Lance James the Jewellers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05028399 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2018

FOR

LANCE JAMES THE JEWELLERS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L J Fleming

Mrs J A Fleming

SECRETARY:

Mrs J A Fleming

REGISTERED OFFICE:

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

REGISTERED NUMBER:

05028399 (England and Wales)

ACCOUNTANTS:

Chegwidden & Co

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

FIXED ASSETS

Intangible assets

4

22,800

26,400

Tangible assets

5

638

835

23,438

27,235

CURRENT ASSETS

Stocks

109,682

112,554

Debtors

34,281

22,801

Cash at bank and in hand

2,867

27,354

146,830

162,709

CREDITORS

Amounts falling due within one year

10,537

12,506

NET CURRENT ASSETS

136,293

150,203

TOTAL ASSETS LESS CURRENT LIABILITIES

159,731

177,438

PROVISIONS FOR LIABILITIES

-

968

NET ASSETS

159,731

176,470

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

159,631

176,370

SHAREHOLDERS' FUNDS

159,731

176,470

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22nd March 2019 and were signed on its behalf by:

Mrs J A Fleming - Director

1.	STATUTORY INFORMATION

Lance James the Jewellers Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2017

and 30th June 2018

72,000

AMORTISATION

At 1st July 2017

45,600

Amortisation for year

3,600

At 30th June 2018

49,200

NET BOOK VALUE

At 30th June 2018

22,800

At 30th June 2017

26,400

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2017

7,130

Disposals

(133

)

At 30th June 2018

6,997

DEPRECIATION

At 1st July 2017

6,295

Charge for year

155

Eliminated on disposal

(91

)

At 30th June 2018

6,359

NET BOOK VALUE

At 30th June 2018

638

At 30th June 2017

835

6.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan from the directors in the sum of £735 (2017; £2,020) which is interest free and

repayable on demand.

Dividends of £15,000 (2017; Nil) were paid to the directors in the year.

7.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of their holding of 100 percent of the issued share capital.