J._J._BROWNE_&_SON_(JEWEL - Accounts

J. J. BROWNE & SON (JEWELLERS) LIMITED - Company Information

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Company Registration No. 00672832 (England and Wales)

J. J. BROWNE & SON (JEWELLERS) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

J. J. BROWNE & SON (JEWELLERS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

J. J. BROWNE & SON (JEWELLERS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

3,637

4,456

Current assets

Stocks

680,130

661,452

Debtors

31,811

13,377

711,941

674,829

Creditors: amounts falling due within one year

(388,121)

(360,016)

Net current assets

323,820

314,813

Total assets less current liabilities

327,457

319,269

Creditors: amounts falling due after more than one year

(65,608)

(74,160)

261,849

245,109

Capital and reserves

Called up share capital

750

Profit and loss account

261,099

244,359

Shareholders' funds

261,849

245,109

For the financial year ended 30 June 2016 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 March 2017

Mr A J Browne

Director

Company Registration No. 00672832

J. J. BROWNE & SON (JEWELLERS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services supplied, exclusive of Value Added Tax and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold land and building

10 year straight line

Fixtures, fittings & equipment

15% reducing balance or 3 years straight line

1.5

Leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of a director. The assets of the schemes are held separately from those of the company in independently administered fund. Contributions payable are charged to the profit and loss account in the year they are payable.

J. J. BROWNE & SON (JEWELLERS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 July 2015 & at 30 June 2016

39,975

Depreciation

At 1 July 2015

35,519

Charge for the year

819

At 30 June 2016

36,338

Net book value

At 30 June 2016

3,637

At 30 June 2015

4,456

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

34,748

45,250

Creditors totalling £131,115 (2015 - £122,418) are secured by the company. Of these £107,255 (2015 - £92,478) are due for repayment within one year.

Share capital

2016

2015

Allotted, called up and fully paid

750 Ordinary of £1 each

750