Company registration number 00600574 (England and Wales)
A. AINSWORTH & SONS (JEWELLERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
A. AINSWORTH & SONS (JEWELLERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
A. AINSWORTH & SONS (JEWELLERS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
149,076
152,890
Investments
4
200
200
149,276
153,090
Current assets
Stocks
327,500
327,228
Debtors
5
325
3,344
Cash at bank and in hand
4,113
547
331,938
331,119
Creditors: amounts falling due within one year
6
(516,170)
(544,052)
Net current liabilities
(184,232)
(212,933)
Total assets less current liabilities
(34,956)
(59,843)
Creditors: amounts falling due after more than one year
7
(13,435)
(19,404)
Net liabilities
(48,391)
(79,247)
Capital and reserves
Called up share capital
8
20,000
20,000
Revaluation reserve
9
127,100
130,611
Profit and loss reserves
(195,491)
(229,858)
Total equity
(48,391)
(79,247)
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 2023 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.
The 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 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr P J Ainsworth
Director
Company registration number 00600574 (England and Wales)
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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 directortrues in order to meet its liabilities as they fall due. The directors 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 recovered.
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 2023
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.
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold property
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
200,750
56,926
257,676
Additions
1,225
1,225
At 31 March 2023
200,750
58,151
258,901
Depreciation and impairment
At 1 April 2022
51,390
53,396
104,786
Depreciation charged in the year
4,015
1,024
5,039
At 31 March 2023
55,405
54,420
109,825
Carrying amount
At 31 March 2023
145,345
3,731
149,076
At 31 March 2022
149,360
3,530
152,890
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
2023
2022
£
£
Cost
25,200
25,200
Accumulated depreciation
(6,955)
(6,451)
Carrying value
18,245
18,749
A. AINSWORTH & SONS (JEWELLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
200
200
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
325
3,344
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28,906
29,755
Trade creditors
45,916
74,972
Taxation and social security
5,183
2,395
Other creditors
436,165
436,930
516,170
544,052
Other creditors include amounts due to the directors of £362,371 (2022 - £367,978) and to close relatives of the directors of £70,747 (2022 - £63,231).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,435
19,404
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
200
200
20,000
20,000
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
130,611
134,122
Transfer to retained earnings
(3,511)
(3,511)
At the end of the year
127,100
130,611