Phillip Stoner Jewellery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01880573 (England and Wales)

PHILLIP STONER JEWELLERY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

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

151,741

174,996

CURRENT ASSETS

Stocks

923,826

948,811

Debtors

5

1,250,249

1,122,934

Cash at bank and in hand

114,679

165,286

2,288,754

2,237,031

CREDITORS

Amounts falling due within one year

6

1,075,801

1,099,588

NET CURRENT ASSETS

1,212,953

1,137,443

TOTAL ASSETS LESS CURRENT LIABILITIES

1,364,694

1,312,439

CREDITORS

Amounts falling due after more than one year

7

(72,190

)

(102,491

)

PROVISIONS FOR LIABILITIES

(10,318

)

(100,541

)

NET ASSETS

1,282,186

1,109,407

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

1,267,186

1,094,407

SHAREHOLDERS' FUNDS

1,282,186

1,109,407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 14 September 2018 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.

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 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 21 (2017 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 March 2017

240,249

252,982

493,231

Additions

-

2,722

2,722

At 28 February 2018

240,249

255,704

495,953

DEPRECIATION

At 1 March 2017

116,531

201,704

318,235

Charge for year

16,097

9,880

25,977

At 28 February 2018

132,628

211,584

344,212

NET BOOK VALUE

At 28 February 2018

107,621

44,120

151,741

At 28 February 2017

123,718

51,278

174,996

5.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

519

4,423

Other debtors

75,997

111,447

76,516

115,870

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,173,733

1,007,064

Aggregate amounts

1,250,249

1,122,934

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

30,300

30,300

Trade creditors

450,793

617,747

Taxation and social security

111,073

61,944

Other creditors

483,635

389,597

1,075,801

1,099,588

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

72,190

102,491

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

-

6,666

8.	LEASING AGREEMENTS

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

2018

2017

£

£

Within one year

268,815

268,815

Between one and five years

744,460

786,460

In more than five years

448,289

675,104

1,461,564

1,730,379

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

102,490

132,791

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.	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.

11.	ULTIMATE CONTROLLING PARTY