Waite & Son (Jewellers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00301490 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Waite & Son (Jewellers) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A R T Rose

A Rose

REGISTERED OFFICE:

70 The Promenade

CHELTENHAM

GL50 1LY

REGISTERED NUMBER:

00301490 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Fourth Floor St James House

St James Square

Cheltenham

Gloucestershire

GL50 3PR

FIXED ASSETS

Tangible assets

4

1,895,223

2,165,158

Investments

5

6,500

6,500

1,901,723

2,171,658

CURRENT ASSETS

Stocks

1,470,183

1,198,397

Debtors

6

378,201

310,074

Cash at bank

20,004

13,797

1,868,388

1,522,268

CREDITORS

Amounts falling due within one year

7

2,080,744

1,627,662

NET CURRENT LIABILITIES

(212,356

)

(105,394

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,689,367

2,066,264

CREDITORS

Amounts falling due after more than one year

8

399,476

508,974

NET ASSETS

1,289,891

1,557,290

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Revaluation reserve

9

857,832

1,107,832

Retained earnings

9

429,059

446,458

SHAREHOLDERS' FUNDS

1,289,891

1,557,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2022 and were signed on its behalf by:

A R T Rose - Director

1.	STATUTORY INFORMATION

Waite & Son (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 as modified by the revaluation of certain assets.

In light of the current climate in relation to the Covid-19 pandemic, the directors have reviewed the company's finances which confirm the company has adequate support and funding available to continue operating for the foreseeable future. The directors believe there are no material uncertainties that call into doubt the company's ability to continue as a going concern.

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

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 17 (2020 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 February 2020

2,050,000

586,516

44,298

7,441

2,688,255

Additions

-

6,000

-

-

6,000

Revaluations

(250,000

)

-

-

-

(250,000

)

At 31 January 2021

1,800,000

592,516

44,298

7,441

2,444,255

DEPRECIATION

At 1 February 2020

-

501,027

17,892

4,178

523,097

Charge for year

-

18,198

5,281

2,456

25,935

At 31 January 2021

-

519,225

23,173

6,634

549,032

NET BOOK VALUE

At 31 January 2021

1,800,000

73,291

21,125

807

1,895,223

At 31 January 2020

2,050,000

85,489

26,406

3,263

2,165,158

The freehold property was valued at £1,800,000 on an open market basis on 31/01/2021 by the directors.

If the freehold property had not been revalued it would have been included at the historic cost of £1,079,237.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2020

and 31 January 2021

6,500

NET BOOK VALUE

At 31 January 2021

6,500

At 31 January 2020

6,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

18,935

4,146

Other debtors

359,266

305,928

378,201

310,074

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

737,393

708,583

Trade creditors

683,329

537,413

Taxation and social security

401,026

176,669

Other creditors

258,996

204,997

2,080,744

1,627,662

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

399,476

508,974

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2020

446,458

1,107,832

1,554,290

Deficit for the year

(17,399

)

(17,399

)

Revaluation of property

-

(250,000

)

(250,000

)

At 31 January 2021

429,059

857,832

1,286,891

10.	RELATED PARTY DISCLOSURES

11.	CONTROLLING PARTY

The company is controlled by the directors by virtue of their shareholding.