J. J. Rudell & Co. Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01259624 (England and Wales)

J. J. RUDELL & CO. LIMITED

Financial Statements for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

Directors:

S J Jones

P A Rudell

J Weston

Registered office:

5-6 Greenfield Crescent

Edgbaston

Birmingham

B15 3BE

Registered number:

01259624 (England and Wales)

Auditors:

Haines Watts Birmingham LLP

5-6 Greenfield Crescent

Edgbaston

Birmingham

West Midlands

B15 3BE

Fixed assets

Tangible assets

5

2,333,414

2,266,508

Investments

6

1

1

2,333,415

2,266,509

Current assets

Stocks

7

6,926,559

7,306,809

Debtors

8

180,247

170,688

Cash at bank

5,215,026

1,633,118

12,321,832

9,110,615

Creditors

Amounts falling due within one year

9

2,428,893

1,300,624

Net current assets

9,892,939

7,809,991

Total assets less current liabilities

12,226,354

10,076,500

Provisions for liabilities

11

169,119

148,757

Net assets

12,057,235

9,927,743

Capital and reserves

Called up share capital

28,347

28,347

Share premium

70,260

70,260

Revaluation reserve

12

377,292

377,292

Capital redemption reserve

1,153

1,153

Retained earnings

11,580,183

9,450,691

12,057,235

9,927,743

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2022 and were signed on its behalf by:

J Weston - Director

1.	Statutory information

J. J. Rudell & Co. 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.

Going concern

The directors continue to adopt the going concern basis in preparing the financial statements as it is their belief that company has adequate resources and support to continue in operational existence for the foreseeable future. In making this assessment the directors have considered a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

All fixed assets are initially recorded at cost or valuation less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property

- 1.5% on revalued amount

Long term leasehold property

- Written off in equal installments over the lease from the date of acquisition

Leasehold improvements

- 7% on cost

Fixtures and fittings

- 15% reducing balance

Computer equipment

- 5 years straight line basis

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from revaluation reserve to the profit and loss reserve.

The Company has elected to adopt a 'deemed cost' value at the date of transition in the year ended 31 March 2016. This reflects the value of tangible assets under the previous revaluation policy under UK GAAP at the date of transition (1 March 2014). The Company will no longer apply the revaluation model under FRS 102 ( as it previously did under UK GAAP) and will hold assets at the deemed cost and depreciate them over their useful economic lives. Revaluations will no longer be performed.

On transition, the revaluation reserve remains in accordance with Companies Act 2006. Tangible assets are tested for impairment when an indicator of impairment is identified. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Any impairment of the carrying value is charged to the income statement. Impairment charges through the income statement relating to previously revalued assets are subsequently transferred from the profit and loss to the revaluation reserve.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases on a first in first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Valuation of investments

Investments in unlisted company shares, whose market value cannot be reliably determined, are stated at historical cost less impairment.

3.	Employees and directors

The average number of employees during the year was 33 (2021 - 35 ) .

4.	Auditors' remuneration

2022

2021

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,296

11,960

5.	Tangible fixed assets

Fixtures

Freehold

Long

and

property

leasehold

fittings

£

£

£

Cost

At 1 April 2021

1,382,260

768,276

1,393,645

Additions

-

-

134,356

At 31 March 2022

1,382,260

768,276

1,528,001

Depreciation

At 1 April 2021

83,457

414,124

780,092

Charge for year

14,938

21,856

111,722

At 31 March 2022

98,395

435,980

891,814

Net book value

At 31 March 2022

1,283,865

332,296

636,187

At 31 March 2021

1,298,803

354,152

613,553

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 April 2021

-

14,219

3,558,400

Additions

92,102

466

226,924

At 31 March 2022

92,102

14,685

3,785,324

Depreciation

At 1 April 2021

-

14,219

1,291,892

Charge for year

11,502

-

160,018

At 31 March 2022

11,502

14,219

1,451,910

Net book value

At 31 March 2022

80,600

466

2,333,414

At 31 March 2021

-

-

2,266,508

The freehold land and buildings were revalued on an open market basis on 12 January 2011 by external valuers Towler, Shaw and Roberts.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2022

2021

£

£

Cost

256,373

256,373

Accumulated depreciation

113,489

106,302

Net book value

142,884

150,071

6.	Fixed asset investments

Unlisted

investments

£

Cost

At 1 April 2021

and 31 March 2022

1

Net book value

At 31 March 2022

1

At 31 March 2021

1

The investment consists of a small minority holding (3.2%) in Houlden Jewellers Limited, a company incorporated in England, a buying group of which the company is a member.

7.

Stocks

2022

2021

£

£

Stocks

6,926,559

7,306,809

8.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

41,299

56,084

Other debtors

10,669

10,669

VAT

-

14,709

Prepayments

128,279

89,226

180,247

170,688

9.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

1,469,666

899,236

Corporation Tax

567,316

150,348

Social security and other taxes

35,678

34,695

VAT

128,160

-

Other creditors

48,884

39,584

Directors' loan accounts

47,886

44,445

Accruals and deferred income

131,303

132,316

2,428,893

1,300,624

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

690

17,203

Between one and five years

-

690

690

17,893

11.	Provisions for liabilities

2022

2021

£

£

Deferred tax

169,119

148,757

Deferred tax

£

Balance at 1 April 2021

148,757

Provided during year

20,362

Balance at 31 March 2022

169,119

12.

Reserves

Revaluation

reserve

£

At 1 April 2021

and 31 March 2022

377,292

13.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Andrew Hughes (Senior Statutory Auditor)

for and on behalf of Haines Watts Birmingham LLP

14.	Pension commitments

The Company operates a defined contribution pension scheme. The assets are held separately from those of the Company in an independent administer fund. The pension cost charge represents contributions payable by the Company fund and amounted to £37,906 (2021: £37,809). Contributions totalling £6,880 (2021: £6,852) were payable to the fund at the balance sheet date.

15.	Contingent liabilities

The company is party to a guarantee limited to £10,000 given to Bank of Scotland Plc in respect of Houlden Jewellers Limited.

16.	Related party disclosures

Included in creditors is an amount of £47,886 (2021: £44,445) due to P Rudell.

During the year ended 31 March 2022, a donation of £NIL (2021: £10,000) was made to The British School of Watchmaking, a charity in which J Weston is a Trustee.