Company registration number 04547282 (England and Wales)
WHIBLEYS THE JEWELLERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
WHIBLEYS THE JEWELLERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
WHIBLEYS THE JEWELLERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WHIBLEYS THE JEWELLERS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Whibleys the Jewellers Limited for the year ended 31 October 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Whibleys the Jewellers Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Whibleys the Jewellers Limited and state those matters that we have agreed to state to the board of directors of Whibleys the Jewellers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whibleys the Jewellers Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Whibleys the 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 Whibleys the Jewellers Limited. You consider that Whibleys the Jewellers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Whibleys the Jewellers Limited. For this reason, we have not verified the 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.

Carpenter Box
28 July 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WHIBLEYS THE JEWELLERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,472
14,582
Tangible assets
4
240,777
248,904
252,249
263,486
Current assets
Stocks
1,459,281
1,325,681
Debtors
5
2,836,286
2,370,606
Cash at bank and in hand
174,679
99,104
4,470,246
3,795,391
Creditors: amounts falling due within one year
6
(879,025)
(580,033)
Net current assets
3,591,221
3,215,358
Total assets less current liabilities
3,843,470
3,478,844
Creditors: amounts falling due after more than one year
7
(125,652)
(126,616)
Provisions for liabilities
(7,721)
(10,164)
Net assets
3,710,097
3,342,064
Capital and reserves
Called up share capital
8
186
186
Profit and loss reserves
3,709,911
3,341,878
Total equity
3,710,097
3,342,064

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WHIBLEYS THE JEWELLERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2025 and are signed on its behalf by:
Mr M R Whibley
Mr A R Whibley
Director
Director
Company registration number 04547282 (England and Wales)
WHIBLEYS THE JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

Whibleys the Jewellers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Steyne, Worthing, West Sussex, BN11 3DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
10% per annum straight line basis
WHIBLEYS THE JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
No depreciation as land
Leasehold land and buildings
Evenly over the terms of the leases
Fixtures, fittings & equipment
25% per annum diminishing balance
Motor vehicles
25% per annum diminishing balance

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

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

WHIBLEYS THE JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons employed by the company during the year was 49 (2023 - 49).

3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
445,800
10,701
456,501
Amortisation and impairment
At 1 November 2023
439,425
2,494
441,919
Amortisation charged for the year
2,040
1,070
3,110
At 31 October 2024
441,465
3,564
445,029
Carrying amount
At 31 October 2024
4,335
7,137
11,472
At 31 October 2023
6,375
8,207
14,582
WHIBLEYS THE JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
4
Tangible fixed assets
Freehold property
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
201,666
123,513
249,420
11,000
585,599
Additions
-
0
-
0
2,298
-
0
2,298
At 31 October 2024
201,666
123,513
251,718
11,000
587,897
Depreciation and impairment
At 1 November 2023
-
0
95,868
230,745
10,082
336,695
Depreciation charged in the year
-
0
5,431
4,764
230
10,425
At 31 October 2024
-
0
101,299
235,509
10,312
347,120
Carrying amount
At 31 October 2024
201,666
22,214
16,209
688
240,777
At 31 October 2023
201,666
27,645
18,675
918
248,904
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,236
63,557
Amounts owed by group undertakings
349,929
331,250
Other debtors
2,460,121
1,975,799
2,836,286
2,370,606
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
99,333
96,691
Trade creditors
113,280
235,583
Taxation and social security
213,635
242,759
Other creditors
452,777
5,000
879,025
580,033

The bank loans and overdraft are secured by a legal mortgage over the company assets.

WHIBLEYS THE JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
125,652
126,616

The bank loans and overdraft are secured by a legal mortgage over the company assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
141
141
141
141
Ordinary B shares of £1 each
45
45
45
45
186
186
186
186
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
5,367,750
-
0
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