Company registration number 00600574 (England and Wales)
A. AINSWORTH & SONS (JEWELLERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
A. AINSWORTH & SONS (JEWELLERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A. AINSWORTH & SONS (JEWELLERS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
152,890
157,375
Investments
4
200
200
153,090
157,575
Current assets
Stocks
327,228
261,640
Debtors
5
3,344
6,030
Cash at bank and in hand
547
676
331,119
268,346
Creditors: amounts falling due within one year
6
(544,052)
(499,353)
Net current liabilities
(212,933)
(231,007)
Total assets less current liabilities
(59,843)
(73,432)
Creditors: amounts falling due after more than one year
7
(19,404)
(27,802)
Net liabilities
(79,247)
(101,234)
Capital and reserves
Called up share capital
8
20,000
20,000
Revaluation reserve
9
130,611
134,122
Profit and loss reserves
(229,858)
(255,356)
Total equity
(79,247)
(101,234)
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 March 2022 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.
A. AINSWORTH & SONS (JEWELLERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 December 2022 and are signed on its behalf by:
Mr P J Ainsworth
Director
Company Registration No. 00600574
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
A. Ainsworth & Sons (Jewellers) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
57-59 Darwen Street, Blackburn, Lancashire, BB2 2BW.
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.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its director
true
s
in order to meet its liabilities as they fall due. The director
s
have
indicated that this support will continue for the foreseeable future and, as a result,
have
adopted the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Freehold land and buildings
2% Straight Line
Fixtures and fittings
25% Reducing Balance
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
.
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
1.8
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.
1.9
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold property
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2021
200,750
56,284
257,034
Additions
642
642
At 31 March 2022
200,750
56,926
257,676
Depreciation and impairment
At 1 April 2021
47,375
52,284
99,659
Depreciation charged in the year
4,015
1,112
5,127
At 31 March 2022
51,390
53,396
104,786
Carrying amount
At 31 March 2022
149,360
3,530
152,890
At 31 March 2021
153,375
4,000
157,375
Freehold property was valued on an open market basis by the directors in 2010 at a value of £200,750.
The revaluation surplus is disclosed in note
9.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold property
2022
2021
£
£
Cost
25,200
25,200
Accumulated depreciation
(6,451)
(5,947)
Carrying value
18,749
19,253
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
200
200
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
3,344
6,030
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
29,755
26,998
Trade creditors
74,972
25,038
Taxation and social security
2,395
6,291
Other creditors
436,930
441,026
544,052
499,353
Other creditors include amounts due to the directors of £367,978 (2021 - £377,295) and to a close relative of the directors of £63,231 (2021 - £63,231).
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
19,404
27,802
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
200
200
20,000
20,000
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
9
Revaluation reserve
2022
2021
£
£
At the beginning of the year
175,550
175,550
Prior year adjustment
(41,428)
As restated
134,122
175,550
Transfer to retained earnings
(3,511)
(41,428)
At the end of the year
130,611
134,122
10
Prior period adjustment
The accounts have been restated to incorporate the effect of transferring the depreciation on a property revaluation to reserves. The change has not affected profit and loss for the period but has resulted in profits available for distribution increasing by £41,428.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2021
£
£
£
Net assets
(101,234)
-
(101,234)
Capital and reserves
Revaluation reserve
175,550
(41,428)
134,122
Profit and loss reserves
(296,784)
41,428
(255,356)
Total equity
(101,234)
-
(101,234)