Bamford Watch Department Limited 06969812 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is customisation of watches Digita Accounts Production Advanced 6.30.9574.0 true 06969812 2022-04-01 2023-03-31 06969812 2023-03-31 06969812 core:CurrentFinancialInstruments 2023-03-31 06969812 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06969812 core:OtherResidualIntangibleAssets 2023-03-31 06969812 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06969812 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06969812 core:MotorVehicles 2023-03-31 06969812 core:PlantMachinery 2023-03-31 06969812 bus:SmallEntities 2022-04-01 2023-03-31 06969812 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06969812 bus:FullAccounts 2022-04-01 2023-03-31 06969812 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06969812 bus:RegisteredOffice 2022-04-01 2023-03-31 06969812 bus:Director1 2022-04-01 2023-03-31 06969812 bus:Director2 2022-04-01 2023-03-31 06969812 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06969812 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 06969812 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 06969812 core:LandBuildings 2022-04-01 2023-03-31 06969812 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06969812 core:MotorVehicles 2022-04-01 2023-03-31 06969812 core:PlantMachinery 2022-04-01 2023-03-31 06969812 countries:EnglandWales 2022-04-01 2023-03-31 06969812 2022-03-31 06969812 core:OtherResidualIntangibleAssets 2022-03-31 06969812 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06969812 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 06969812 core:MotorVehicles 2022-03-31 06969812 core:PlantMachinery 2022-03-31 06969812 2021-04-01 2022-03-31 06969812 2022-03-31 06969812 core:CurrentFinancialInstruments 2022-03-31 06969812 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06969812 core:OtherResidualIntangibleAssets 2022-03-31 06969812 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06969812 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 06969812 core:MotorVehicles 2022-03-31 06969812 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06969812

Bamford Watch Department Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bamford Watch Department Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Bamford Watch Department Limited

Company Information

Directors

Mr G Bamford

Mrs L Bamford

Registered office

80 South Audley Street
London
W1K 1JH

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Bamford Watch Department Limited

(Registration number: 06969812)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7

567

Tangible assets

5

10,998

7,978

 

11,005

8,545

Current assets

 

Stocks

6

1,159,254

984,773

Debtors

7

479,087

536,644

Cash at bank and in hand

 

662,418

406,574

 

2,300,759

1,927,991

Creditors: Amounts falling due within one year

8

(498,813)

(283,278)

Net current assets

 

1,801,946

1,644,713

Net assets

 

1,812,951

1,653,258

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,812,950

1,653,257

Shareholders' funds

 

1,812,951

1,653,258

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bamford Watch Department Limited

(Registration number: 06969812)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................
Mr G Bamford
Director

.........................................
Mrs L Bamford
Director

 
     
 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
80 South Audley Street
London
W1K 1JH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% on cost

Plant and machinery

20 to 50% on cost

Motor vehicles

25% on cost

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life should not exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licences

5 years on cost

Domain name

5 years on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 9).

 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Domain name
 £

Total
£

Cost or valuation

At 1 April 2022

8,074

22,481

30,555

At 31 March 2023

8,074

22,481

30,555

Amortisation

At 1 April 2022

7,508

22,480

29,988

Amortisation charge

560

-

560

At 31 March 2023

8,068

22,480

30,548

Carrying amount

At 31 March 2023

6

1

7

At 31 March 2022

566

1

567

5

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

657,026

407,208

2,100

1,066,334

Additions

-

8,008

-

8,008

At 31 March 2023

657,026

415,216

2,100

1,074,342

Depreciation

At 1 April 2022

655,221

401,035

2,100

1,058,356

Charge for the year

525

4,463

-

4,988

At 31 March 2023

655,746

405,498

2,100

1,063,344

Carrying amount

At 31 March 2023

1,280

9,718

-

10,998

At 31 March 2022

1,805

6,173

-

7,978

6

Stocks

2023
£

2022
£

Stock

1,159,254

984,773

 

Bamford Watch Department Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

136,421

51,714

Prepayments

51,167

44,326

Other debtors

291,499

440,604

 

479,087

536,644

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

14,351

3,126

Trade creditors

 

109,575

106,838

Taxation and social security

 

26,386

8,258

Other creditors

 

348,501

165,056

 

498,813

283,278

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director's current account

14,351

3,126

The director's current account is non-interest bearing and has no formal repayment terms.