Hemstock's Jewellers Limited Filleted accounts for Companies House (small and micro)

HEMSTOCK'S JEWELLERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04470094

Hemstock's Jewellers Limited

Unaudited financial statements

31 October 2020

Hemstock's Jewellers Limited

Statement of financial position

31 October 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5	34,124	49,937
Investments	6	986,778	986,779
		-----------	-----------
		1,020,902	1,036,716

Current assets

Stocks		254,960	292,010
Debtors	7	58,690	45,885
Cash at bank and in hand		77,580	2,689
		---------	---------
		391,230	340,584

Creditors: Amounts falling due within one year	8	( 747,055)		( 744,501)
		---------		---------
Net current liabilities			( 355,825)		( 403,917)
			-----------		-----------
Total assets less current liabilities			665,077		632,799

Creditors: Amounts falling due after more than one year	9		( 87,981)		( 48,981)

Provisions

Taxation including deferred tax	( 5,571)	( 6,452)
	---------	---------
Net assets	571,525	577,366
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	571,425	577,266
	---------	---------
Shareholders funds	571,525	577,366
	---------	---------

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 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Hemstock's Jewellers Limited

Statement of financial position (continued)

31 October 2020

These financial statements were approved by the board of directors and authorised for issue on 12 May 2021 , and are signed on behalf of the board by:

C J F Hemstock

Director

Company registration number: 04470094

Hemstock's Jewellers Limited

Notes to the financial statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address is 37 Market Street, Wymondham, Norfolk, NR18 0AJ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

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:

Property improvements	-	10% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of employees during the year was 11 (2019: 12 ).

5. Tangible assets

	Property improve- ments	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2019	14,993	145,014	7,905	167,912
Additions	–	735	200	935
Disposals	–	( 28,085)	( 5,095)	( 33,180)
	-------	---------	------	---------
At 31 October 2020	14,993	117,664	3,010	135,667
	-------	---------	------	---------
Depreciation
At 1 November 2019	7,500	103,851	6,624	117,975
Charge for the year	1,500	4,792	38	6,330
Disposals	–	( 18,881)	( 3,881)	( 22,762)
	-------	---------	------	---------
At 31 October 2020	9,000	89,762	2,781	101,543
	-------	---------	------	---------
Carrying amount
At 31 October 2020	5,993	27,902	229	34,124
	-------	---------	------	---------
At 31 October 2019	7,493	41,163	1,281	49,937
	-------	---------	------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2019 and 31 October 2020	986,778
	---------
Impairment
At 1 November 2019 and 31 October 2020	–
	---------

Carrying amount
At 31 October 2020	986,778
	---------
At 31 October 2019	986,778
	---------

7. Debtors

	2020	2019
	£	£
Other debtors	58,690	45,885
	-------	-------

8. Creditors: Amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	22,768	53,115
Trade creditors	30,749	49,711
Amounts owed to group undertakings and undertakings in which the company has a participating interest	500,213	478,309
Social security and other taxes	37,008	15,778
Other creditors	156,317	147,588
	---------	---------
	747,055	744,501
	---------	---------

Included in creditors are bank loans and overdrafts of £22,768 (2019: £53,115) which are secured by the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	87,981	48,981
	-------	-------

Included in creditors: amounts falling due after more than one year are bank loans and overdrafts of £87,981 (2019: £48,981) which are secured by the company.

10. Operating leases

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

	2020	2019
	£	£
Not later than 1 year	9,250	9,250
Later than 5 years	46,333	54,333
	-------	-------
	55,583	63,583
	-------	-------

11. Directors' advances, credits and guarantees

Included in other debtors is an amount due from C J F Hemstock to the company of £38,756 (2019: £34,462). The maximum amount overdrawn in the year was £50,462 and interest of £904 was charged.