Joseph Rea Jewellers Limited iXBRL

Joseph Rea Jewellers Limited

Unaudited Financial Statements

for the financial year ended 30 November 2025

Joseph Rea Jewellers Limited

DIRECTORS AND OTHER INFORMATION


Directors	Patrick Flynn (Resigned 23 July 2025)
	Joshua Flynn
	Jenna Corry


Company Registration Number	NI052258


Registered Office	St Anne's House
	15 Church Street
	Belfast
	Antrim
	BT1 1PG


Business Address	76 Ann Street
	Belfast
	Antrim
	BT1 4EH


Accountants	Quarter
	Chartered Accountants
	St Anne's House
	15 Church Street
	Belfast
	Antrim
	BT1 1PG


Bankers	Ulster Bank

Joseph Rea Jewellers Limited

CHARTERED ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of Joseph Rea Jewellers Limited

for the financial year ended 30 November 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2025 as set out on pages to which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Joseph Rea Jewellers Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet for the year ended 30 November 2025 your duty to ensure that Joseph Rea Jewellers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Joseph Rea Jewellers Limited. You consider that Joseph Rea Jewellers Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Joseph Rea Jewellers Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

__________________________________

QUARTER

Chartered Accountants

St Anne's House

15 Church Street

Belfast

Antrim

BT1 1PG

29 April 2026

Joseph Rea Jewellers Limited

Company Registration Number: NI052258

BALANCE SHEET

as at 30 November 2025

		2025	2024
	Notes	£	£

Fixed Assets

Intangible assets

116,000

145,000

Tangible assets

3,294

4,392

─────────

Fixed Assets

119,294

149,392

─────────

Current Assets

Stocks

1,327,847

1,428,769

Debtors

35,194

21,164

Cash and cash equivalents

183,522

108,701

─────────

1,546,563

1,558,634

─────────

Creditors: amounts falling due within one year

(359,836)

(415,873)

─────────

Net Current Assets

1,186,727

1,142,761

─────────

Total Assets less Current Liabilities

1,306,021

1,292,153

Creditors:

amounts falling due after more than one year

(7,554)

Provisions for liabilities

(1,098)

(1,098)

─────────

Net Assets

1,304,923

1,283,501

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

1,304,823

1,283,401

─────────

Equity attributable to owners of the company

1,304,923

1,283,501

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 29 April 2026 and signed on its behalf by




________________________________			________________________________
Joshua Flynn			Jenna Corry
Director			Director

Joseph Rea Jewellers Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 30 November 2025

General Information

Joseph Rea Jewellers Limited is a company limited by shares incorporated in Northern Ireland. St Anne's House, 15 Church Street, Belfast, Antrim, BT1 1PG is the registered office. The principal place of business of the company is 76 Ann Street, Belfast, BT1 4EH . The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 30 November 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 25 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Long leasehold property

10% Straight line

Plant and machinery

25% Reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.


3.	Employees

	The average monthly number of employees, including directors, during the financial year was 13, (2024 - 13).

		2025	2024
		Number	Number

	Average no. of Employees	10	10
	Director	3	3
		─────────	─────────
		13	13
		═════════	═════════

Intangible assets

Goodwill

Cost

At 1 December 2024

725,000

─────────

At 30 November 2025

725,000

─────────

Amortisation

At 1 December 2024

580,000

Charge for financial year

29,000

─────────

At 30 November 2025

609,000

─────────

Net book value

At 30 November 2025

116,000

═════════

At 30 November 2024

145,000

═════════

Goodwill was valued on the incorporation of the partnership P, P & J Flynn t/a Joseph Rea Jewellers in 2004 at £725,000. This is being amortised over 25 years. Due to the long standing nature and reputation of the business - i.e. established in 1878 and with a large budget spend on advertising annually it is reasonable to consider there is significant durability of the acquired business to support a 25 year useful life of the goodwill.

The goodwill is assessed for impairment annually and at 30 November 2025 it was deemed that no impairment was necessary.


5.	Tangible assets
		Long	Plant and	Total
		leasehold	machinery
		property
		£	£	£
	Cost or Valuation
	At 1 December 2024	5,388	93,075	98,463
		─────────	─────────	─────────

	At 30 November 2025	5,388	93,075	98,463
		─────────	─────────	─────────
	Depreciation
	At 1 December 2024	5,388	88,683	94,071
	Charge for the financial year	-	1,098	1,098
		─────────	─────────	─────────
	At 30 November 2025	5,388	89,781	95,169
		─────────	─────────	─────────
	Net book value
	At 30 November 2025	-	3,294	3,294
		═════════	═════════	═════════
	At 30 November 2024	-	4,392	4,392
		═════════	═════════	═════════


6.	Stocks	2025	2024
		£	£

	Finished goods and goods for resale	1,327,847	1,428,769
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


7.	Debtors	2025	2024
		£	£

	Trade debtors	35,194	21,164
		═════════	═════════

Creditors

2025

2024

Amounts falling due within one year

Bank loan

7,554

10,000

Trade creditors

250,586

327,984

Taxation (Note 10)

82,340

53,625

Directors' current accounts

13,227

18,060

Accruals

6,129

6,204

─────────

359,836

415,873

═════════

The following security has been provided to Ulster Bank:

A mortgage debenture on 26 February 2007. (All monies mortgage debenture. The company to the intent that the security hereby created shall rank as a continuing security in favour of the bank as security for the payment and discharge of the secured obligations as beneficial owner hereby.)


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

	Bank loan	-	7,554
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	7,554	10,000
	Repayable between one and two years	-	7,554
		─────────	─────────
		7,554	17,554
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	12,244	3,796
	Corporation tax	66,482	46,584
	PAYE / NI	3,614	3,245
		─────────	─────────
		82,340	53,625
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Losses

Total

Total

2025

2024

At financial year start

1,098

1,098

1,647

Charged to profit and loss

(549)

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At financial year end

1,098

1,098

═════════

12.

Directors' advances, credits and guarantees

At 1 December 2024 Joseph Rea Jewellers Limited owed Mr PJ Flynn a total of £14,040. During the year net transactions between the company and Mr PJ Flynn totalled £14,040 resulting in a £nil amount owed by the company at 30 November 2025.

At 1 December 2024 Joseph Rea Jewellers Limited owed Joshua Flynn a total of £642. During the year net transactions between the company and Mr Joshua Flynn totalled £6,069 resulting in an amount of £6,711 owed by the company at 30 November 2025.

At 1 December 2024 Joseph Rea Jewellers Limited owed Mrs Jenna Corry a total of £6,204. During the year net transactions between the company and Mrs Jenna Corry totalled £75 resulting in an amount of £6,129 owed by the company at 30 November 2025.