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Company Registration No. 05426171 (England and Wales)
Steven Hale Watch Restorations Limited Unaudited accounts for the year ended 31 March 2023
Steven Hale Watch Restorations Limited Unaudited accounts Contents
Page
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Steven Hale Watch Restorations Limited Company Information for the year ended 31 March 2023
Director
Steven Nicholas Hale
Company Number
05426171 (England and Wales)
Registered Office
62a Sparrows Herne Bushey,Watford Herts WD23 1FY England
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Steven Hale Watch Restorations Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
539,743 
541,416 
Current assets
Inventories
52,270 
28,262 
Debtors
68,599 
171,106 
Cash at bank and in hand
81,782 
23,494 
202,651 
222,862 
Creditors: amounts falling due within one year
(183,628)
(231,243)
Net current assets/(liabilities)
19,023 
(8,381)
Total assets less current liabilities
558,766 
533,035 
Creditors: amounts falling due after more than one year
(254,633)
(260,242)
Provisions for liabilities
Deferred tax
(19,452)
(9,057)
Net assets
284,681 
263,736 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
284,581 
263,636 
Shareholders' funds
284,681 
263,736 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 October 2023 and were signed on its behalf by
Steven Nicholas Hale Director Company Registration No. 05426171
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Steven Hale Watch Restorations Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Steven Hale Watch Restorations Limited is a private company, limited by shares, registered in England and Wales, registration number 05426171. The registered office is 62a Sparrows Herne, Bushey,Watford, Herts, WD23 1FY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements for the year ended 31 March 2017 are the first financial statements of Steven Hale Watch Restorations limited prepared in accordance with FRS 102. The financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% - straight line
Plant & machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Stock
Stocks are stated at the lower of cost and estimate selling price less costs to complete and sell. Cost comprises direct material and where applicable , direct labour costs and those overhead that have been incurred in bring the stock to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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Steven Hale Watch Restorations Limited Notes to the Accounts for the year ended 31 March 2023
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and included cash in hand, deposit held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company
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Steven Hale Watch Restorations Limited Notes to the Accounts for the year ended 31 March 2023
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
551,216 
88,524 
9,000 
196,808 
845,548 
Additions
- 
27,234 
- 
14,331 
41,565 
At 31 March 2023
551,216 
115,758 
9,000 
211,139 
887,113 
Depreciation
At 1 April 2022
86,790 
32,931 
8,099 
176,312 
304,132 
Charge for the year
9,524 
24,780 
226 
8,708 
43,238 
At 31 March 2023
96,314 
57,711 
8,325 
185,020 
347,370 
Net book value
At 31 March 2023
454,902 
58,047 
675 
26,119 
539,743 
At 31 March 2022
464,426 
55,593 
901 
20,496 
541,416 
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Steven Hale Watch Restorations Limited Notes to the Accounts for the year ended 31 March 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
44,375 
144,557 
Accrued income and prepayments
15,400 
16,330 
Other debtors
8,824 
10,219 
68,599 
171,106 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
25,333 
72,561 
Trade creditors
60,510 
49,523 
Taxes and social security
55,455 
50,348 
Other creditors
39,830 
56,171 
Accruals
2,500 
2,640 
183,628 
231,243 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
216,127 
222,351 
Loans from directors
38,506 
37,891 
254,633 
260,242 
8
Pension commitments
Retirement benefits Payments to define contribution retirement benefit schemes are charged as an expenses as the fall due.
9
Transactions with related parties
No guarantees have been given or received. The balance owed to the director is an interest free loan repayable on demand. Included within creditors amounts falling due after more than one year is an amount of £38,506 (2022:£37,891) due to the director Steven Nicholas Hale.
10
Controlling party
The company is under the control of Mr Steven Hale by virtue of his 85% shareholding.
11
Average number of employees
During the year the average number of employees was 10 (2022: 10).
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