Registration number:
for the
Year Ended 31 March 2025
Abbott Lyon Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Abbott Lyon Ltd
Company Information
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Directors |
Jeremy Paul Skelton Nicholas Ashley Skelton Gareth Gwynne Jones Mark James Wasley |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Abbott Lyon Ltd
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the group is retail of jewellery, watches and other accessories.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £47,717,034 (2024 - £44,633,250 and an operating profit of £5,361,329 (2024 - £4,862,532). At 31 March 2025 the group had net assets of £9,028,722 (2024 - £7,179,280). The directors consider the performance for the year and the financial position at the year end to be satisfactory.
Key performance indicators
Given the natures of the business, the group's directors are of the opinion that the above key performance indicators are important. The group uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.
Principal risks and uncertainties
The management of the group and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from other jewellery and accessories trades and changes in external factors which influence the cost base, shipping cost and supplies.
Financial instruments
The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency transactions.
Going concern
The group has sufficient financial resources available and is currently trading profitably and generating cash. The directors believe that the group has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the accounts.
In making the current year's assessment the Directors have considered the available cash reserves, profitability and reviewed forecasts.
Approved by the
Director
Abbott Lyon Ltd
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The external commercial environment was expected to remain competitive during 2025. Actions taken by the Directors has put the group in a good position to continue to react and operate while monitoring the situation.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Principal activities and Business review are discussed in the Strategic Report.
Approved by the
Director
Abbott Lyon Ltd
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, 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 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Abbott Lyon Ltd
Independent Auditor's Report to the Members of Abbott Lyon Ltd
Opinion
We have audited the financial statements of Abbott Lyon Ltd (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Abbott Lyon Ltd
Independent Auditor's Report to the Members of Abbott Lyon Ltd
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 4, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the group's and parent company's industry and its control environment and reviewed the group's and parent company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group and parent company operate in and identified the key laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group and parent company ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
Abbott Lyon Ltd
Independent Auditor's Report to the Members of Abbott Lyon Ltd
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing the financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identity any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the
further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 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 an auditor’s 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Abbott Lyon Ltd
Consolidated Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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82,676 |
4,623 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Abbott Lyon Ltd
(Registration number: 08953621)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
|
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Cash at bank and in hand |
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Equity attributable to owners of the company |
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Total equity |
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Approved and authorised by the
Director
Abbott Lyon Ltd
(Registration number: 08953621)
Company Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
1 |
1 |
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Share premium reserve |
5,427 |
5,427 |
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Retained earnings |
8,996,030 |
6,821,791 |
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Shareholders' funds |
9,001,458 |
6,827,219 |
The company made a profit after tax for the financial year of £4,174,239 (2024 - profit of £3,470,967).
Approved and authorised by the
Director
Abbott Lyon Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2024 |
|
|
|
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Profit for the year |
- |
- |
|
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Dividends |
- |
- |
( |
( |
|
At 31 March 2025 |
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|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2023 |
|
- |
|
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Profit for the year |
- |
- |
|
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New share capital subscribed |
- |
|
- |
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At 31 March 2024 |
1 |
5,427 |
7,173,852 |
7,179,280 |
Abbott Lyon Ltd
Company Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
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Dividends |
- |
- |
( |
( |
|
At 31 March 2025 |
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|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2023 |
|
- |
|
|
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Profit for the year |
- |
- |
|
|
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New share capital subscribed |
- |
|
- |
|
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At 31 March 2024 |
1 |
5,427 |
6,821,791 |
6,827,219 |
Abbott Lyon Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit for the year |
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|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Loss on disposal of tangible assets |
- |
|
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Finance income |
( |
( |
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Finance costs |
|
|
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Income tax expense |
|
|
|
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Foreign exchange gains |
23,073 |
49,295 |
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||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
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Decrease/(increase) in trade debtors |
|
( |
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(Decrease)/Increase in trade creditors |
(45,389) |
792,439 |
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Cash generated from operations |
|
|
|
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Corporation taxes paid |
( |
( |
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Net cash flows from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
|
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Acquisitions of intangible assets |
( |
( |
|
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Net cash flows used in investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
(700) |
(896) |
|
|
Dividends paid |
( |
- |
|
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Repayment of directors' loan accounts |
- |
(1,512,289) |
|
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Repayment of finance lease creditors |
(4,085) |
(4,339) |
|
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Proceeds from issuance of new shares |
- |
5,427 |
|
|
Net cash flows used in financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 April 2024 |
|
|
|
|
Cash and cash equivalents at 31 March 2025 |
9,784,980 |
7,133,944 |
|
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal activity of the Company is retail of jewellery, watches and other accessories.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act
2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Going concern
After reviewing the group's and parent company's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group and parent company therefore continues to adopt the going concern basis in preparing its financial statements.
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 group’s activities. Turnover is shown net of sales/value added tax, returns, refunds and discounts and after eliminating sales within the group
The group recognises revenue when it can be reliably measured, when it is probable that future economic benefits will flow to the entity, and when goods are despatched or delivered to customers.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
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 |
|
Furniture, fittings and equipment |
10%, 20% or 33% on cost |
|
Computer equipment |
10% or 33% on cost |
|
Vehicles |
33% on cost |
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Intangible assets
Separately acquired trademarks, licences and website development costs are shown at historical cost.
Patents, trademarks, trade licences (including software) and website development cost acquired in a business combination are recognised at fair value at the acquisition date.
Patents, trademarks, licences and website development cost have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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:
|
Asset class |
Amortisation method and rate |
|
Patents, trademarks and licences |
10% straight line |
|
Website |
33% straight line |
|
Brand |
10% to 33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average unit cost 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.
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 group 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a results of a pat event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of merchandise |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, was
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
474,536 |
429,800 |
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
1,601,315 |
1,105,991 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
741 |
- |
|
Total deferred taxation |
( |
|
|
Tax expense in the income statement |
|
|
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Adjustment to tax charge in respect of previous periods |
|
- |
|
Tax increase from other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
|
|
Fixed asset differences |
|
- |
|
Total tax charge |
|
|
Deferred tax
Company
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Short term timing difference |
( |
|
|
|
2024 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Short term timing difference |
( |
|
|
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
Group
|
Website |
Trademarks, patents and licenses |
Other intangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions acquired separately |
|
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Amortisation charge |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Tangible assets |
Group and company
|
Furniture, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
Cost |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Finished goods |
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
- |
|
|
Prepayments |
|
|
|
|
|
|
Receivable from directors |
30,763 |
24,442 |
30,763 |
24,442 |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
- |
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
742,787 |
404,288 |
800,198 |
404,288 |
|
|
|
|
|
|
||
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
The pension liability as of 31 March 2025 amounted to £19,502 (2024 - £11,420).
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary of £0.0001 each |
13,074 |
1.31 |
13,074 |
1.31 |
In 2024,there were 3,074 new shares issued during the year at £0.0001 which resulted to £5,427 share premium.
|
Type of shares |
No. of shares |
Value |
|
A Shares |
8,445 |
.8445 |
|
B Shares |
700 |
.0700 |
|
D Shares |
25 |
.0025 |
|
E Shares |
830 |
.0830 |
|
Growth B1 Shares |
1,856 |
.1856 |
|
Growth C1 Shares |
225 |
.0225 |
|
Growth D1 Shares |
228 |
.0228 |
|
Growth E1 Shares |
225 |
.0225 |
|
Growth A2 Shares |
230 |
.0230 |
|
Growth B2 Shares |
82 |
.0082 |
|
Growth C2 Shares |
75 |
.0075 |
|
Growth D2 Shares |
78 |
.0078 |
|
Growth E2 Shares |
75 |
.0075 |
|
13,074 |
1.3074 |
Abbott Lyon Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
2,000,000 |
- |
|
Related party transactions |
Summary of transactions with key management
Key management personnel are considered to be directors of the company and key management personnel remuneration is disclosed in note 8 to the financial statements.