Lance James the Jewellers Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05028399 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

LANCE JAMES THE JEWELLERS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L J Fleming

Mrs J A Fleming

SECRETARY:

Mrs J A Fleming

REGISTERED OFFICE:

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

REGISTERED NUMBER:

05028399 (England and Wales)

ACCOUNTANTS:

Chegwidden & Co

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

FIXED ASSETS

Intangible assets

4

4,800

8,400

Tangible assets

5

46,893

5,042

51,693

13,442

CURRENT ASSETS

Stocks

24,955

57,499

Debtors

634

30,494

Cash at bank and in hand

99,059

38,071

124,648

126,064

CREDITORS

Amounts falling due within one year

37,892

13,246

NET CURRENT ASSETS

86,756

112,818

TOTAL ASSETS LESS CURRENT LIABILITIES

138,449

126,260

CREDITORS

Amounts falling due after more than one year

27,615

-

NET ASSETS

110,834

126,260

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

110,734

126,160

SHAREHOLDERS' FUNDS

110,834

126,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 20th May 2024 and were signed on its behalf by:

Mrs J A Fleming - Director

1.	STATUTORY INFORMATION

Lance James the 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2022

and 30th June 2023

72,000

AMORTISATION

At 1st July 2022

63,600

Amortisation for year

3,600

At 30th June 2023

67,200

NET BOOK VALUE

At 30th June 2023

4,800

At 30th June 2022

8,400

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2022

11,182

Additions

50,935

Disposals

(7,492

)

At 30th June 2023

54,625

DEPRECIATION

At 1st July 2022

6,140

Charge for year

4,285

Eliminated on disposal

(2,693

)

At 30th June 2023

7,732

NET BOOK VALUE

At 30th June 2023

46,893

At 30th June 2022

5,042

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

50,935

At 30th June 2023

50,935

DEPRECIATION

Charge for year

4,245

At 30th June 2023

4,245

NET BOOK VALUE

At 30th June 2023

46,690

6.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan from the directors in the sum of £14,401 (2022; £10,968) which is interest free and repayable on demand.

Dividends of £10,000 (2022; £10,000) were paid to the directors in the year.

7.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of their holding of 100 percent of the issued share capital.