Fitzgerald Jewellers Limited Filleted accounts for Companies House (small and micro)

FITZGERALD JEWELLERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08968541

Fitzgerald Jewellers Limited

Filleted Unaudited Financial Statements

31 July 2020

Fitzgerald Jewellers Limited

Financial Statements

Year ended 31 July 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Fitzgerald Jewellers Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		78,819	91,168

Current assets

Stocks		377,361	405,918
Debtors	6	30,956	9,538
Cash at bank and in hand		40,585	3,414
		---------	---------
		448,902	418,870

Creditors: amounts falling due within one year	7	873,699		981,365
		---------		---------
Net current liabilities			424,797	562,495
			---------	---------
Total assets less current liabilities			( 345,978)	( 471,327)
			---------	---------
Net liabilities			( 345,978)	( 471,327)
			---------	---------

Capital and reserves

Called up share capital	50	50
Profit and loss account	( 346,028)	( 471,377)
	---------	---------
Shareholders deficit	( 345,978)	( 471,327)
	---------	---------

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fitzgerald Jewellers Limited

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 21 June 2021 , and are signed on behalf of the board by:

Mr T Fitzgerald
Director

Company registration number: 08968541

Fitzgerald Jewellers Limited

Notes to the Financial Statements

Year ended 31 July 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 26 Burgate, Canterbury, Kent, United Kingdom, CT1 2HA.

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.

Going concern

The financial statements have been prepared under the going concern basis which assumes the company will continue in existence for the foreseeable future. The Director, who is the sole shareholder, has confirmed his continued support and has a reasonable expectation that the company will be able to meet its liabilities as they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Long leasehold property	-	10% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2019: 12 ).

5. Tangible assets

	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 August 2019	95,611	44,732	15,326	155,669
Additions	–	1,476	1,209	2,685
	--------	--------	--------	---------
At 31 July 2020	95,611	46,208	16,535	158,354
	--------	--------	--------	---------
Depreciation
At 1 August 2019	38,244	19,206	7,051	64,501
Charge for the year	9,561	4,050	1,423	15,034
	--------	--------	--------	---------
At 31 July 2020	47,805	23,256	8,474	79,535
	--------	--------	--------	---------
Carrying amount
At 31 July 2020	47,806	22,952	8,061	78,819
	--------	--------	--------	---------
At 31 July 2019	57,367	25,526	8,275	91,168
	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	–	192
Other debtors	30,956	9,346
	--------	-------
	30,956	9,538
	--------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	–	21,245
Trade creditors	15,360	27,904
Social security and other taxes	22,131	15,172
Other creditors	836,208	917,044
	---------	---------
	873,699	981,365
	---------	---------

8. Operating leases

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

	2020	2019
	£	£
Not later than 1 year	82,500	82,500
Later than 1 year and not later than 5 years	20,781	103,281
	---------	---------
	103,281	185,781
	---------	---------

9. Related party transactions

At the period end, the company owed £825,757 (2019: £914,681) to a company related by common control. At the year end, the company owed the Director £130 (2019: £nil).