ACCOUNTS - Final Accounts

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

Registered number: 00689786

MICHAEL SPIERS (JEWELLERS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

MICHAEL SPIERS (JEWELLERS) LIMITED

COMPANY INFORMATION

Directors	Mr A M Spiers FCA
	Mrs R A White
	Mrs E A Spiers
	Mr J R Walker


Registered number	00689786


Registered office	54 Cornwall Street
	Plymouth
	Devon
	PL1 1LR


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA


Bankers	Santander Corporate Banking
	Alliance House
	161 Armada Way
	Plymouth
	United Kingdom
	PL1 1HZ

MICHAEL SPIERS (JEWELLERS) LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Balance sheet	9 - 10
Statement of changes in equity	11
Statement of cash flows	12 - 13
Analysis of net debt	14
Notes to the financial statements	15 - 33

MICHAEL SPIERS (JEWELLERS) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

Incorporated in 1961, Michael Spiers (Jewellers) Limited has grown to become the West Country’s leading jewellery and watch retailer with stores in Taunton, Exeter, Plymouth and Truro.

Business review

The results for the year show a profit before taxation of £2,756,041 (2024: £3,472,616) with a turnover of £33,744,372 (2024: £28,748,130). We consider turnover to be the key performance indication for the business.

The Company has once again seen strong growth during the year.

The results for the year and the financial position at the year-end are considered satisfactory by the Directors who expect continued grown in the foreseeable future. However, the Directors are very aware that a downturn in consumer spending will affect growth targets.

Our newly expanded store in Exeter opened in September 2024 and has achieved a significant increase in sales. People are at the heart of the business. Together a culture is created where people and relationships create value, and were everyone belongs. This enables the teams to produce extraordinary results.

The business continues to successfully trade and navigate its way through the current challenging economic environment.

Principal risks and uncertainties

Management accounts are prepared on a quarterly basis and reviewed in detail by the directors in order to highlight any potential future risks if and when they occur.

Financial key performance indicators

The board consider that all relevant key performance indicators required to understand the performance of the Company are included within the pages and notes of these financial statements.

Future developments

The Company continues to actively review any opportunities for expansion and growth. The Directors anticipate the further development of existing markets during the next few years resulting in increased profitability.

The board ensures constant investment in the various teams through training, mentoring and coaching. This challenges the business to continuously improve, enabling the Company to succeed today and grow in the future.

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

Mr A M Spiers FCA

Director

Page 1

MICHAEL SPIERS (JEWELLERS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.

Principal activity

The principal activity of the Company continued to be that of jewellery and watch retailers.

Results and dividends

The profit for the year, after taxation, amounted to £1,947,050 (2024 - £2,550,374).

No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Mr A M Spiers FCA

Mr K A White (resigned 7 October 2025)

Mrs R A White

Mrs E A Spiers

Mr M G cox (resigned 9 June 2024)

Mr J R Walker

Future developments

Future developments have been disclosed in the Strategic report.

Page 2

MICHAEL SPIERS (JEWELLERS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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

Post balance sheet events

After the year end, the company have taken out bank loans of £1,500,000.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

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

Mr A M Spiers FCA

Director

Page 3

MICHAEL SPIERS (JEWELLERS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICHAEL SPIERS (JEWELLERS) LIMITED

Opinion

We have audited the financial statements of Michael Spiers (Jewellers) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 March 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 4

MICHAEL SPIERS (JEWELLERS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICHAEL SPIERS (JEWELLERS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

MICHAEL SPIERS (JEWELLERS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICHAEL SPIERS (JEWELLERS) LIMITED (CONTINUED)

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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;

∙We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit;

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining understanding of how fraud might occur, by:

∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

Page 6

MICHAEL SPIERS (JEWELLERS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICHAEL SPIERS (JEWELLERS) LIMITED (CONTINUED)

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

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 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.

Mehmet Hussein FCA (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

24 December 2025

Page 7

MICHAEL SPIERS (JEWELLERS) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	33,744,372	28,748,130
Cost of sales		(22,557,302)	(17,997,667)
Gross profit		11,187,070	10,750,463
Administrative expenses		(8,363,572)	(7,223,797)
Other operating income	5	11,299	503
Operating profit	6	2,834,797	3,527,169
Interest receivable and similar income	10	17	54,719
Interest payable and similar expenses	11	(78,773)	(109,272)
Profit before tax		2,756,041	3,472,616
Tax on profit	12	(808,991)	(922,242)
Profit for the financial year		1,947,050	2,550,374

The notes on pages 15 to 33 form part of these financial statements.

Page 8

MICHAEL SPIERS (JEWELLERS) LIMITED

REGISTERED NUMBER: 00689786

BALANCE SHEET

AS AT 31 MARCH 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Tangible assets	14		6,941,491		5,163,679
Investments	15		100		100
			6,941,591		5,163,779
Current assets
Stocks	16	15,504,548		14,446,227
Debtors: amounts falling due within one year	17	1,742,918		1,261,945
Cash at bank and in hand	18	56,080		394,369
		17,303,546		16,102,541
Creditors: amounts falling due within one year	19	(6,047,911)		(5,381,960)
Net current assets			11,255,635		10,720,581
Total assets less current liabilities			18,197,226		15,884,360
Creditors: amounts falling due after more than one year	20		(594,511)		(553,194)
Provisions for liabilities
Deferred tax	22	(1,162,462)		(845,434)
Other provisions	23	(49,471)		(42,000)
			(1,211,933)		(887,434)
Net assets			16,390,782		14,443,732

Capital and reserves
Called up share capital	24	250,000	250,000
Revaluation reserve	25	1,346	37,295
Profit and loss account	25	16,139,436	14,156,437
		16,390,782	14,443,732

Page 9

MICHAEL SPIERS (JEWELLERS) LIMITED

REGISTERED NUMBER: 00689786

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

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

Mr A M Spiers FCA

Director

The notes on pages 15 to 33 form part of these financial statements.

Page 10

MICHAEL SPIERS (JEWELLERS) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	250,000	145,143	11,498,215	11,893,358
Comprehensive income for the year
Profit for the year	-	-	2,550,374	2,550,374
Transfer to/from profit and loss account	-	(107,848)	107,848	-

At 1 April 2024	250,000	37,295	14,156,437	14,443,732
Comprehensive income for the year
Profit for the year	-	-	1,947,050	1,947,050
Transfer to/from profit and loss account	-	(35,949)	35,949	-
At 31 March 2025	250,000	1,346	16,139,436	16,390,782

The notes on pages 15 to 33 form part of these financial statements.

Page 11

MICHAEL SPIERS (JEWELLERS) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,947,050	2,550,374
Adjustments for:
Depreciation of tangible assets	963,953	534,931
Loss on disposal of tangible assets	1,949	-
Interest paid	78,773	109,272
Interest received	(17)	(54,719)
Taxation charge	808,991	922,242
(Increase) in stocks	(1,058,321)	(3,679,961)
(Increase) in debtors	(480,973)	(610,639)
Increase in creditors	516,829	267,918
Increase in provisions	7,471	42,000
Corporation tax (paid)	(573,656)	(585,264)
Net cash generated from operating activities	2,212,049	(503,846)

Cash flows from investing activities
Purchase of tangible fixed assets	(2,751,564)	(2,813,208)
Sale of tangible fixed assets	7,850	-
Interest received	17	54,186
Net cash from investing activities	(2,743,697)	(2,759,022)
Cash flows from financing activities
Repayment of loans	(203,473)	(160,000)
Other new loans	850,000	250,000
Interest paid	(78,773)	(97,605)
Net cash used in financing activities	567,754	(7,605)
Net increase/(decrease) in cash and cash equivalents	36,106	(3,270,473)

Page 12

MICHAEL SPIERS (JEWELLERS) LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£


Cash and cash equivalents at beginning of year	(309,498)	2,960,975
Cash and cash equivalents at the end of year	(273,392)	(309,498)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	56,080	394,369
Bank overdrafts	(329,472)	(703,867)
	(273,392)	(309,498)

The notes on pages 15 to 33 form part of these financial statements.

Page 13

MICHAEL SPIERS (JEWELLERS) LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	394,369	(338,289)	56,080
Bank overdrafts	(703,867)	374,395	(329,472)
Debt due after 1 year	(553,194)	366,527	(186,667)
Debt due within 1 year	(507,411)	(1,048,969)	(1,556,380)
	(1,370,103)	(646,336)	(2,016,439)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Michael Spiers (Jewellers) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 54 Cornwall Street, Plymouth, Devon, PL1 1LR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Turnover

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

2.10

Tangible fixed assets

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

Page 17

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property	-	Straight line over the life of the lease
Short-term leasehold property	-	Straight line over the life of the lease
Plant and machinery	-	15% reducing balance
Motor vehicles	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance

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

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

2.11

Revaluation of tangible fixed assets

As permitted by the transitional provisions of FRS 102, the Company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of leasehold land and buildings based on the revaluation at 31 March 2017 and will not update that valuation.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

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

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

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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

Impairment of financial assets

Page 19

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

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

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

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

Basic financial liabilities

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

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

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

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

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 20

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Sale of jewellery and watches	33,730,919	28,721,725
Advertising rebates	13,453	26,405
	33,744,372	28,748,130

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	30,572,060	27,918,594
Rest of the world	3,172,312	829,536
	33,744,372	28,748,130

5.	Other operating income
		2025	2024
		£	£

Other operating income	11,299	503
	11,299	503

Depreciation of owned tangible fixed assets	857,872	534,931
Exchange differences	11,859	1,856
Loss on disposal of tangible fixed assets	1,949	-
Other operating lease rentals	308,942	416,410

Page 21

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Fees payable to the Company's auditor for the audit of the Company's financial statements

21,500

Wages and salaries	2,509,327	2,543,984
Social security costs	264,731	257,526
Cost of defined contribution scheme	198,558	193,388
	2,972,616	2,994,898

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Management	11	11
Office and administration	13	12
Sales	40	40
Workshop	4	4

	68	67

Page 22

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	340,244	419,248
Company contributions to defined contribution pension schemes	76,995	96,000
	417,239	515,248

	During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £243,101 (2024 - £216,759).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,995 (2024 - £12,200).

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable	-	54,186
Other interest receivable	17	533
	17	54,719

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	40,641	52,111
Other loan interest payable	38,132	57,161
	78,773	109,272

Page 23

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	491,315	495,980
Adjustments in respect of previous periods	648	(13,915)
	491,963	482,065

Total current tax	491,963	482,065

Deferred tax
Origination and reversal of timing differences	317,028	440,177
Total deferred tax	317,028	440,177


	Tax on profit	808,991	922,242

Profit on ordinary activities before tax

2,756,041

3,472,616

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	689,010	868,154
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	119,981	54,088
Total tax charge for the year	808,991	922,242

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2024	99,999
	At 31 March 2025	99,999
	Amortisation
	At 1 April 2024	99,999
	At 31 March 2025	99,999
	Net book value
	At 31 March 2025	-
	At 31 March 2024	-

Page 25

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Tangible fixed assets

	Land and buildings Leasehold	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	1,707,964	382,291	93,926	6,381,396	8,565,577
Additions	-	28,346	166,961	2,556,257	2,751,564
Disposals	(48,440)	-	(18,358)	-	(66,798)
At 31 March 2025	1,659,524	410,637	242,529	8,937,653	11,250,343
Depreciation
At 1 April 2024	1,228,229	156,824	24,351	1,992,494	3,401,898
Charge for the year on owned assets	117,206	37,363	28,298	781,086	963,953
Disposals	(48,440)	-	(8,559)	-	(56,999)
At 31 March 2025	1,296,995	194,187	44,090	2,773,580	4,308,852
Net book value
At 31 March 2025	362,529	216,450	198,439	6,164,073	6,941,491
At 31 March 2024	479,735	225,467	69,575	4,388,902	5,163,679

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Long leasehold	36,203	72,152
Short leasehold	326,326	407,583
	362,529	479,735

Leasehold land and buildings with a carrying amount of £353,995 (2024 - £479,735) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Page 26

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

If the leasehold land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	806,594	830,035
Accumulated depreciation	(478,464)	(412,789)
Net book value	328,130	417,246

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	100
	At 31 March 2025	100

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Boarleigh Investment Co. Ltd

54 Cornwall Street, Plymouth, England, PL1 1LR

Ordinary shares

100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
	Name	Aggregate of share capital and reserves

Boarleigh Investment Co. Ltd

100

Page 27

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Stocks
		2025	2024
		£	£

Raw materials and consumables	213,229	186,437
Finished goods and goods for resale	15,291,319	14,259,790
	15,504,548	14,446,227

17.

Debtors

					2025	2024
					£	£


Trade debtors	160,490	382,909
Other debtors	1,259,319	729,859
Prepayments and accrued income	323,109	149,177
	1,742,918	1,261,945

18.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	56,080	394,369
Less: bank overdrafts	(329,472)	(703,867)
	(273,392)	(309,498)

Page 28

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	329,472	703,867
Bank loans	160,000	160,000
Other loans	952,621	347,411
Trade creditors	3,516,134	2,866,322
Corporation tax	428,884	510,577
Other taxation and social security	242,472	241,343
Other creditors	72,334	201,798
Accruals and deferred income	345,994	350,642
	6,047,911	5,381,960

20.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	186,667	346,667
Other loans	407,844	206,527
	594,511	553,194

Page 29

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	160,000	160,000
Other loans	952,621	347,411
	1,112,621	507,411
Amounts falling due 1-2 years
Bank loans	160,000	-
Other loans	105,591	-
	265,591	-
Amounts falling due 2-5 years
Bank loans	26,667	346,667
Other loans	302,253	206,527
	328,920	553,194

	1,707,132	1,060,605

There is a debenture held by Santander UK PLC dated 31 October 2014. This is a continuing security for the payment of all secured liabilities.

On 31 October 2014 a legal charge was created in favour of Santander UK PLC securing all monies due to the bank over the leasehold property situated at Part ground floor Royal Hotel, Lemon Street, Truro, Cornwall TR1 2QA.

On 31 October 2014 a legal charge was created in favour of Santander UK PLC securing all monies due to the bank over the leasehold property situated at ground floor premises at 54 Cornwall Street, Plymouth PL1 1LR.

Page 30

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(845,434)	(405,257)
Charged to profit or loss	(317,028)	(440,177)
At end of year	(1,162,462)	(845,434)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(1,162,462)	(845,434)
		(1,162,462)	(845,434)

23.	Provisions

		Onerous lease provision
		£

	At 1 April 2024	42,000
	Charged to profit or loss	49,471
	Utilised in year	(42,000)
	At 31 March 2025	49,471

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

250,000 (2024 - 250,000) Ordinary shares of £1.00 each	250,000	250,000

Page 31

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

25.

Reserves

Revaluation reserve

The revaluation reserve represents the cumulative revaluation of the leasehold property net of deferred tax.

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends and other adjustments.

26.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £208,159 (2024 - £193,388). Contributions totalling £13,233 (2024 - £15,642) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	312,500	326,500
Later than 1 year and not later than 5 years	984,167	887,667
Later than 5 years	395,625	567,292
	1,692,292	1,781,459

28.	Transactions with directors

The company paid rent of £50,000 (2024 - £50,000) to Mrs E A Spiers and Mr K White for 54 Cornwall Street Plymouth. The Company paid rent of £6,500 (2024 - £6,500) to Mrs E Spiers for 56 Penrose Street Plymouth. The company also paid rent of £50,000 (2024 - £50,000) to Matheson Investments Limited a company owned by a director.

During the year loans totalling £300,000 was advanced and repayment of £60,973 from a director's pension fund. At the year end amounts totalling £1,360,465 (2024 - £553,938) was due to the directors' pension funds.

During the year the directors repaid amounts totalling of £108,302 (2024 - £100,000) and has advances of £Nil (2024 - £80,432). Included within other creditors are amounts totalling £35,915 (2024 - £55,243 owed by) owed to the directors.

Page 32

MICHAEL SPIERS (JEWELLERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

29.	Related party transactions
	During the year the company incurred consultancy fees of £943,000 (2024 - £800,000) from Hestonbrook Limited which is a company controlled by a director. At the year end a balance of £1,221,353 (2024 - £633,071) was owed from Hestonbrook Limited.

30.	Post balance sheet events

Subsequent to the year end, the company have taken out bank loans totalling £1,500,000.

Page 33