AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04285704

AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM

Filleted Unaudited Financial Statements

31 December 2022

AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	4		288,346		229,004

Current assets

Stocks		3,045,608	2,944,099
Debtors	5	48,738	110,330
Cash at bank and in hand		10,800	17,576
		------------	------------
		3,105,146	3,072,005

Creditors: amounts falling due within one year	6	1,569,747		1,697,346
		------------		------------
Net current assets			1,535,399		1,374,659
			------------		------------
Total assets less current liabilities			1,823,745		1,603,663

Creditors: amounts falling due after more than one year	7	1,166,517	940,640
		------------	------------
Net assets		657,228	663,023
		------------	------------

Capital and reserves

Called up share capital	25,000	25,000
Profit and loss account	632,228	638,023
	---------	---------
Shareholders funds	657,228	663,023
	---------	---------

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 December 2022 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 .

AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:

Mr.G. Sivasundram	Mr.K. Sivasundram
Director	Director

Company registration number: 04285704

AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM

Accounting Policies

Year ended 31 December 2022

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.

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

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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	25% straight line
Motor vechicles	-	25% straight line
Equipment	-	25% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

AGKM Limited Trading as WESTERN JEWELLERS AND SILK EMPORIUM

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 122 Upper Tooting Road, London, SW17 7EN.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2021: 26 ).

4. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2022	228,997	155,209	–	29,155	413,361
Additions	–	–	74,958	–	74,958
	---------	---------	--------	--------	---------
At 31 December 2022	228,997	155,209	74,958	29,155	488,319
	---------	---------	--------	--------	---------
Depreciation
At 1 January 2022	–	155,207	–	29,150	184,357
Charge for the year	–	–	15,616	–	15,616
	---------	---------	--------	--------	---------
At 31 December 2022	–	155,207	15,616	29,150	199,973
	---------	---------	--------	--------	---------
Carrying amount
At 31 December 2022	228,997	2	59,342	5	288,346
	---------	---------	--------	--------	---------
At 31 December 2021	228,997	2	–	5	229,004
	---------	---------	--------	--------	---------

5. Debtors

	2022	2021
	£	£
Other debtors	48,738	110,330
	--------	---------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	169,100	163,278
Trade creditors	975,690	1,153,484
Amounts owed to group undertakings and undertakings in which the company has a participating interest	263,488	263,488
Corporation tax	32,840	62,866
Social security and other taxes	89,107	30,256
Other creditors	39,522	23,974
	------------	------------
	1,569,747	1,697,346
	------------	------------

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	682,993	509,154
Other creditors	483,524	431,486
	------------	---------
	1,166,517	940,640
	------------	---------

8. Directors' advances, credits and guarantees

The credit balance on directors account as at 31 December 2022 amounts to £33,985 (2021-£17,515) included under other creditors.

9. Related party transactions

The company rents one of its premises from Mr.V and Mrs.A.Sivasundram who are directors and members of the company and the charge for the year included in rent amounted to £30,000(2021-£30,000). The amount owed to Mr.V. and Mrs.A. Sivasundram as at 31 December 2022 amounted to £431,326 (2021-£431,326) shown under long term loan under other creditors. No interest was charged for the current or previous years. Dividend paid during the year £10,000(2021-£10,000).