Company Registration No. 05449042 (England and Wales)
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 9
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
5
334,873
62,931
Tangible assets
6
97,978
113,582
432,851
176,513
Current assets
Debtors
7
264,649
201,096
Cash at bank and in hand
2,729,263
3,208,081
2,993,912
3,409,177
Creditors: amounts falling due within one year
8
(1,213,866)
(1,152,401)
Net current assets
1,780,046
2,256,776
Net assets
2,212,897
2,433,289
Reserves
Income and expenditure account
2,212,897
2,433,289
Members' funds
2,212,897
2,433,289
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 April 2022 and are signed on its behalf by:
D Bouffard
Director
Company Registration No. 05449042
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Council for Responsible Jewellery Practices Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Quality House, 5-9 Quality Court, London, United Kingdom, WC2 1HP.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
10 years straight line
1.4
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:
Plant and equipment
4 years straight line
Office Fixtures and fittings
5 years straight line
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 surplus or deficit
.
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
surplus
or
deficit
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
surplus
or
deficit
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.7
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company is exempt from corporation tax for it's regular activities, it being a company not carrying on a business for the purposes of making a profit.
Corporation tax is payable on interest earned.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. Residual value assessments consider issues such as the remaining life of the assets and projected disposal values.
Intangible assets
Intangible
assets are
amortised
over their useful lives taking into accounts
impairments
, where appropriate. The actual lives of the assets and
any impairments are
assessed annually and may vary depending on the number of factors.
Impairment
assessments consider issues such as
if the asset is still in use and projected future cash flows from the intangible asset
.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
15
11
4
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,640
4,140
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Intangible fixed assets
Other
£
Cost
At 1 January 2021
74,360
Additions
285,052
At 31 December 2021
359,412
Amortisation and impairment
At 1 January 2021
11,429
Amortisation charged for the year
13,110
At 31 December 2021
24,539
Carrying amount
At 31 December 2021
334,873
At 31 December 2020
62,931
6
Tangible fixed assets
Furniture, fittings and equipment
£
Cost
At 1 January 2021
287,565
Additions
16,957
At 31 December 2021
304,522
Depreciation and impairment
At 1 January 2021
173,983
Depreciation charged in the year
32,561
At 31 December 2021
206,544
Carrying amount
At 31 December 2021
97,978
At 31 December 2020
113,582
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
193,300
166,719
Other debtors
26,723
17,383
Prepayments and accrued income
44,626
16,994
264,649
201,096
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
172,295
122,558
Corporation tax
81
1,074
Other creditors
27,488
43,157
Accruals and deferred income
1,014,002
985,612
1,213,866
1,152,401
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The auditor was Critchleys Audit LLP.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
184,821
241,689
COUNCIL FOR RESPONSIBLE JEWELLERY PRACTICES LIMITED
RESPONSIBLE JEWELLERY COUNCIL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Operating lease commitments
(Continued)
- 9 -
Lease commitments due
within one year were £56,868 (2020: £56,868).
Lease commitments due between one and two years were £56,868 (2020: £56,868)
Lease commitments due between two and five years were £71,085 (2020: £127,953).
2021-12-31
2021-01-01
false
25 April 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
D Azar
D Backaert
G Bodei
D Bouffard
G Cavalieri
E Rocquigny
M Di Roberto
F Gsell
P Karakchiev
M Kilgarriff
A Kumbhat
S Lussier
G Magid
B Malek
R Neelakanta
B Pinet
I Poly
P Reisert
M Steinmetz
F Zerouki
J Pounds
Dr R Wiskemann
I Ciabatti
A Hira
M Lerche
P Mehta
M Hanna
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