Company Registration No. 00903725 (England and Wales)
GLENRAY JEWELLERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
GLENRAY JEWELLERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GLENRAY JEWELLERS LIMITED
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
56,200
66,094
Current assets
Stocks
402,097
450,357
Debtors
4
20,642
2,654
Cash at bank and in hand
112
2,157
422,851
455,168
Creditors: amounts falling due within one year
5
(139,837)
(251,256)
Net current assets
283,014
203,912
Total assets less current liabilities
339,214
270,006
Creditors: amounts falling due after more than one year
6
(40,682)
(46,249)
Net assets
298,532
223,757
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
298,432
223,657
Total equity
298,532
223,757
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GLENRAY JEWELLERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2020 and are signed on its behalf by:
Mr R A Cohen
Director
Company Registration No. 00903725
GLENRAY JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Glenray Jewellers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7a Market Place, Hitchin, England, SG5 1DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business net of discounts
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. Revenue from the provision of services is recognised when those services have been performed.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% SL
Computers
33% SL
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date
fixed
assets
are reviewed
to determine whether there is any indication that those assets have suffered an impairment loss. If
a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.
GLENRAY JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are
recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
4
GLENRAY JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018
152,725
Additions
2,029
At 31 July 2019
154,754
Depreciation and impairment
At 1 August 2018
86,631
Depreciation charged in the year
11,923
At 31 July 2019
98,554
Carrying amount
At 31 July 2019
56,200
At 31 July 2018
66,094
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,548
2,654
Other debtors
19,094
-
20,642
2,654
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
19,559
56,099
Trade creditors
46,897
43,999
Corporation tax
3,981
-
Other taxation and social security
6,689
10,912
Other creditors
62,711
140,246
139,837
251,256
GLENRAY JEWELLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
40,682
46,249