Amber Jewellery Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03309815

AMBER JEWELLERY LIMITED

Filleted Unaudited Financial Statements

31 December 2018

AMBER JEWELLERY LIMITED

Financial Statements

Year Ended 31 December 2018

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 10

AMBER JEWELLERY LIMITED

Officers and Professional Advisers

The board of directors	Mr A Kohli
	Mrs A Kohli

Company secretary	Mrs A Kohli

Registered office	MBL House
	16 Edward Court
	Altrincham Bus. Park
	Altrincham
	Cheshire
	WA14 5GL

Accountants	M B L
	Chartered Accountants
	MBL House
	16 Edward Court
	Altrincham Bus. Park
	Altrincham
	Cheshire
	WA14 5GL

AMBER JEWELLERY LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		3,042,012	3,067,652

Current assets

Stocks	6	664,531	704,876
Debtors	7	35,315	43,184
Cash at bank and in hand		298,930	466,545
		---------	------------
		998,776	1,214,605

Creditors: amounts falling due within one year	8	353,564		368,468
		---------		------------
Net current assets			645,212	846,137
			------------	------------
Total assets less current liabilities			3,687,224	3,913,789

Provisions

Taxation including deferred tax	–	47,993
	------------	------------
Net assets	3,687,224	3,865,796
	------------	------------

AMBER JEWELLERY LIMITED

Statement of Financial Position (continued)

31 December 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital		100	100
Revaluation reserve	10	1,044,259	996,266
Fair value reserve	10	126,375	126,375
Profit and loss account	10	2,516,490	2,743,055
		------------	------------
Shareholders funds		3,687,224	3,865,796
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 7 May 2019 , and are signed on behalf of the board by:

Mr A Kohli
Director

Company registration number: 03309815

AMBER JEWELLERY LIMITED

Notes to the Financial Statements

Year Ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The registered office is MBL House, 16 Edward Court, Altrincham Business Park, Altrincham, Cheshire WA14 5GL. The principal place of business is Unit 4, Canary Way, Agecroft Commerce Park, Salford, Manchester M27 8AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	straight line over 2 years
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Computer Equipment	-	20 % reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period on a straight line basis.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2017: 12 ).

5. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2018	1,654,500	1,295,000	9,972	543,078	93,075	3,595,625
Additions	–	–	–	881	–	881
Disposals	–	–	–	–	( 44,250)	( 44,250)
	------------	------------	-------	---------	--------	------------
At 31 Dec 2018	1,654,500	1,295,000	9,972	543,959	48,825	3,552,256
	------------	------------	-------	---------	--------	------------
Depreciation
At 1 Jan 2018	–	–	9,972	433,304	84,697	527,973
Charge for the year	–	–	–	20,090	1,009	21,099
Disposals	–	–	–	–	( 38,828)	( 38,828)
	------------	------------	-------	---------	--------	------------
At 31 Dec 2018	–	–	9,972	453,394	46,878	510,244
	------------	------------	-------	---------	--------	------------
Carrying amount
At 31 Dec 2018	1,654,500	1,295,000	–	90,565	1,947	3,042,012
	------------	------------	-------	---------	--------	------------
At 31 Dec 2017	1,654,500	1,295,000	–	109,774	8,378	3,067,652
	------------	------------	-------	---------	--------	------------

Included within the above is investment property as follows:

	£
	------------
At 1 January 2018 and 31 December 2018	654,500
	------------

The investment property was valued in 2009 by the directors on the basis of open market value. The directors consider that there has been no significant movement in open market value since this date. The original cost of the investment property was £528,125 (2017 - £528,125).

Tangible assets held at valuation

At the previous year end the long leasehold property was revalued by the directors to their estimate of fair value. At the previous year end the freehold property was revalued by the directors to their estimate of fair value.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property	Long leasehold property	Total
	£	£	£
At 31 December 2018
Aggregate cost	492,438	758,301	1,250,739
Aggregate depreciation	(9,849)	(228,713)	(238,562)
	---------	---------	------------
Carrying value	482,589	529,588	1,012,177
	---------	---------	------------

At 31 December 2017
Aggregate cost	492,438	758,301	1,250,739
Aggregate depreciation	(112,762)	(213,547)	(326,309)
	---------	---------	------------
Carrying value	379,676	544,754	924,430
	---------	---------	------------

6. Stocks

	2018	2017
	£	£
Finished goods and goods for resale	664,531	704,876
	---------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	13,280	25,311
Other debtors	22,035	17,873
	--------	--------
	35,315	43,184
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	14,922	13,656
Social security and other taxes	20,872	48,664
Other creditors	317,770	306,148
	---------	---------
	353,564	368,468
	---------	---------

Included in other creditors is a secured debt of £0 (2017 - £2,423). This is secured over the asset to which it relates.

9. Analysis of other comprehensive income

	Revaluation reserve	Profit and loss account	Total
	£	£	£
Year ended 31 December 2018
Deferred tax on revaluation of fixed assets	47,993	–	47,993
	--------	----	--------

Year ended 31 December 2017
Reclassification from revaluation reserve to profit and loss account	( 61,853)	61,853	–
Deferred tax on revaluation of fixed assets	13,860	–	13,860
	--------	--------	--------
	( 47,993)	61,853	13,860
	--------	--------	--------

10. Reserves

Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on fixed assets. It is a non-distributable reserve. Fair value reserve - this reserve records the value of asset revaluations and fair value movements on investment properties. It is a non-distributable reserve. Profit and loss account - this reserve records retained earnings and accumulated losses.

11. Directors' advances, credits and guarantees

There were no directors' advances, credits or guarantees during the current year or the previous year.

12. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2018	2017	2018	2017
	£	£	£	£
Mr A Kohli	–	–	( 179,373)	( 179,373)
	----	----	---------	---------

Mr A Kohli is a director of the company.