REGISTERED NUMBER: 06453160 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Neve Jewels Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

Mr A V M Jain

Ms A V Madhani

Mr P V Madhani Jain

Mr J S Mehta

REGISTERED OFFICE:

7 Hatton Garden

London

United Kingdom

EC1N 8AD

REGISTERED NUMBER:

06453160 (England and Wales)

INDEPENDENT AUDITORS:

Brayan and Spencer Associates Limited,

Statutory Auditor

56 Guildford Street

Chertsey

England

KT16 9BE

BANKERS:

HSBC Bank Plc

26-28 Ann's road

Harrow, Middlesex

HA1 1LA

The directors present their strategic report for the year ended 31 December 2024. These financial statements include Neve Jewels Limited.

MARKET POSITIONING AND FINANCIAL OVERVIEW

Neve Jewels Limited is a multiple award-winning ecommerce retailer, specialising in diamond engagement rings, wedding rings and diamond jewellery.

Headquartered in London, it has grown organically since formation in 2004 to £43.1 m of revenue in 2024, (2023 -£29.86 m) to become the leading diamond ecommerce jeweller in Europe

Omni-channel - Customers can purchase online and in-person at luxury showrooms in London, Manchester, Glasgow, Cardiff, Birmingham, Bristol, Leicester and many others.

The ambition was not only to offer the largest selection of diamonds in the world, but to manufacture to such high standards and to combine with a market leading service that could outcompete the finest jewellery brands in an increasingly technology driven market. Neve Jewels business model is low risk and extremely agile due to world-class technology, a premium quality web site, effective stock management and use of flexible showroom space. Our website advertises large variety of natural diamonds, gemstones and lab grown diamonds which are sourced directly from those that cut and polish the stones.

By manufacturing on a made to order basis, Neve Jewels Limited is uniquely placed to offer fine jewellery at a market leading price. The company revenue grew from £29.86 m to £43.1m, an increase of 44%. Gross margin improved by 5% to 54%. (2023 gross margin 49%) Profit before tax for the year ended 31 December 2024 was £2.7 m (2023 - £933K). Further detail on the Group's operating performance is set out below.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors believe that possible principal risk and uncertainties could be in future would be the uncertainty of movement in precious metal and currency fluctuations. The board of directors intend to manage this through close monitoring.

FUTURE DEVELOPMENTS

The Directors objective is to further scale Neve Jewels Limited presence in the UK, the EU and internationally to the Middle east and America. The Directors continue to assess further opportunities in the UK and the EU in line with the company's expansion strategy.

The company is investing in new showrooms, inventory and its online store to further support growth. In summary the Directors consider the state of affairs to be satisfactory and will be profitable for the foreseeable future.

GOING CONCERN

The directors have reviewed budgets, forecasts, liquidity positions and conclude that the company has sufficient resources to continue in operational existence for at least 12 months from the approval of these financial statements. No material uncertainties have been identified that cast doubt on its ability to continue as a going concern.

MODERN SLAVERY STATEMENT

Neve Jewels LTD fully embrace the aims and ideals of Modern Slavery Act 2015, and have embarked on a journey on how to analyse and thenimplement its intention throughout our own business and extended supply chain. We remain fully comitted to ensuring that there is no slavery or human trafficking in our supply chain and in part of our business.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the Company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

KEY PERFORMACE INDICATORS

The performance of the business is assessed by using a variety of Key performance indicators, including the measurement of turnover and profit and liquid funds.

Turnover £ 2024: 43,101,138 (2023: £ 29,868,654)

Gross Profit of of 54% (2023 49%)

Profit before taxation £ 2,901,807 (2023: £ 933,506)

ON BEHALF OF THE BOARD:

Mr J S Mehta - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of retail of diamond jewellery via retail stores and ecommerce

.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr A V M Jain

Ms A V Madhani

Mr P V Madhani Jain

Mr J S Mehta

POLITICAL DONATIONS AND EXPENDITURE

Neve Jewels has made a donation of £175,252 to Neve Jewels foundation (Charity number: 1197833) during the current financial year.

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 Brayan & Spencer associates LTD will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J S Mehta - Director

29 September 2025

Opinion

We have audited the financial statements of Neve Jewels Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 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 UK, including the FRC'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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 a Report of the Auditors 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.

The audit team identified the risk of management override of controls and existence of revenue as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing the appropriateness of journal entries, enquires of management for accounting estimates and any significant unusual transaction outside the normal course of business. Revenue testing included substantive testing of sales invoices samples to investigate any discrepancies to address the risk of incompleteness.

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.

Patanjali Sharma (Senior Statutory Auditor)

for and on behalf of Brayan and Spencer Associates Limited,

Statutory Auditor

56 Guildford Street

Chertsey

England

KT16 9BE

30 September 2025

TURNOVER

3

43,101,138

29,868,654

Cost of sales

(20,053,878

)

(15,118,279

)

GROSS PROFIT

23,047,260

14,750,375

Distribution costs

(10,031,464

)

(6,190,177

)

Administrative expenses

(12,137,700

)

(8,564,272

)

878,096

(4,074

)

Other operating income

1,932,694

1,132,540

OPERATING PROFIT

5

2,810,790

1,128,466

Interest receivable and similar income

45,780

11,289

2,856,570

1,139,755

Interest payable and similar expenses

6

(136,007

)

(206,249

)

PROFIT BEFORE TAXATION

2,720,563

933,506

Tax on profit

7

(945,538

)

(129,568

)

PROFIT FOR THE FINANCIAL YEAR

1,775,025

803,938

PROFIT FOR THE YEAR

1,775,025

803,938

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,775,025

803,938

FIXED ASSETS

Intangible assets

8

692,423

453,099

Tangible assets

9

1,454,233

1,365,661

Investments

10

1,551,636

1,404,032

3,698,292

3,222,792

CURRENT ASSETS

Stocks

11

2,148,552

2,313,250

Debtors

12

17,627,472

10,640,164

Investments

13

520,000

220,000

Cash at bank

4,030,548

1,271,019

24,326,572

14,444,433

CREDITORS

Amounts falling due within one year

14

14,629,509

6,212,478

NET CURRENT ASSETS

9,697,063

8,231,955

TOTAL ASSETS LESS CURRENT LIABILITIES

13,395,355

11,454,747

CREDITORS

Amounts falling due after more than one year

15

(754,547

)

(1,358,186

)

PROVISIONS FOR LIABILITIES

18

(769,222

)

-

NET ASSETS

11,871,586

10,096,561

CAPITAL AND RESERVES

Called up share capital

19

30,000

30,000

Retained earnings

20

11,841,586

10,066,561

SHAREHOLDERS' FUNDS

11,871,586

10,096,561

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr J S Mehta - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

30,000

9,262,623

9,292,623

Changes in equity

Total comprehensive income

-

803,938

803,938

Balance at 31 December 2023

30,000

10,066,561

10,096,561

Changes in equity

Total comprehensive income

-

1,775,025

1,775,025

Balance at 31 December 2024

30,000

11,841,586

11,871,586

Cash flows from operating activities

Cash generated from operations

1

5,042,264

(425,894

)

Interest paid

(136,007

)

(206,249

)

Tax paid

(497,454

)

(280,773

)

Net cash from operating activities

4,408,803

(912,916

)

Cash flows from investing activities

Purchase of intangible fixed assets

(344,772

)

(314,737

)

Purchase of tangible fixed assets

(531,184

)

(517,460

)

Purchase of fixed asset investments

(147,604

)

(85,807

)

Sale of tangible fixed assets

-

1,976

Sale of fixed asset investments

(67,857

)

-

Interest received

45,780

11,289

Net cash from investing activities

(1,045,637

)

(904,739

)

Cash flows from financing activities

New loans in year

-

1,500,000

Loan repayments in year

(603,637

)

(1,248,637

)

Net cash from financing activities

(603,637

)

251,363

Increase/(decrease) in cash and cash equivalents

2,759,529

(1,566,292

)

Cash and cash equivalents at beginning of year

2

1,271,019

2,837,311

Cash and cash equivalents at end of year

2

4,030,548

1,271,019

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

2,720,563

933,506

Depreciation charges

548,060

492,654

Loss on disposal of fixed assets

67,857

-

Finance costs

136,007

206,249

Finance income

(45,780

)

(11,289

)

3,426,707

1,621,120

Decrease/(increase) in stocks

164,698

(540,052

)

Increase in trade and other debtors

(6,987,308

)

(632,317

)

Increase/(decrease) in trade and other creditors

8,438,167

(874,645

)

Cash generated from operations

5,042,264

(425,894

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,030,548

1,271,019

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,271,019

2,837,311

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,271,019

2,759,529

4,030,548

1,271,019

2,759,529

4,030,548

Liquid resources

Current asset investments

220,000

300,000

520,000

220,000

300,000

520,000

Debt

Debts falling due within 1 year

(603,636

)

(1

)

(603,637

)

Debts falling due after 1 year

(1,358,186

)

603,639

(754,547

)

(1,961,822

)

603,638

(1,358,184

)

Total

(470,803

)

3,663,167

3,192,364

1.	STATUTORY INFORMATION

Neve Jewels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After intial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.

Development costs are being ammortised over their estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixture & Fittings 25% on residual value

Computer equipment 25% on residual value

Motor Vehicles 25% on residual value

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

36,798,918

26,834,565

Europe

1,716,426

833,167

Rest of the world

4,585,794

2,200,922

43,101,138

29,868,654

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,892,218

2,850,778

Social security costs

378,030

272,771

Other pension costs

68,960

55,955

4,339,208

3,179,504

The average number of employees during the year was as follows:

31.12.24

31.12.23

Administration

143

93

Directors

1

1

144

94

31.12.24

31.12.23

£

£

Directors' remuneration

11,850

11,850

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Depreciation - owned assets

442,612

455,879

Loss on disposal of fixed assets

67,857

-

Development costs amortisation

105,448

36,775

Auditors' remuneration

41,493

11,000

Foreign exchange differences

(3,243

)

28,762

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

136,007

206,249

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

639,917

129,568

Deferred tax

305,621

-

Tax on profit

945,538

129,568

8.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 January 2024

638,583

669,877

1,308,460

Additions

-

344,772

344,772

At 31 December 2024

638,583

1,014,649

1,653,232

AMORTISATION

At 1 January 2024

638,583

216,778

855,361

Amortisation for year

-

105,448

105,448

At 31 December 2024

638,583

322,226

960,809

NET BOOK VALUE

At 31 December 2024

-

692,423

692,423

At 31 December 2023

-

453,099

453,099

9.	TANGIBLE FIXED ASSETS

Imprvmnts

Fixtures

to short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

-

2,961,577

215,766

3,177,343

Additions

210,666

284,092

36,426

531,184

At 31 December 2024

210,666

3,245,669

252,192

3,708,527

DEPRECIATION

At 1 January 2024

-

1,686,373

125,309

1,811,682

Charge for year

21,067

389,824

31,721

442,612

At 31 December 2024

21,067

2,076,197

157,030

2,254,294

NET BOOK VALUE

At 31 December 2024

189,599

1,169,472

95,162

1,454,233

At 31 December 2023

-

1,275,204

90,457

1,365,661

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

Depreciation is charged as to allocate the cost of their assets less their residual value over their estimated useful lives, using the reducing balance method.

Depreciation is provided on the following basis.

Improvement to short leasehold Straight line over the period of lease

Fixture & Fittings 25% on residual value

Computer equipments 25% on residual value

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

Gain and losses on disposals are determined by comparing the proceeds with the carrying amount and are recogonised in profit and loss.

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

1,404,032

Additions

147,604

At 31 December 2024

1,551,636

NET BOOK VALUE

At 31 December 2024

1,551,636

At 31 December 2023

1,404,032