MD Jewellers Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11198916

MD JEWELLERS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

MD JEWELLERS LTD

STATEMENT OF FINANCIAL POSITION

28 February 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	5	10,842	13,642
Tangible assets	6	19,505	25,876
		--------	--------
		30,347	39,518

Current assets

Stocks		244,419	294,449
Debtors	7	12,917	–
		---------	---------
		257,336	294,449

Creditors: amounts falling due within one year	8	( 181,781)	( 197,547)
		---------	---------
Net current assets		75,555	96,902
		---------	---------
Total assets less current liabilities		105,902	136,420

Creditors: amounts falling due after more than one year	9	( 183,407)	( 105,017)

Provisions	–	( 8,298)
	---------	---------
Net (liabilities)/assets	( 77,505)	23,105
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 77,605)	23,005
	--------	--------
Shareholder (deficit)/funds	( 77,505)	23,105
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MD JEWELLERS LTD

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 12 May 2026 , and are signed on behalf of the board by:

J M Rudge
Director

Company registration number: 11198916

MD JEWELLERS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 84 Westgate, Grantham, Lincolnshire, NG31 6LE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. In making this assessment, the director has considered the company's trading prospects and cash requirements. They consider that the company has the necessary resources to continue to meet its liabilities and accordingly the financial statements have been prepared on a going concern basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer which is usually when the transaction takes place. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% reducing balance
Computers	-	25% reducing balance

Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past 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 statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2024: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 March 2024 and 28 February 2025	27,997
	--------
Amortisation
At 1 March 2024	14,355
Charge for the year	2,800
	--------
At 28 February 2025	17,155
	--------
Carrying amount
At 28 February 2025	10,842
	--------
At 29 February 2024	13,642
	--------

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 March 2024	1	33,639	79,288	16,254	129,182
Additions	–	–	–	1,040	1,040
	----	--------	--------	--------	---------
At 28 February 2025	1	33,639	79,288	17,294	130,222
	----	--------	--------	--------	---------
Depreciation
At 1 March 2024	–	32,730	61,977	8,599	103,306
Charge for the year	–	909	4,328	2,174	7,411
	----	--------	--------	--------	---------
At 28 February 2025	–	33,639	66,305	10,773	110,717
	----	--------	--------	--------	---------
Carrying amount
At 28 February 2025	1	–	12,983	6,521	19,505
	----	--------	--------	--------	---------
At 29 February 2024	1	909	17,311	7,655	25,876
	----	--------	--------	--------	---------

7. Debtors

	2025	2024
	£	£
Other debtors	12,917	–
	--------	----

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	50,172	3,653
Trade creditors	43,147	29,293
Corporation tax	6,628	9,309
Social security and other taxes	47,010	23,321
Other creditors	34,824	131,971
	---------	---------
	181,781	197,547
	---------	---------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	183,407	61,275
Other creditors	–	43,742
	---------	---------
	183,407	105,017
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	21,518	21,518
Later than 1 year and not later than 5 years	70,663	71,632
Later than 5 years	–	16,939
	--------	---------
	92,181	110,089
	--------	---------