Bentley & Skinner (Bond Street Jewellers - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00356125 (England and Wales)

Bentley & Skinner (Bond Street

Jewellers) Limited

Financial Statements

for the Year Ended 31 December 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mark Evans

Paul Frank Greer

Secretaries:

Mark Evans

Paul Frank Greer

Alexander Adamov

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

00356125 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Bankers:

Coutts & Co

440 Strand

London

WC2R OQS

Fixed assets

Intangible assets

4

37,786

17,706

Tangible assets

5

19,253

61,330

57,039

79,036

Current assets

Stocks

7,641,048

7,089,057

Debtors

6

386,076

285,606

Cash at bank and in hand

834,469

2,258,275

8,861,593

9,632,938

Creditors

Amounts falling due within one year

7

2,636,364

3,178,161

Net current assets

6,225,229

6,454,777

Total assets less current liabilities

6,282,268

6,533,813

Provisions for liabilities

2,730

2,730

Net assets

6,279,538

6,531,083

Capital and reserves

Called up share capital

9

2,100

1,100

Capital redemption reserve

50

50

Retained earnings

6,277,388

6,529,933

Shareholders' funds

6,279,538

6,531,083

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 27 September 2023 and were signed on its behalf by:

Mark Evans - Director

1.	Statutory information

Bentley & Skinner (Bond Street 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that have been undertaken to mitigate the current market conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating stock provisions. A review of closing stock is carried out by management regularly. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provision based on net realisable value do not match the final selling price.

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is fully amortised.

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.

Website development is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Long leasehold

-

in accordance with the property

Fixtures and fittings

-

20% 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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

Government grants

The accruals models has been adopted in recognising grant income relating to the Coronavirus Job Retention Scheme (CJRS). Grant income has been recognised in the same period in which the expense has been incurred and included in other operating income.

3.	Employees and directors

The average number of employees during the year was 16 (2021 - 17 ) .

4.	Intangible fixed assets

Other

intangible

Goodwill

assets

Totals

£

£

£

Cost

At 1 January 2022

188,257

19,295

207,552

Additions

-

29,143

29,143

At 31 December 2022

188,257

48,438

236,695

Amortisation

At 1 January 2022

188,257

1,589

189,846

Charge for year

-

9,063

9,063

At 31 December 2022

188,257

10,652

198,909

Net book value

At 31 December 2022

-

37,786

37,786

At 31 December 2021

-

17,706

17,706

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 January 2022

and 31 December 2022

775,366

483,305

1,258,671

Depreciation

At 1 January 2022

738,102

459,239

1,197,341

Charge for year

37,264

4,813

42,077

At 31 December 2022

775,366

464,052

1,239,418

Net book value

At 31 December 2022

-

19,253

19,253

At 31 December 2021

37,264

24,066

61,330

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

62,906

15,338

Other debtors

323,170

270,268

386,076

285,606

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

64,466

15,294

Taxation and social security

382,602

491,267

Other creditors

2,189,296

2,671,600

2,636,364

3,178,161

8.	Leasing agreements

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

2022

2021

£

£

Within one year

323,750

262,000

Between one and five years

1,683,750

1,343,750

In more than five years

3,456,667

3,796,667

5,464,167

5,402,417

9.	Called up share capital

Allotted, issued and fully paid:

Nominal

2022

2021

Number:

Class:

Value:

£

£

990

Ordinary

£1

990

990

10

Ordinary A

£1

10

10

10

Ordinary B

£100

1,000

-

1

Ordinary S

£100

100

100

2,100

1,100

On 1 September 2022, 10 Ordinary B Shares with a nominal value of £100 were allotted with aggregate nominal value and consideration of £1,000. The Ordinary B Shares have the rights to participate in profits rights to a return of capital exceeding a hurdle on a pro rata basis. The Ordinary B Shares have no voting rights, are non-redeemable and are fully transferrable.

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

The Auditors' Report was unqualified.

Mr James Maxwell (Senior Statutory Auditor)

for and on behalf of Haines Watts

11.	Contingent liabilities

HM Revenue & Customs have raised an enquiry in connection with the 2010 Accounts. The directors had historically taken advice and did not believe that HM Revenue & Customs had a valid case. However, the directors have since made a settlement offer to HMRC. On this basis that the quantum cannot be reliably estimated, they do not believe that a provision is required for the potential taxation liability of £532,000.

12.	Related party transactions

At the year end, a balance of 57,584 was owed by the directors (2021: £621,354 was owed to the directors).

During the year, a payment of £100,000 (2021: £nil) was made into a consultants private pension scheme, who is a directors spouse.