Phillip Stoner Jewellery Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01880573 (England and Wales)

PHILLIP STONER JEWELLERY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J P Stoner

SECRETARY:

P Stoner

REGISTERED OFFICE:

31-35 County Arcade

Victoria Quarter

Leeds

West Yorkshire

LS1 6BH

REGISTERED NUMBER:

01880573 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

27a Lidget Hill

Pudsey

Leeds

LS28 7LG

BANKERS:

Lloyds

45 Hustlergate

Bradford

West Yorkshire

BD1 1NT

FIXED ASSETS

Tangible assets

4

174,996

195,637

CURRENT ASSETS

Stocks

948,811

915,969

Debtors

5

1,122,934

975,297

Cash at bank and in hand

165,286

133,511

2,237,031

2,024,777

CREDITORS

Amounts falling due within one year

6

1,099,588

969,896

NET CURRENT ASSETS

1,137,443

1,054,881

TOTAL ASSETS LESS CURRENT LIABILITIES

1,312,439

1,250,518

CREDITORS

Amounts falling due after more than one year

7

(102,491

)

(132,791

)

PROVISIONS FOR LIABILITIES

10

(100,541

)

(13,734

)

NET ASSETS

1,109,407

1,103,993

CAPITAL AND RESERVES

Called up share capital

11

15,000

15,000

Retained earnings

12

1,094,407

1,088,993

SHAREHOLDERS' FUNDS

1,109,407

1,103,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 22 June 2017 and were signed by:

J P Stoner - Director

1.	STATUTORY INFORMATION

Phillip Stoner Jewellery 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Transition to FRS102

The significant accounting policies applied in the preparation of these financial statements are set out

below. The company adopted FRS102 in the current year, the directors have considered all

restatements required for the transition to FRS102 and are of the opinion no such items exist.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

14% on cost and 6% on cost

Fixtures and fittings

-

33% on cost 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.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except those financial assets

classified at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include

cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal

commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at

transaction price less impairment (if any) due to concerns over recoverability.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company makes contributions to the personal pension scheme of the directors. Contributions are

charged to the profit and loss account as and when incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 29 February 2016

240,249

246,361

486,610

Additions

-

6,621

6,621

At 28 February 2017

240,249

252,982

493,231

DEPRECIATION

At 29 February 2016

100,434

190,539

290,973

Charge for year

16,097

11,165

27,262

At 28 February 2017

116,531

201,704

318,235

NET BOOK VALUE

At 28 February 2017

123,718

51,278

174,996

At 28 February 2016

139,815

55,822

195,637

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

4,423

11,250

Other debtors

1,563

1,063

Prepayments and accrued income

109,884

58,004

115,870

70,317

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,007,064

904,980

Aggregate amounts

1,122,934

975,297

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

30,300

30,300

Trade creditors

617,747

383,336

Taxation

18,655

73,396

Other taxes and social security

43,289

75,793

Other creditors

81,857

81,447

Directors' loan accounts

163,959

170,699

Accruals and deferred income

143,781

154,925

1,099,588

969,896

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

30,300

30,300

Bank loans due 2-5 years

65,525

85,825

Bank loans > 5 years

6,666

16,666

102,491

132,791

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

6,666

16,666

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

268,815

268,815

Between one and five years

786,460

970,910

In more than five years

675,104

759,469

1,730,379

1,999,194

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

132,791

163,091

Mr P Stoner has given security to the company's bankers in the form of a personal guarantee to the

limit of £100,000.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

12,671

13,734

Other provisions

87,870

-

100,541

13,734

Deferred

Onerous

tax

lease

£

£

Balance at 29 February 2016

13,734

-

Provided during year

-

87,870

Accelerated capital allowances

(1,063

)

-

Balance at 28 February 2017

12,671

87,870

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

15,000

Ordinary

£1

15,000

15,000

12.

RESERVES

Retained

earnings

£

At 29 February 2016

1,088,993

Profit for the year

59,914

Dividends

(54,500

)

At 28 February 2017

1,094,407

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company is paying a market rate of interest to the director whilst the director's loan account is in

credit. The amount charged this year totals £30,000.

14.	ULTIMATE CONTROLLING PARTY