Amber Hall Jewellery Ltd
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Notes to the Accounts |
for the year ended 31 January 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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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.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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0 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 February 2019 |
2,998 |
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At 31 January 2020 |
2,998 |
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Depreciation |
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At 1 February 2019 |
2,998 |
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At 31 January 2020 |
2,998 |
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Net book value |
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At 31 January 2020 |
- |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Other debtors |
3,189 |
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939 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Bank loans and overdrafts |
1,905 |
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2,637 |
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Trade creditors |
18,015 |
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21,510 |
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Taxation and social security costs |
19,735 |
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16,302 |
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Other creditors |
126,727 |
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129,866 |
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166,382 |
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170,315 |
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6 |
Other information |
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Amber Hall Jewellery Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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2 Mermond Place |
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Mermond Place |
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Swanage |
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Dorset |
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BH19 1DG |