Gerry & Co (Jewellers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04944545 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

GERRY & CO (JEWELLERS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D G Congdon

P G Congdon

S G Congdon

Mrs E A Congdon

J E Chanter

Mrs J E Chanter

SECRETARY:

P G Congdon

REGISTERED OFFICE:

44 Courtenay Street

Newton Abbot

Devon

TQ12 2ED

REGISTERED NUMBER:

04944545 (England and Wales)

ACCOUNTANTS:

Mayers

33 Mary Seacole Road

The Millfields

Plymouth

Devon

PL1 3JY

FIXED ASSETS

Intangible assets

4

39,600

49,500

Tangible assets

5

772

1,030

40,372

50,530

CURRENT ASSETS

Stocks

535,716

511,250

Debtors

6

4,737

2,735

Cash at bank and in hand

218,059

152,940

758,512

666,925

CREDITORS

Amounts falling due within one year

7

186,188

180,753

NET CURRENT ASSETS

572,324

486,172

TOTAL ASSETS LESS CURRENT LIABILITIES

612,696

536,702

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

612,496

536,502

SHAREHOLDERS' FUNDS

612,696

536,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 16 December 2020 and were signed on its behalf by:

D G Congdon - Director

1.	STATUTORY INFORMATION

Gerry & Co (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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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

Acquired Goodwill is written off in equal instalments over its estimated useful economic life.

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

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.

Hire purchase and leasing commitments

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

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

198,000

AMORTISATION

At 1 April 2019

148,500

Charge for year

9,900

At 31 March 2020

158,400

NET BOOK VALUE

At 31 March 2020

39,600

At 31 March 2019

49,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

34,002

DEPRECIATION

At 1 April 2019

32,972

Charge for year

258

At 31 March 2020

33,230

NET BOOK VALUE

At 31 March 2020

772

At 31 March 2019

1,030

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

1,799

-

Other debtors

2,938

2,735

4,737

2,735

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

16,408

12,380

Taxation and social security

42,149

36,786

Other creditors

127,631

131,587

186,188

180,753

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and

31 March 2019:

31.3.20

31.3.19

£

£

S G Congdon and P G Congdon

Balance outstanding at start of year

(90,374

)

(113,866

)

Amounts advanced

3,956

23,492

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(86,418

)

(90,374

)

J E Chanter and Mrs J E Chanter

Balance outstanding at start of year

(41,213

)

(46,213

)

Amounts advanced

-

5,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(41,213

)

(41,213

)

9.	RELATED PARTY DISCLOSURES

The company rented its trading property from the Congdon family, directors and shareholders. The

annual rent for the year was £26,950 (2019 £26,950).

At the year end the company owed the Congdon family £86,418 (2019 £90,374) and the Chanter family

£41,213 (2019 £41,213).

The company was under the control of the Congdon family throughout the current and previous year.