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Registered number: 04104163










CITIZEN WATCH UNITED KINGDOM, LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
COMPANY INFORMATION


Directors
N Takeuchi (resigned 18 January 2022)
T Furukawa (resigned 18 January 2022)
H Utsunomiya (appointed 18 January 2022)
Y Yajima (appointed 18 January 2022)




Company secretary
B P Gillingham



Registered number
04104163



Registered office
Citizen House
7 Ashville Way

Wokingham

Berkshire

RG41 2PL




Independent auditors
Wise & Co

Chartered Accountants & Statutory Auditors

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
CITIZEN WATCH UNITED KINGDOM, LTD
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 30

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022

Principal activity
 
The principal activity of the company was the distribution of watches.

Business review
 
Our 21/22 report demonstrates a strong recovery in demand from the previous year, and the various impacts caused by the pandemic. The directors are pleased to report a turnover for the 21/22 financial year of £24,445,659 (Year Ending 31 March 2021: £16,461,171). 
Throughout the year, disciplined cost management enabled us to reinvest in our core marketing activities, to drive awareness and sales across our brands. As a result, our brands further developed their leadership positions, increased market share, and dominated key price points in the UK watch market.
During 2021/2, we continued to reposition the business for the future, re-organising key management positions, and strengthening our IT and CRM capabilities. Further investment in key initiatives are planned for 22/23. 
Due to the solid results, the company recorded a stronger than initial predicted profit before tax of £377,460 (2021 – loss of £1,396,271)
The results for the year are shown in the income statement on page 10.
 

Financial key performance indicators


Year ended 31 March  2022
Year ended 31 March 2021
Change
Change
        £
        £
        £
        %
Revenue

24,445,659

16,461,171

7,984,488
 
49
 
Operating (loss)/profit

453,388

(1,617,542)

2,070,930
 
128
 

The directors use revenue and operating profit to assess the performance of the company. 

2022 Outlook
 
As a business we remain focused on investing in both our brands and people, and although we still see challenges ahead particularly around inflation and international events, we believe our brands and retail partners are well positioned for future growth.
The UK management team remains focused on strengthening the business by continuing the re-organisation and shaping the business for the future. The strong foundations our brands have will enabled us to further grow our market share and develop new channels of revenue. 
At all times the health and safety of our colleagues, customers and consumers are of paramount importance to us.  We continue to ensure a safe working environment including a hybrid office/home working policy. We will continue to assess all health and safety risks to ensure the safety of our colleagues, suppliers, and families is at the forefront of everything we do.
The Directors would like to thank all its employees for their outstanding commitment and dedication, contributing to the success of the company. 

Page 1

 
CITIZEN WATCH UNITED KINGDOM, LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022

Objectives and strategies

The company's objective is to continue to offer long term value to both its customers and shareholders by
returning business turnover and profitability back to pre Covid 19 levels.
The company's strategy is to sustain and grow the existing business and increase our market share wherever
possible.

Principal risks and uncertainties
 
The market for wrist-watches remains a highly competitive market and is a continuing risk for the company,
which could result in it losing sales to its key competitors. The company manages this risk by providing added
value service to its customers, having fast response times not only in the supplying of products but in customer
service, and by maintaining strong relationships with customers. During the numerous lockdowns we have been
reliant on ecommerce and click and collect to help manage the risk and maintain turnover levels. All stock is
purchased from outside of the EU, so lead times for purchases have not been impacted by Brexit.

Page 2

 
CITIZEN WATCH UNITED KINGDOM, LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022

Financial instruments

Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations. The company is mainly exposed to credit risk from credit sales. It is the
company policy to assess the credit risk of new customers before entering contracts. Each new customer is
analysed individually for creditworthiness before the company's standard payment and delivery terms and
conditions are offered. Purchase limits are established using Graydon finance reports and financial statements
for each customer, which represents the maximum open amount without requiring approval.
A monthly review of trade receivables' ageing analysis is undertaken and customers' credit is reassessed
periodically. Existing customers that become "high risk" as a result of the periodic reassessment are placed in a
restricted customer list and future credit sales are only made with the approval of the local management,
otherwise payment in advance is required. No significant debtors have come to our attention for non payment
during Covid 19.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For
banks and financial institutions, only independently rated parties with minimum rating "A" are accepted.
Liquidity risk
Liquidity risk arises from the company's management of working capital. It is a risk that the company will
encounter difficulty in meeting its financial obligations as they fall due.
In order to maintain liquidity to maintain sufficient funds are available for ongoing operations and future
developments, the company maintains sufficient cash balances and monitors its cash on a timely basis.
Market risk
Market risk arises from the company's use of foreign currency financial instruments. It is the risk that the fair
value or future cash flows or a financial instrument will fluctuate because of changes in foreign exchange.
Foreign exchange risk
Foreign exchange risk arises when the company enters into transactions denominated in a currency other than
its functional currency.
The company is predominantly exposed to currency risk on purchases made from a major intercompany supplier based at the group headquarters in Japan. Purchases from this supplier are made in US dollars.


This report was approved by the board and signed on its behalf.



H Utsunomiya
Director

Date: 22 July 2022
Page 3

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022

The directors present their report and the financial statements for the year ended 31 March 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £988,787 (2021 - loss £1,396,271).

No dividends have been paid in the year nor have any been recommended (2021- £Nil)

Directors

The directors who served during the year were:

N Takeuchi (resigned 18 January 2022)
T Furukawa (resigned 18 January 2022)
H Utsunomiya (appointed 18 January 2022)
Y Yajima (appointed 18 January 2022)

Matters covered in the Strategic Report

The company has chosen, in accordance with s414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.  It has done so in respect of future developments. 

Page 4

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board and signed on its behalf.
 







B P Gillingham
Secretary

Date: 22 July 2022
Page 5

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD
 

Opinion


We have audited the financial statements of Citizen Watch United Kingdom, Ltd (the 'Company') for the year ended 31 March 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 8

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen South FCA (Senior Statutory Auditor)
for and on behalf of
Wise & Co
Chartered Accountants & Statutory Auditors
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

22 July 2022
Page 9

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022

2022
2021
Note
£
£

  

Turnover
 4 
24,445,659
16,461,171

Cost of sales
  
(15,569,003)
(10,971,552)

Gross profit
  
8,876,656
5,489,619

Administrative expenses
  
(8,474,205)
(7,638,108)

Government grants
  
50,937
530,947

Operating profit/(loss)
 5 
453,388
(1,617,542)

(Loss)/gain on forward contracts
     8 
-
(60,552)

Finance income/(charges)
 9 
(76,591)
280,037

Interest received
  
663
1,786

Profit/(loss) before tax
  
377,460
(1,396,271)

Tax on profit/(loss)
 10 
611,327
-

Profit/(loss) for the financial year
  
988,787
(1,396,271)

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 15 to 30 form part of these financial statements.
Page 10

 
CITIZEN WATCH UNITED KINGDOM, LTD
REGISTERED NUMBER: 04104163

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,659,136
2,287,165

Current assets
  

Stocks
 12 
10,119,907
12,192,073

Debtors: amounts falling due within one year
 13 
3,893,236
4,096,402

Cash at bank and in hand
  
10,522,180
8,254,808

  
24,535,323
24,543,283

Creditors: amounts falling due within one year
 14 
(9,922,182)
(11,552,974)

Net current assets
  
 
 
14,613,141
 
 
12,990,309

Total assets less current liabilities
  
16,272,277
15,277,474

Provisions for liabilities
  

Other provisions
 17 
(368,743)
(362,727)

  
 
 
(368,743)
 
 
(362,727)

Net assets
  
15,903,534
14,914,747


Capital and reserves
  

Called up share capital 
 18 
700,000
700,000

Profit and loss account
 19 
15,203,534
14,214,747

  
15,903,534
14,914,747


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






H Utsunomiya
Director

Date: 22 July 2022

The notes on pages 15 to 30 form part of these financial statements.
Page 11

 
CITIZEN WATCH UNITED KINGDOM, LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2020
700,000
15,611,018
16,311,018


Comprehensive income for the year

Loss for the year

-
(1,396,271)
(1,396,271)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(1,396,271)
(1,396,271)



At 1 April 2021
700,000
14,214,747
14,914,747


Comprehensive income for the year

Profit for the year

-
988,787
988,787


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
988,787
988,787


At 31 March 2022
700,000
15,203,534
15,903,534


The notes on pages 15 to 30 form part of these financial statements.
Page 12

 
CITIZEN WATCH UNITED KINGDOM, LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022

2022
2021
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
988,787
(1,396,271)

Adjustments for:

Depreciation of tangible assets
938,653
1,175,256

Loss on disposal of tangible assets
851
26,961

Government grants
(50,937)
(530,947)

Interest received
(663)
(1,786)

Taxation charge
(611,327)
-

Decrease in stocks
2,072,166
1,939,082

Decrease in debtors
814,493
2,528,909

(Decrease) in creditors
(1,707,383)
(3,284,161)

Increase/(decrease) in provisions
6,016
(131,202)

Loss/(gain) on forward contracts
-
60,552

Corporation tax received
-
153,183

Finance charge
76,591
(280,037)

Net cash generated from operating activities

2,527,247
259,539


Cash flows from investing activities

Purchase of tangible fixed assets
(311,475)
(283,606)

Sale of tangible fixed assets
-
30

Government grants received
50,937
530,947

Interest received
663
1,786

Net cash from investing activities

(259,875)
249,157


Net increase in cash and cash equivalents
2,267,372
508,696

Cash and cash equivalents at beginning of year
8,254,808
7,746,112

Cash and cash equivalents at the end of year
10,522,180
8,254,808


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,522,180
8,254,808

10,522,180
8,254,808


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
CITIZEN WATCH UNITED KINGDOM, LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2022




At 1 April 2021
Cash flows
At 31 March 2022
£

£

£

Cash at bank and in hand

8,254,808

2,267,372

10,522,180

Debt due within 1 year

(26,036)

3,049

(22,987)


8,228,772
2,270,421
10,499,193

The notes on pages 15 to 30 form part of these financial statements.
Page 14

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Citizen Watch United Kingdom, Ltd (04104163) is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The registered office is Citizen House, 7 Ashville Way, Wokingham, Berkshire, RG41 2PL.  The nature of the company's operations and its principal activity are set out in the strategic report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The presentational and functional currency of these financial statements is GBP. Values are rounded
to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the 10 year period of the lease
Plant and equipment
-
20%
per annum
Fixtures and fittings
-
20%
per annum
Computer equipment
-
20%
per annum
Point of purchase displays
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Page 19

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.17

Forward contracts

The company has entered into forward contracts to purchase US dollars to manage its exposure to
foreign exchange movements. Under FRS 102 these forward contracts are initially measured at fair
value (typically £nil at transaction date) with fair value being remeasured at balance sheet date. The
movements in fair value are recognised in the Statement of Comprehensive Income.

Page 20

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based upon 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
The following key sources of estimation uncertainty have had the most significant effect on the amounts recognised within the financial statements:
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Stock provision
Stocks provisions are held against the brands. The Citizen and Bulova stock are provided for when ageing is over 3 years.  This was a 5% provision in the previous year for all Bulova stock due to all Bulova stock being less than 3 years old.  The provision against stock as at the year end is £481,345.
Warranty provision
The warranty provision is calculated by estimating the number of watches that will be returned within their warranty period by customers to the company and then calculating an expected total cost to the business to rectify any issues. To assess the provision that is required the directors are required to assess a variety of factors, including historical return trends, expected repair costs and likelihood of returns being accepted as valid.

Page 21

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Turnover

The whole of revenue is attributble to the principle activity of the company, being the distribution of watches. 

Analysis of turnover by country of destination:

As restated
2022
2021
£
£

United Kingdom
20,761,396
13,598,293

Other Europe
2,501,057
1,771,716

Rest of World
1,183,206
1,091,162

24,445,659
16,461,171



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

As restated
2022
2021
£
£

Depreciation of tangible fixed assets
939,508
1,175,256

Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
29,120
28,000

Fees payable to the company's auditor for non audit services
-
4,663

Exchange differences
177,024
(409,957)

Operating lease rentals
439,991
413,514

Loss/(gain) on forward contract
-
60,552

Page 22

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Employees

Staff costs were as follows:


2022
2021
£
£

Wages and salaries
3,296,626
2,943,383

Social security costs
328,444
338,183

Cost of defined contribution scheme
170,070
185,226

3,795,140
3,466,792


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Sales staff
13
14



Office and management
47
52

60
66


7.


Directors' remuneration


The directors' are remunerated by the immediate holding company, Citizen Watch Company of America
Inc. and the ultimate holding company, Citizen Watch Company Limited.


8.


Forward contracts

2022
2021
£
£




Loss/(gain) on forward contracts
-
60,552


No forward contracts were held at the year end.  The loss on forward contracts in the previous year related to a forward contract to purchase US dollars. The company did not benefit from a favourable exchange movement between the approval of the contracts and statement of financial position date, and thus recognised a loss.

Page 23

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Finance income/(charges)

2022
2021
£
£



Foreign exchange movements
(76,591)
280,037

The finance income/charge relates to foreign exchange gains or losses on an intercompany loan denominated in US dollars as well as bank balances denominated in US dollars, Euros and Swiss Francs. 


10.


Taxation


2022
2021
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(611,327)
-

Total deferred tax
(611,327)
-


Taxation on (loss)/profit on ordinary activities
(611,327)
-
Page 24

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit/(loss) on ordinary activities before tax
377,460
(1,396,271)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
71,717
(265,291)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(20,852)
(4,985)

Capital allowances for year in excess of depreciation
103,816
108,300

Utilisation of tax losses
(125,427)
-

Changes in provisions leading to an increase (decrease) in the tax charge
2,457
-

Unrelieved tax losses carried forward
-
161,976

Deferred tax asset
(643,038)
-

Total tax charge for the year
(611,327)
-


Factors that may affect future tax charges

The company has trading losses carried forward of approximately £2,765,000 available to offset against future profits from the same trade.  A deferred tax asset of £643,000 has been recognised in respect of these losses based upon the expectation of realisable taxable profits in the short term. 
Page 25

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

11.


Tangible fixed assets





Leasehold improvements
Plant and equipment
Fixtures and fittings
Point of purchase displays
Total

£
£
£
£
£



Cost or valuation


At 1 April 2021
2,370,045
2,045,143
472,159
3,893,326
8,780,673


Additions
-
66,018
7,731
237,726
311,475


Disposals
-
(180,111)
-
(2,181,468)
(2,361,579)



At 31 March 2022

2,370,045
1,931,050
479,890
1,949,584
6,730,569



Depreciation


At 1 April 2021
1,247,301
1,634,199
348,589
3,263,419
6,493,508


Charge for the year on owned assets
231,986
188,347
63,615
454,705
938,653


Disposals
-
(180,111)
-
(2,180,617)
(2,360,728)



At 31 March 2022

1,479,287
1,642,435
412,204
1,537,507
5,071,433



Net book value



At 31 March 2022
890,758
288,615
67,686
412,077
1,659,136



At 31 March 2021
1,122,744
410,944
123,570
629,907
2,287,165


12.


Stocks

2022
2021
£
£

Finished goods and goods for resale
10,119,907
12,192,073


Page 26

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

13.


Debtors

2022
2021
£
£


Trade debtors
2,634,718
2,475,223

Amounts owed by group undertakings
32,683
993,539

Other debtors
252,984
276,467

Prepayments and accrued income
357,628
347,277

Tax recoverable
3,896
3,896

Deferred taxation
611,327
-

3,893,236
4,096,402



14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Forward contract liability
-
60,552

Trade creditors
788,429
397,536

Amounts owed to group undertakings
7,591,822
9,488,853

Other taxation and social security
78,737
74,381

Other creditors
193,625
202,641

Accruals and deferred income
1,269,569
1,329,011

9,922,182
11,552,974



15.


Financial instruments

2022
2021
£
£



Financial liabilities


Other financial liabilities measured at fair value through profit or loss
-
60,652


Financial liabilities measured at fair value through profit and loss comprise forward contract liabilities.
Page 27

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

16.


Deferred taxation




2022


£






Charged to profit or loss
611,327



At end of year
611,327

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(53,581)
-

Tax losses carried forward
643,038
-

Other short term timing differences
21,870
-

611,327
-


Based upon current forecasts, £33,000 of this deferred tax asset is expected to be realised in the year ended 31 March 2023.


17.


Provisions




Dilapidation
Warranty provision
Total

£
£
£





At 1 April 2021
10,000
352,727
362,727


Charged to profit or loss
-
6,016
6,016



At 31 March 2022
10,000
358,743
368,743


18.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



700,000 (2021 - 700,000) ordinary shares of £1.00 each
700,000
700,000


Page 28

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

19.


Reserves

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £170,070 (2021 - £185,226). Contributions totalling £22,987 (2021 - £26,036) were payable to the fund at the reporting date and are included in creditors.


21.


Commitments under operating leases

At 31 March 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
443,579
464,269

Later than 1 year and not later than 5 years
327,810
717,307

771,389
1,181,576


22.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Key management personnel include all senior managers across the company who together have authority and responsibility for planning, directing and controlling activities of the company. The total compensation paid to key management personnel for services provided for the company was £598,235 (2021 - £698,845).

Page 29

 
CITIZEN WATCH UNITED KINGDOM, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

23.


Controlling party

The company is a wholly owned subsidiary undertaking of Citizen Watch Company of America Inc., incorporated in the United States of America.   Their registered office is 350 Fifth Avenue, 29th Floor, New York, NY10118.
The ultimate controlling party of the group is Citizen Watch Company Limited incorporated in Japan. Copies of the group accounts can be obtained from The Government Publications Service Centre,
Kasumigaseki, Japan. 
 
Page 30