Silverfin false 31/12/2021 31/12/2021 30/11/2020 D Edmonston 30/11/2020 E Lovett 30/11/2020 17 August 2022 The company was incorporated on 30 November 2020 and began trading from this date. The principal activity of the Company during the financial period was an online auction platform for collectibles. 13050798 2021-12-31 13050798 bus:Director1 2021-12-31 13050798 bus:Director2 2021-12-31 13050798 core:CurrentFinancialInstruments 2021-12-31 13050798 core:ShareCapital 2021-12-31 13050798 core:RetainedEarningsAccumulatedLosses 2021-12-31 13050798 core:OfficeEquipment 2020-11-29 13050798 2020-11-29 13050798 core:OfficeEquipment 2021-12-31 13050798 bus:OrdinaryShareClass1 2021-12-31 13050798 2020-11-30 2021-12-31 13050798 bus:FullAccounts 2020-11-30 2021-12-31 13050798 bus:SmallEntities 2020-11-30 2021-12-31 13050798 bus:AuditExemptWithAccountantsReport 2020-11-30 2021-12-31 13050798 bus:PrivateLimitedCompanyLtd 2020-11-30 2021-12-31 13050798 bus:Director1 2020-11-30 2021-12-31 13050798 bus:Director2 2020-11-30 2021-12-31 13050798 core:OfficeEquipment core:TopRangeValue 2020-11-30 2021-12-31 13050798 core:OfficeEquipment 2020-11-30 2021-12-31 13050798 bus:OrdinaryShareClass1 2020-11-30 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13050798 (England and Wales)

WATCH COLLECTING LIMITED

Unaudited Financial Statements
For the financial period from 30 November 2020 to 31 December 2021
Pages for filing with the registrar

WATCH COLLECTING LIMITED

Unaudited Financial Statements

For the financial period from 30 November 2020 to 31 December 2021

Contents

WATCH COLLECTING LIMITED

COMPANY INFORMATION

For the financial period from 30 November 2020 to 31 December 2021
WATCH COLLECTING LIMITED

COMPANY INFORMATION (continued)

For the financial period from 30 November 2020 to 31 December 2021
DIRECTORS D Edmonston
E Lovett
REGISTERED OFFICE 10 Temple Back
Bristol
BS1 6FL
United Kingdom
COMPANY NUMBER 13050798 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
10 Temple Back
Bristol
BS1 6FL
WATCH COLLECTING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
WATCH COLLECTING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 31.12.2021
£
Fixed assets
Tangible assets 3 311
311
Current assets
Debtors 4 800
Cash at bank and in hand 383,502
384,302
Creditors
Amounts falling due within one year 5 ( 591,218)
Net current liabilities (206,916)
Total assets less current liabilities (206,605)
Net liabilities ( 206,605)
Capital and reserves
Called-up share capital 6 100
Profit and loss account ( 206,705 )
Total shareholder's deficit ( 206,605)

For the financial period ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Watch Collecting Limited (registered number: 13050798) were approved and authorised for issue by the Board of Directors on 17 August 2022. They were signed on its behalf by:

E Lovett
Director
WATCH COLLECTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 30 November 2020 to 31 December 2021
WATCH COLLECTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 30 November 2020 to 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Watch Collecting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £206,605. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

Period from
30.11.2020 to
31.12.2021
Number
Monthly average number of persons employed by the Company during the period, including directors 5

3. Tangible assets

Office equipment Total
£ £
Cost
At 30 November 2020 0 0
Additions 448 448
At 31 December 2021 448 448
Accumulated depreciation
At 30 November 2020 0 0
Charge for the financial period 137 137
At 31 December 2021 137 137
Net book value
At 31 December 2021 311 311

4. Debtors

31.12.2021
£
Prepayments 800

5. Creditors: amounts falling due within one year

31.12.2021
£
Trade creditors 8,715
Amounts owed to Group undertakings 559,646
Accruals 2,200
Other taxation and social security 20,657
591,218

6. Called-up share capital

31.12.2021
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

On 30 November 2020 the company issued 100 shares with a nominal value of £1. These shares were taken up at par value.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.12.2021
£
Unpaid contributions due to the fund (inc. in other creditors) 1,198

8. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.