Hemstock's Jewellers Limited Filleted accounts for Companies House (small and micro)

HEMSTOCK'S JEWELLERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04470094

Hemstock's Jewellers Limited

Unaudited financial statements

31 October 2023

Hemstock's Jewellers Limited

Statement of financial position

31 October 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5	23,616	28,541
Investments	6	986,778	986,778
		-----------	-----------
		1,010,394	1,015,319

Current assets

Stocks		278,568	334,466
Debtors	7	61,842	71,491
Cash at bank and in hand		8,738	171
		---------	---------
		349,148	406,128

Creditors: Amounts falling due within one year	8	( 911,709)		( 881,603)
		---------		---------
Net current liabilities			( 562,561)		( 475,475)
			-----------		-----------
Total assets less current liabilities			447,833		539,844

Creditors: Amounts falling due after more than one year	9		( 19,812)		( 35,405)

Provisions

Taxation including deferred tax	( 4,150)	( 4,358)
	---------	---------
Net assets	423,871	500,081
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	423,771	499,981
	---------	---------
Shareholders funds	423,871	500,081
	---------	---------

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 October 2023 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 .

Hemstock's Jewellers Limited

Statement of financial position (continued)

31 October 2023

These financial statements were approved by the board of directors and authorised for issue on 15 May 2024 , and are signed on behalf of the board by:

C J F Hemstock

Director

Company registration number: 04470094

Hemstock's Jewellers Limited

Notes to the financial statements

Year ended 31 October 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address is 37 Market Street, Wymondham, Norfolk, NR18 0AJ.

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. Accounting policies

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

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.

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:

Property improvements	-	10% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of employees during the year was 13 (2022: 13 ).

5. Tangible assets

	Property improve- ments	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2022	14,993	123,849	3,260	142,102
Additions	–	–	535	535
	-------	---------	------	---------
At 31 October 2023	14,993	123,849	3,795	142,637
	-------	---------	------	---------
Depreciation
At 1 November 2022	11,998	98,577	2,986	113,561
Charge for the year	1,499	3,791	170	5,460
	-------	---------	------	---------
At 31 October 2023	13,497	102,368	3,156	119,021
	-------	---------	------	---------
Carrying amount
At 31 October 2023	1,496	21,481	639	23,616
	-------	---------	------	---------
At 31 October 2022	2,995	25,272	274	28,541
	-------	---------	------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2022 and 31 October 2023	986,778
	---------
Impairment
At 1 November 2022 and 31 October 2023	–
	---------

Carrying amount
At 31 October 2023	986,778
	---------
At 31 October 2022	986,778
	---------

7. Debtors

	2023	2022
	£	£
Other debtors	61,842	71,491
	-------	-------

8. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	26,546	43,540
Trade creditors	61,821	79,442
Amounts owed to group undertakings and undertakings in which the company has a participating interest	668,694	564,030
Social security and other taxes	36,158	14,360
Other creditors	118,490	180,231
	---------	---------
	911,709	881,603
	---------	---------

Included in creditors are bank loans and overdrafts of £26,546 (2022: £43,540) which are secured by the company.

9. Creditors: Amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	19,812	35,405
	-------	-------

Included in creditors: amounts falling due after more than one year are bank loans and overdrafts of £19,812 (2022: £35,405) which are secured by the company.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	9,250	9,250
Later than 1 year and not later than 5 years	22,333	30,333
	-------	-------
	31,583	39,583
	-------	-------

11. Directors' advances, credits and guarantees

Included in other debtors is an amount due from C J F Hemstock to the company of £49,065 (2022: £60,513). Interest of £1,163 was charged at the official rate.