Registered number
11459054
The Old Watch Factory Ltd
Filleted Accounts
31 July 2022
The Old Watch Factory Ltd
Registered number: 11459054
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 1,527,360 1,756,264
Current assets
Debtors 4 24,747 46,390
Cash at bank and in hand 218 563
24,965 46,953
Creditors: amounts falling due within one year 5 (582,338) (585,381)
Net current liabilities (557,373) (538,428)
Total assets less current liabilities 969,987 1,217,836
Creditors: amounts falling due after more than one year 6 (1,029,020) (1,322,992)
Net liabilities (59,033) (105,156)
Capital and reserves
Called up share capital 1 1
Profit and loss account (59,034) (105,157)
Shareholder's funds (59,033) (105,156)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JJ Issacharoff
Director
Approved by the board on 23 November 2023
The Old Watch Factory Ltd
Notes to the Accounts
for the year ended 31 July 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments and investment property are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment Property Plant and machinery etc Total
£ £ £
Cost
At 1 August 2021 1,755,331 1,458 1,756,789
Additions 25,500 - 25,500
Disposals (254,404) - (254,404)
At 31 July 2022 1,526,427 1,458 1,527,885
Depreciation
At 1 August 2021 - 525 525
At 31 July 2022 - 525 525
Net book value
At 31 July 2022 1,526,427 933 1,527,360
At 31 July 2021 1,755,331 933 1,756,264
4 Debtors 2022 2021
£ £
Other debtors 24,747 46,390
5 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs - 717
Other creditors 582,338 584,664
582,338 585,381
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,029,020 1,322,992
7 Other information
The Old Watch Factory Ltd is a private company limited by shares and incorporated in England. Its registered office is:
80 Fairholt Road
London
N16 5HN
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