Registered number:
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
COMPANY INFORMATION
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CITIZEN WATCH UNITED KINGDOM, LTD
CONTENTS
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CITIZEN WATCH UNITED KINGDOM, LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The principal activity of the company was the distribution of watches.
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.
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
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.
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
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.
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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.
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 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.
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)
The directors who served during the year were:
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
This report was approved by the board and signed on its behalf.
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CITIZEN WATCH UNITED KINGDOM, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD
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 policies. The 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).
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.
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)
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.
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.
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIZEN WATCH UNITED KINGDOM, LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Wey Court West
Union Road
Surrey
GU9 7PT
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CITIZEN WATCH UNITED KINGDOM, LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
REGISTERED NUMBER: 04104163
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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CITIZEN WATCH UNITED KINGDOM, LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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
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:
Functional and presentation currency
Transactions and balances
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (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:
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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:
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
10.Taxation (continued)
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The company's capital and reserves are as follows:
Called up share capital
Profit and loss account
adjustments.
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.
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CITIZEN WATCH UNITED KINGDOM, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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.
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