1.
General Information
Fjewellery Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11810719
. The registered office is 19 Holborn, London, EC1N 2JS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
-
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
The equivalent disclosures are included in the publicly available consolidated financial statements of FC Capital Limited in which the Company is consolidated.
2.3.
Going Concern Disclosure
Despite the balance‑sheet deficit, the company has sufficient resources to sustain its trading activities. The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The Directors have prepared the financial statements on the going concern basis based on their assessment of the Company's financial position and future prospects for a period of at least twelve months from the date the financial statements are authorised for issue. The viability of the Company is dependent on the following factors:
Continued Financial Support
The parent company have provided written confirmation of their intent and ability to continue providing necessary financial support to the Company to meet its obligations as they fall due for the foreseeable future.
Creditor Concessions
The parent company have agreed not to seek repayment of outstanding amounts until the Company has sufficient funds to do so, and specifically not within 12 months of the
balance sheet date.
Management Action Plan:
Management have implemented a cost cutting plan. The Directors are confident that these steps will improve the Company's liquidity and profitability.
These financial statements are prepared on the going concern basis, which assumes the realisation of assets and discharge of liabilities in the normal course of business.
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.
2.6.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are bespoke software. It is amortised to the profit and loss account 20% reducing balance.
2.7.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, where there is an indication of a significant change since the last reporting date.
2.8.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.12.
Changes in Accounting Policy
Previously, the compnay depreciated its tangible fixed assets at 20% per annum using the reducing balance method. During the year, management concluded that the straight-line basis better reflects the pattern in which the assets’ future economic benefits are expected to be consumed. The change has been accounted for prospectively as a change in accounting estimate in accordance with FRS 102.
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
|
|
|
|
|
|
|
|
|
|
| 12,532,582 | 5,182,085 | ||
4.
Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 26,786 | 15,500 | |
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2024: 17)
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
9.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Interest payable on other loans |
|
|
|
| Late payment tax charges |
|
|
|
| Other finance charges | - |
|
|
| 145,526 | 98,363 | ||
10.
Tax on Profit
The tax charge on the profit/(loss) for the year was as follows:
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 779,511 | (1,023,574) | |||
| Tax on profit at 25% (UK standard rate) |
|
( |
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
( |
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
|
|
|||
| Total tax charge for the period | 16,995 | 291,199 | |||
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
11.
Intangible Assets
| Goodwill | Other | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2025 |
|
|
|
| Additions |
|
|
|
| As at 31 December 2025 |
|
|
|
| Amortisation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
Other intangible assets comprise software that supports the company’s operations, facilitating business processes and customer transactions. Costs incurred in developing new features that enhance the customer experience and accommodate technological developments are capitalised where the relevant recognition criteria are met.
12.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2025 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
|
|
( |
( |
| As at 31 December 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 January 2025 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
|
|
( |
( |
| As at 31 December 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 December 2025 |
|
|
|
|
|
| As at 1 January 2025 |
|
|
|
|
|
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
13.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
14.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 409,889 | 287,344 | |
|
|
|
||
| Due after more than one year | |||
| Amounts owed by group undertakings | 3,400,000 | - | |
|
|
|
||
15.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other creditors | 21,919 | 38,882 | |
| Taxation and social security | 107,744 | 137,819 | |
| Accruals and deferred income | 37,631 | 40,133 | |
|
|
|
||
16.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
| Other loans |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
Of the creditors falling due after more than one year the following amounts are due after more than five years.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other loans |
|
|
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
17.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
|
|
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due after more than five years: | |||
| Other loans |
|
|
|
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 308,194 | 291,199 | |
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2025 |
|
291,199 |
| Additions |
|
16,995 |
| Balance at 31 December 2025 |
|
308,194 |
Fjewellery Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
21.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
|
|
|
||
22.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £7,360 (2024: £4,617).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23.
Post Balance Sheet Events
There have been no significant events affecting the Company since the end of the financial year.
24.
Related Party Disclosures
During the year the company entered into the following transactions with related parties:
|
Balance Owed by/(owed to)
|
||
|
2025
|
2024
|
|
|
£
|
£
|
|
|
FC Capital Limited
|
(12,329,423)
|
(7,184,818)
|
|
Connected parties
|
(7,689,174)
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
(7,144,354)
|
25.
Controlling Parties
The ultimate parent undertaking is
FC Capital Limited
(incorporated in England & Wales). Its registered office is
19 Holborn,London,EC1N 2JS
.
Copies of the group accounts may be obtained from the company's registered office.