2022-01-012022-12-312022-12-31falseSC556413WATCHTOWER GROUP 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WATCHTOWER GROUP LIMITED

(formerly FLY EVENTS LTD)

Registered Number
SC556413
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2022

WATCHTOWER GROUP LIMITED
Company Information
for the year from 1 January 2022 to 31 December 2022

Director

KETLEY, Thomas

Registered Address

7a Lothian Road
The Watchtower
Edinburgh
EH1 2EP

Registered Number

SC556413 (Scotland)
WATCHTOWER GROUP LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Intangible assets610,000-
Tangible assets710,806-
20,806-
Current assets
Stocks811,763-
Debtors553,939119,278
Cash at bank and on hand123,711605,215
689,413724,493
Creditors amounts falling due within one year10(592,177)(538,866)
Net current assets (liabilities)97,236185,627
Total assets less current liabilities118,042185,627
Creditors amounts falling due after one year11(380,615)(50,000)
Net assets(262,573)135,627
Capital and reserves
Profit and loss account(262,573)135,627
Shareholders' funds(262,573)135,627
The financial statements were approved and authorised for issue by the Director on 30 September 2023, and are signed on its behalf by:
KETLEY, Thomas
Director
Registered Company No. SC556413
WATCHTOWER GROUP LIMITED
Notes to the Financial Statements
for the year ended 31 December 2022

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Smallest group in which results are consolidated
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary. Subsidiary companies and holdings: Otherlands Limited (wholly owned)
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Intangible assets policy
Intangible assets are stated at cost or valuation less amortisation. Amortisation is provided on all intangible assets over 10 years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20222021
Average number of employees during the year54
6.Intangible assets

Total

£
Cost or valuation
Additions10,000
At 31 December 2210,000
Net book value
At 31 December 2210,000
At 31 December 21-
7.Property, plant and equipment

Total

£
Cost or valuation
Additions13,650
At 31 December 2210,806
Depreciation and impairment
Charge for year2,844
Net book value
At 31 December 2210,806
At 31 December 21-
8.Stocks

2022

2021

££
Raw materials and consumables11,763-
Total11,763-
9.Debtors within one year

2022

2021

££
Trade debtors / trade receivables60,725-
Other debtors-6,022
Prepayments and accrued income493,214113,256
Total553,939119,278
10.Creditors within one year

2022

2021

££
Trade creditors / trade payables181,74355,900
Bank borrowings and overdrafts103,625-
Taxation and social security31,43379,920
Other creditors9,838372
Accrued liabilities and deferred income265,538402,674
Total592,177538,866
11.Creditors after one year

2022

2021

££
Bank borrowings and overdrafts380,61550,000
Total380,61550,000