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Registered number: 04394314









JOYALUKKAS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
JOYALUKKAS LTD
 
 
COMPANY INFORMATION


Directors
Joy Varghese Alukkas (resigned 1 April 2025)
John Paul Joy Alukkas 
Jolly Joy (resigned 1 April 2025)
Jojan Thomas (appointed 1 April 2025)
Renjith Kalappurackal (appointed 7 April 2025)




Company secretary
Jojan Thomas



Registered number
04394314



Registered office
284 Green Street
Forest Gate

London

E7 8LF




Independent auditors
Pers & Co London LLP
Chartered accountants and Statutory Auditor

3 The Shrubberies

George Lane

London

E18 1BG




Bankers
Barclays Bank Plc





 
JOYALUKKAS LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 24


 
JOYALUKKAS LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 March 2025.

Business review
 
During the year, the Company delivered a strong performance, achieving growth in both revenue and volumes across key product categories. Gold jewellery sales rose significantly, supported by rising gold prices, and festive season demand. The business also saw encouraging momentum in diamonds and precious stones, reflecting changing consumer preferences and our curated product offerings.

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the company are fluctuations in international gold prices, which impact margins and consumer behaviour; geopolitical tensions and macroeconomic factors that could affect tourism and retail demand; and increasing competition in the luxury retail sector. The company actively manages these risks through flexible sourcing, pricing strategies, and a strong brand presence.

Financial key performance indicators
 
The financial key performance indicators of the company were year-on-year growth in total revenue, an increase in gross margin percentage, and improved sales across our retail network. Operating cash flows and profitability remained healthy, underlining the resilience of our business model.

Other key performance indicators
 
The directors are committed to promoting the health, safety and welfare of their staff and continue to ensure appropriate measures are undertaken in this regards.
The directors are mindful of environmental issues and have sought to minimise the inpact of the company's activities on the environment.


This report was approved by the board on 24 July 2025 and signed on its behalf.



John Paul Joy Alukkas
Director

Page 1

 
JOYALUKKAS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Principal activity

The principal activity of the company continued to be that of the retail sale of gold, diamond, precious stones, platinum, pearl and silver jewellery.

Results and dividends

The profit for the year, after taxation, amounted to £465,614 (2024 - £57,515).

No dividend was declared during the period.

Directors

The directors who served during the year were:

Joy Varghese Alukkas (resigned 1 April 2025)
John Paul Joy Alukkas 
Jolly Joy (resigned 1 April 2025)

Future developments

The Company aims to expand its retail footprint through a combination of new store openings and refurbishments of existing outlets to meet evolving customer expectations. Management has set a clear goal of achieving double-digit growth in sales and profitability by driving operational efficiency, enhancing customer experience, and strengthening our market position through innovation and targeted marketing initiatives.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPers & Co London LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 July 2025 and signed on its behalf.
 




John Paul Joy Alukkas
Director

Page 2

 
JOYALUKKAS LTD
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 
JOYALUKKAS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOYALUKKAS LTD
 

Opinion


We have audited the financial statements of Joyalukkas Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
JOYALUKKAS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOYALUKKAS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 5

 
JOYALUKKAS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOYALUKKAS LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured sufficient appropriate competence, skills and capabilities in audit team to identify or recognise non-compliance with applicable laws and regulations;
- we identified applicable laws and regulations to the company through discussions with the director and other management, and from our commercial knowledge and experience;
- we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety legislation; and
- we assessed the extent of compliance with the law and regulations identified above through making enquires of management and inspecting applicable legal correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with law and regulations.
To address the risk of fraud through management bias and override of controls, we
- performed analytical procedures to identify any unusual or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigate the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with law and regulations, we designed procedures which included, but were not limited to:
-  agreeing financial statement disclosures to underlying supporting documentation;
-  reading the minutes of meetings of those charged with governance;
-  enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including Health and Safety Executive, and the       company's legal advisors.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 6

 
JOYALUKKAS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOYALUKKAS LTD (CONTINUED)


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 Auditors' report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Pers Aswani (Senior statutory auditor)
  
for and on behalf of
Pers & Co London LLP
 
Chartered accountants and Statutory Auditor
  
3 The Shrubberies
George Lane
London
E18 1BG

24 July 2025
Page 7

 
JOYALUKKAS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 3 
27,167,351
14,095,531

Cost of sales
  
(23,466,942)
(12,409,457)

Gross profit
  
3,700,409
1,686,074

Administrative expenses
  
(3,031,938)
(1,482,366)

Other operating income
 4 
20,092
14,826

Operating profit
  
688,563
218,534

Interest payable and similar expenses
 7 
(36,657)
(19,523)

Profit before tax
  
651,906
199,011

Tax on profit
 8 
(186,292)
(141,496)

Profit for the financial year
  
465,614
57,515

Other comprehensive income for the year
  

Total comprehensive income for the year
  
465,614
57,515

The notes on pages 13 to 24 form part of these financial statements.

Page 8

 
JOYALUKKAS LTD
REGISTERED NUMBER: 04394314

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 9 
1,694,198
951,488

Tangible assets
 10 
2,047,865
1,351,401

  
3,742,063
2,302,889

Current assets
  

Stocks
 11 
19,029,741
7,934,551

Debtors: amounts falling due within one year
 12 
124,628
109,580

Cash at bank and in hand
 13 
1,157,843
665,096

  
20,312,212
8,709,227

Creditors: amounts falling due within one year
 14 
(20,474,787)
(8,725,542)

Net current liabilities
  
 
 
(162,575)
 
 
(16,315)

Total assets less current liabilities
  
3,579,488
2,286,574

Creditors: amounts falling due after more than one year
 15 
(830,179)
(189,171)

Provisions for liabilities
  

Deferred tax
 17 
(330,370)
(144,078)

  
 
 
(330,370)
 
 
(144,078)

Net assets
  
2,418,939
1,953,325


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
2,408,939
1,943,325

  
2,418,939
1,953,325


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2025.

John Paul Joy Alukkas
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
JOYALUKKAS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
10,000
1,885,810
1,895,810


Comprehensive income for the year

Profit for the year
-
57,515
57,515
Total comprehensive income for the year
-
57,515
57,515


Total transactions with owners
-
-
-



At 1 April 2024
10,000
1,943,325
1,953,325


Comprehensive income for the year

Profit for the year
-
465,614
465,614
Total comprehensive income for the year
-
465,614
465,614


Total transactions with owners
-
-
-


At 31 March 2025
10,000
2,408,939
2,418,939


The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
JOYALUKKAS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
465,614
57,515

Adjustments for:

Amortisation of intangible assets
295,636
136,002

Depreciation of tangible assets
222,474
113,920

Interest paid
36,756
19,523

Taxation charge
186,292
141,496

(Increase) in stocks
(11,095,190)
(3,888,328)

(Increase) in debtors
(15,048)
(71,642)

Increase in creditors
11,570,533
4,622,980

Corporation tax received/(paid)
-
(67,015)

Net cash generated from operating activities

1,667,067
1,064,451


Cash flows from investing activities

Purchase of intangible fixed assets
(1,038,346)
(1,087,490)

Purchase of tangible fixed assets
(918,938)
(627,746)

Sale of tangible fixed assets
-
940,218

Net cash from investing activities

(1,957,284)
(775,018)

Cash flows from financing activities

Repayment of/new finance leases
819,720
265,517

Interest paid
(36,756)
(19,523)

Net cash used in financing activities
782,964
245,994

Net increase in cash and cash equivalents
492,747
535,427

Cash and cash equivalents at beginning of year
665,096
129,669

Cash and cash equivalents at the end of year
1,157,843
665,096


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,157,843
665,096

1,157,843
665,096


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
JOYALUKKAS LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025




At 1 April 2024
Cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

665,096

492,747

1,157,843

Finance leases

(265,517)

(819,720)

(1,085,237)


399,579
(326,973)
72,606

The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Joyalukkas Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 284 Green Street, Forest Gate, London E7 8LF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has continued to grow and trade well and the directors have reviewed the 12 month forecast. In addition the directors expect continuing support from the fellow group company. This information gives the directors a reasonable expectation that the company will continue in operational existance for the foreseeable future hence the accounts should continue to be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Pensions

Defined contribution pension plan

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
Plant and machinery
-
25%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Gold and gold jewellery are measured using the weighted average cost method whereas diamond jewellery, pearl, silver and precious stones are measured by specific identification method.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the 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.

Page 16

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.



 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 17

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Jewellery
27,167,351
14,095,531

27,167,351
14,095,531


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
26,994,836
14,095,531

Rest of the world
172,515
-

27,167,351
14,095,531


Page 18

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Other operating income

2025
2024
£
£

Sundry income
20,092
14,826

20,092
14,826



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,300
10,000

6.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
1,283,887
605,526

Social security costs
125,031
55,044

Cost of defined contribution scheme
5,525
6,257

1,414,443
666,827


The average monthly number of employees, including directors, during the year was 44 (2024 - 20).


7.


Interest payable and similar expenses

2025
2024
£
£


Other loan interest payable
36,657
19,523

36,657
19,523

Page 19

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Taxation


2025
2024
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
186,292
141,496

Total deferred tax
186,292
141,496


186,292
141,496

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:

2025
2024
£
£


Profit on ordinary activities before tax
651,906
199,011


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
162,977
49,753

Effects of:


Capital allowances for year in excess of depreciation
23,315
91,743

Total tax charge for the year
186,292
141,496


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 20

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Intangible assets




Intangibles

£



Cost


At 1 April 2024
1,087,490


Additions
1,038,346



At 31 March 2025

2,125,836



Amortisation


At 1 April 2024
136,002


Charge for the year on owned assets
295,636



At 31 March 2025

431,638



Net book value



At 31 March 2025
1,694,198



At 31 March 2024
951,488

The intangible assets comprise £750,000 property aquisition expense amortised over 5 years, with a net book value of £540,411 and Right of Use assets amounting to £1,375,836 amorised over the life 5 years with a net book value of £1,153,787.



Page 21

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2024
937,882
1,021,492
29,604
1,988,978


Additions
-
918,938
-
918,938



At 31 March 2025

937,882
1,940,430
29,604
2,907,916



Depreciation


At 1 April 2024
187,576
437,412
12,589
637,577


Charge for the year on owned assets
46,894
169,660
5,920
222,474



At 31 March 2025

234,470
607,072
18,509
860,051



Net book value



At 31 March 2025
703,412
1,333,358
11,095
2,047,865



At 31 March 2024
750,306
584,080
17,015
1,351,401


11.


Stocks

2025
2024
£
£

Finished goods and goods for resale
19,029,741
7,934,551

19,029,741
7,934,551



12.


Debtors

2025
2024
£
£


Other debtors
70,590
109,580

Prepayments and accrued income
54,038
-

124,628
109,580


Page 22

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,157,843
665,096

1,157,843
665,096



14.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
15,616,371
5,245,802

Amounts owed to group undertakings
2,081,479
2,081,479

Other taxation and social security
643,563
624,174

Obligations under finance lease and hire purchase contracts
255,058
76,346

Other creditors
1,602,339
509,553

Accruals and deferred income
275,977
188,188

20,474,787
8,725,542



15.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Net obligations under finance leases and hire purchase contracts
830,179
189,171

830,179
189,171



16.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,157,843
665,096






Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 23

 
JOYALUKKAS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

17.


Deferred taxation




2025


£






At beginning of year
(144,078)


Charged to the profit or loss
(186,292)



At end of year
(330,370)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(330,370)
(144,078)

(330,370)
(144,078)


18.


Related party transactions

At the year end the company owed its fellow subsidiary company £2,081,479 (2024: £2,081,479).
The Company's immediate parent undertaking is Joyalukkas Holding Inc, registered in British Virgin Island.
The company is controlled by Mr Joy Varghese Alukkas by virtue of his controlling shareholding in the ultimate parent undertaking.

 
Page 24