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

WAITE & SON (JEWELLERS) LIMITED - Company Information

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REGISTERED NUMBER: 00301490 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

WAITE & SON (JEWELLERS) LIMITED

Page

Company Information

Statement of Financial Position

Notes to the Financial Statements

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

2,605,089

1,988,352

Investments

6,500

2,611,589

1,994,852

CURRENT ASSETS

Stocks

2,566,731

2,263,342

Debtors

76,163

147,313

Cash at bank

51,069

20,687

2,693,963

2,431,342

CREDITORS

Amounts falling due within one year

1,823,138

1,916,588

NET CURRENT ASSETS

870,825

514,754

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,482,414

2,509,606

CREDITORS

Amounts falling due after more than
one year

2,898,422

1,784,530

NET ASSETS

583,992

725,076

CAPITAL AND RESERVES

Called up share capital

3,000

Revaluation reserve

857,832

Retained earnings

(276,840

)

(135,756

)

583,992

725,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 22 April 2024 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 19 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Plant and

property

machinery

COST

At 1 February 2023

1,800,000

597,616

Additions

593,961

17,358

Disposals

At 31 January 2024

1,800,000

593,961

614,974

DEPRECIATION

At 1 February 2023

546,582

Charge for year

12,514

Eliminated on disposal

At 31 January 2024

559,096

NET BOOK VALUE

At 31 January 2024

1,800,000

593,961

55,878

At 31 January 2023

1,800,000

51,034

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

COST

At 1 February 2023

50,086

130,621

7,441

2,585,764

Additions

31,500

33,892

676,711

Disposals

(24,996

)

(24,996

)

At 31 January 2024

50,086

137,125

41,333

3,237,479

DEPRECIATION

At 1 February 2023

32,399

10,990

7,441

597,412

Charge for year

3,537

23,926

39,977

Eliminated on disposal

(4,999

)

(4,999

)

At 31 January 2024

35,936

29,917

7,441

632,390

NET BOOK VALUE

At 31 January 2024

14,150

107,208

33,892

2,605,089

At 31 January 2023

17,687

119,631

1,988,352

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 2023

and 31 January 2024

6,500

NET BOOK VALUE

At 31 January 2024

6,500

At 31 January 2023

6,500

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

Trade debtors

69,125

25,124

Other debtors

7,038

122,189

76,163

147,313

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

Bank loans and overdrafts

230,641

134,805

Hire purchase contracts

32,130

21,433

Trade creditors

973,129

732,798

Taxation and social security

325,942

563,263

Other creditors

261,296

464,289

1,823,138

1,916,588

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2024

2023

Bank loans

891,142

1,003,580

Hire purchase contracts

85,080

118,750

Other creditors

1,922,200

662,200

2,898,422

1,784,530

RESERVES

Retained

Revaluation

earnings

reserve

Totals

At 1 February 2023

(135,756

)

857,832

722,076

Deficit for the year

(141,084

)

(141,084

)

At 31 January 2024

(276,840

)

857,832

580,992

10.	RELATED PARTY DISCLOSURES

During the period, the company paid expenses on behalf of Beards London, a company the director has an interest in.

Due to uncertainties of recoverability we have provided against this debtor in full in the accounts £187,558 (2023: £284,602). This has been included as an exceptional item within the profit and loss account. The outstanding balance at the period end date was £nil (2023: £nil).

Included within creditors: amounts falling due within one year is a director's loan account in the sum of £38,667 (2023: £90,027 debtor) which has been provided by A Rose. The account is unsecured, interest free and carries no fixed date of repayment.

11.	CONTROLLING PARTY

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