Element Bespoke Jewellery Limited - Period Ending 2015-07-31

Registration number: 4482992

Element Bespoke Jewellery Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Element Bespoke Jewellery Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Element Bespoke Jewellery Limited
(Registration number: 4482992)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					11,778			12,297
Current assets
Stocks					95,401			89,046
Debtors					51,941			52,744
Cash at bank and in hand					15,054			26,222
					162,396			168,012
Creditors: Amounts falling due within one year					(166,338)			(152,953)
Net current (liabilities)/assets					(3,942)			15,059
Total assets less current liabilities					7,836			27,356
Creditors: Amounts falling due after more than one year					(1,612)			(11,015)
Net assets					6,224			16,341
Capital and reserves
Called up share capital		4			200			200
Profit and loss account					6,024			16,141
Shareholders' funds					6,224			16,341

For the year ending 31 July 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 13 January 2016 and signed on its behalf by:

.........................................
J McGarr
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Element Bespoke Jewellery Limited
(Registration number: 4482992)
Abbreviated Balance Sheet at 31 July 2015
......... continued

.........................................
G McLeary
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Element Bespoke Jewellery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the value of goods sold during the period, net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lives as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	15% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Cost is calculated at the actual cost incurred less VAT and trade discounts. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Element Bespoke Jewellery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		62,024			62,024
Additions		1,560			1,560
At 31 July 2015		63,584			63,584
Depreciation
At 1 August 2014		49,727			49,727
Charge for the year		2,079			2,079
At 31 July 2015		51,806			51,806
Net book value
At 31 July 2015		11,778			11,778
At 31 July 2014		12,297			12,297

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		8,500			8,500
Amounts falling due after more than one year		1,612			11,015
Total secured creditors		10,112			19,515

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		200			200			200			200

New shares allotted

During the year - having an aggregate nominal value of £nil were allotted for an aggregate consideration of £nil.

Page 4

Element Bespoke Jewellery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
J McGarr
Interest charged at HMRC official rate and repayable on demand	36,592	-	36,593	-
G McLeary
Interest charged at HMRC rate and repayable on demand	(653)	-	(715)	-

Page 5