Registration number: SC144550

Isle of Bute Jewellery Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8
Accountants' Report	9

Isle of Bute Jewellery Limited

Company Information

Director

Ms Deborah Catarina Goncalves Dawson

Company secretary

Mr Guy Crichton

Registered office

14 Craigmore Road Rothesay Isle Of Bute PA20 9LB

Accountants

EQ Accountants Ltd Unit 4B Gateway Business Park Beancross Road Grangemouth FK3 8WX

Isle of Bute Jewellery Limited

(Registration number: SC144550)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	561,210	411,858
Investment property	6	227,349	327,286
		788,559	739,144
Current assets
Stocks	7	65,937	66,875
Debtors	8	23,850	18,180
Cash at bank and in hand		685,489	710,536
		775,276	795,591
Creditors: Amounts falling due within one year	9	(13,437)	(7,933)
Net current assets		761,839	787,658
Total assets less current liabilities		1,550,398	1,526,802
Provisions for liabilities		(5,130)	-
Net assets		1,545,268	1,526,802
Capital and reserves
Called up share capital		5	5
Revaluation reserve		-	41,940
Retained earnings		1,545,263	1,484,857
Shareholders' funds		1,545,268	1,526,802

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 September 2025
 

......................................... Ms Deborah Catarina Goncalves Dawson Director

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Not provided
Plant and machinery	Straight line at 20%
Furniture and fittings	Straight line at 20%
Office equipment	Straight line at 20%
Motor vehicles	Straight line at 20%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3	Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	1,000	1,000
At 31 December 2024	1,000	1,000
Amortisation
At 1 January 2024	1,000	1,000
At 31 December 2024	1,000	1,000
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 January 2024	482,750	3,771	32,835	2,125
Additions	162,276	-	-	-
At 31 December 2024	645,026	3,771	32,835	2,125
Depreciation
At 1 January 2024	110,817	1,345	11,994	671
Charge for the year	-	755	6,567	425
At 31 December 2024	110,817	2,100	18,561	1,096
Carrying amount
At 31 December 2024	534,209	1,671	14,274	1,029
At 31 December 2023	371,933	2,426	20,841	1,454

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	25,883	547,364
Additions	-	162,276
At 31 December 2024	25,883	709,640
Depreciation
At 1 January 2024	10,679	135,506
Charge for the year	5,177	12,924
At 31 December 2024	15,856	148,430
Carrying amount
At 31 December 2024	10,027	561,210
At 31 December 2023	15,204	411,858

Included within the net book value of land and buildings above is £534,209 (2023 - £371,933) in respect of freehold land and buildings.
 

6	Investment properties

	2024 £
At 1 January	327,286
Disposals	(162,276)
Fair value adjustments	62,339
At 31 December	227,349

The investment property valuation was carried out by Pera Premium Properties, Lda, professional advisers who are not connected with the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. The director is of the opinion that the value on the balance sheet as at 31 December 2024, reflects the properties fair value.

7

Stocks

	2024 £	2023 £
Other inventories	65,937	66,875

8

Debtors

Isle of Bute Jewellery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Current	2024 £	2023 £
Trade debtors	17,478	10,540
Prepayments	5,876	4,809
Other debtors	496	2,831
	23,850	18,180

9

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	4,092	2,330
Taxation and social security	2,769	-
Other creditors	6,576	5,603
	13,437	7,933

10	Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

	2024  £	2023  £
Ms Deborah Catarina Goncalves Dawson	-	-
	-	-

The maximum balance outstanding during the year amounted to £nil.

The directors current accounts are repayable on demand.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Isle of Bute Jewellery Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Isle of Bute Jewellery Limited for the year ended 31 December 2024 as 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Isle of Bute Jewellery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Isle of Bute Jewellery Limited and state those matters that we have agreed to state to the Board of Directors of Isle of Bute Jewellery Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isle of Bute Jewellery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Isle of Bute Jewellery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Isle of Bute Jewellery Limited. You consider that Isle of Bute Jewellery 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 accounts of Isle of Bute Jewellery 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

8 September 2025