann Street, Belfast, BT1 4EH . The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 November 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 25 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 10% Straight line
  Plant and machinery - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 13, (2023 - 13).
 
  2024 2023
  Number Number
 
Average no. of Employees 10 10
Director 3 3
  ───────── ─────────
  13 13
  ═════════ ═════════
     
4. Intangible assets
   
  Goodwill
  £
Cost
At 1 December 2023 725,000
  ─────────
 
At 30 November 2024 725,000
  ─────────
Amortisation
At 1 December 2023 551,000
Charge for financial year 29,000
  ─────────
At 30 November 2024 580,000
  ─────────
Net book value
At 30 November 2024 145,000
  ═════════
At 30 November 2023 174,000
  ═════════
 
Goodwill was valued on the incorporation of the partnership P, P & J Flynn t/a Joseph Rea Jewellers in 2004 at £725,000. This is being amortised over 25 years. Due to the long standing nature and reputation of the business - i.e. established in 1878 and with a large budget spend on advertising annually it is reasonable to consider there is significant durability of the acquired business to support a 25 year useful life of the goodwill.
The goodwill is assessed for impairment annually and at 30 November 2024 it was deemed that no impairment was necessary.
         
5. Tangible assets
  Long Plant and Total
  leasehold machinery  
  property    
  £ £ £
Cost or Valuation
At 1 December 2023 5,388 93,075 98,463
  ───────── ───────── ─────────
 
At 30 November 2024 5,388 93,075 98,463
  ───────── ───────── ─────────
Depreciation
At 1 December 2023 5,388 86,485 91,873
Charge for the financial year - 2,197 2,197
  ───────── ───────── ─────────
At 30 November 2024 5,388 88,682 94,070
  ───────── ───────── ─────────
Net book value
At 30 November 2024 - 4,393 4,393
  ═════════ ═════════ ═════════
At 30 November 2023 - 6,590 6,590
  ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 1,428,769 1,419,286
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 21,164 15,348
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,000 10,000
Trade creditors 327,984 316,892
Taxation  (Note 10) 53,625 56,068
Directors' current accounts 18,060 12,655
Accruals 6,204 6,229
  ───────── ─────────
  415,873 401,844
  ═════════ ═════════
 
The following security has been provided to Ulster Bank:
A mortgage debenture on 26 February 2007. (All monies mortgage debenture. The company to the intent that the security hereby created shall rank as a continuing security in favour of the bank as security for the payment and discharge of the secured obligations as beneficial owner hereby.)
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 7,554 16,667
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 10,000 10,000
Repayable between one and two years 7,554 10,000
Repayable between two and five years - 6,667
  ───────── ─────────
  17,554 26,667
  ═════════ ═════════
 
       
10. Taxation 2024 2023
  £ £
 
Creditors:
VAT 3,796 10,839
Corporation tax 46,584 41,137
PAYE / NI 3,245 4,092
  ───────── ─────────
  53,625 56,068
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Losses Total Total
       
       
    2024 2023
  £ £ £
 
At financial year start 1,647 1,647 2,196
Charged to profit and loss (549) (549) (549)
  ───────── ───────── ─────────
At financial year end 1,098 1,098 1,647
  ═════════ ═════════ ═════════
   
12. Directors' advances, credits and guarantees
 
At 1 December 2023 Joseph Rea Jewellers Limited owed Mr PJ Flynn a total of £8,635. During the year net transactions between the company and Mr PJ Flynn totalled £5,405 resulting in an amount of £14,040 owed by the company at 30 November 2024.

At 1 December 2023 Mr Joshua Flynn owed Joseph Rea Jewellers Limited a total of £642. During the year net transactions between the company and Mr Joshua Flynn totalled £nil resulting in an amount of £642 owed by the company at 30 November 2024.

At 1 December 2023 Mrs Jenna Corry owed Joseph Rea Jewellers Limited a total of £3,378. During the year net transactions between the company and Mrs Jenna Corry totalled £nil resulting in an amount of £3,378 owed by the company at 30 November 2024.