Waite & Son (Jewellers) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00301490 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

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

4th Floor

St James House

St James Square

Cheltenham

Gloucestershire

GL50 3PR

FIXED ASSETS

Tangible assets

4

1,988,352

1,973,576

Investments

5

6,500

6,500

1,994,852

1,980,076

CURRENT ASSETS

Stocks

2,263,342

1,947,259

Debtors

6

147,313

42,862

Cash at bank

20,687

12,725

2,431,342

2,002,846

CREDITORS

Amounts falling due within one year

7

1,916,588

3,027,852

NET CURRENT ASSETS/(LIABILITIES)

514,754

(1,025,006

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,509,606

955,070

CREDITORS

Amounts falling due after more than one year

8

1,784,530

200,076

NET ASSETS

725,076

754,994

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Revaluation reserve

9

857,832

857,832

Retained earnings

9

(135,756

)

(105,838

)

725,076

754,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 24 October 2023 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.

The directors have considered the going concern of the company and have prepared the financial statements on a going concern basis based on the continuing support of an external investor. The investor, has confirmed that it will continue to provide this support for 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

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

Motor vehicles

-

20% on cost

Office equipment

-

33.3% 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 20 (2022 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2022

1,800,000

595,216

50,086

Additions

-

2,400

-

Disposals

-

-

-

At 31 January 2023

1,800,000

597,616

50,086

DEPRECIATION

At 1 February 2022

-

534,423

27,977

Charge for year

-

12,159

4,422

Eliminated on disposal

-

-

-

At 31 January 2023

-

546,582

32,399

NET BOOK VALUE

At 31 January 2023

1,800,000

51,034

17,687

At 31 January 2022

1,800,000

60,793

22,109

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2022

113,188

7,441

2,565,931

Additions

130,621

-

133,021

Disposals

(113,188

)

-

(113,188

)

At 31 January 2023

130,621

7,441

2,585,764

DEPRECIATION

At 1 February 2022

22,638

7,317

592,355

Charge for year

18,535

124

35,240

Eliminated on disposal

(30,183

)

-

(30,183

)

At 31 January 2023

10,990

7,441

597,412

NET BOOK VALUE

At 31 January 2023

119,631

-

1,988,352

At 31 January 2022

90,550

124

1,973,576

The freehold property was valued at £1,800,000 on an open market basis on 31/01/2022 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 2022

and 31 January 2023

6,500

NET BOOK VALUE

At 31 January 2023

6,500

At 31 January 2022

6,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

25,124

34,068

Other debtors

122,189

8,794

147,313

42,862

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

134,805

820,159

Hire purchase contracts

21,433

83,698

Trade creditors

732,798

821,213

Taxation and social security

563,263

559,426

Other creditors

464,289

743,356

1,916,588

3,027,852

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,003,580

200,076

Hire purchase contracts

118,750

-

Other creditors

662,200

-

1,784,530

200,076

9.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2022

(105,838

)

857,832

751,994

Deficit for the year

(29,918

)

(29,918

)

At 31 January 2023

(135,756

)

857,832

722,076

10.	RELATED PARTY DISCLOSURES

11.	CONTROLLING PARTY

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