Silverfin false 31/05/2023 01/06/2022 31/05/2023 S J Altbach 05/10/2020 D J Silverman 05/10/2020 J S Silverman 05/10/2020 20 February 2024 The principal activity of The Vintage Watch Company (Holdings) Ltd ("the Company") is that of a wholesale company. 12929168 2023-05-31 12929168 bus:Director1 2023-05-31 12929168 bus:Director2 2023-05-31 12929168 bus:Director3 2023-05-31 12929168 2022-05-31 12929168 core:CurrentFinancialInstruments 2023-05-31 12929168 core:CurrentFinancialInstruments 2022-05-31 12929168 core:ShareCapital 2023-05-31 12929168 core:ShareCapital 2022-05-31 12929168 core:RetainedEarningsAccumulatedLosses 2023-05-31 12929168 core:RetainedEarningsAccumulatedLosses 2022-05-31 12929168 core:CostValuation 2022-05-31 12929168 core:CostValuation 2023-05-31 12929168 bus:OrdinaryShareClass1 2023-05-31 12929168 2022-06-01 2023-05-31 12929168 bus:FullAccounts 2022-06-01 2023-05-31 12929168 bus:SmallEntities 2022-06-01 2023-05-31 12929168 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 12929168 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 12929168 bus:Director1 2022-06-01 2023-05-31 12929168 bus:Director2 2022-06-01 2023-05-31 12929168 bus:Director3 2022-06-01 2023-05-31 12929168 2021-11-01 2022-05-31 12929168 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 12929168 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 12929168 bus:OrdinaryShareClass1 2021-11-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12929168 (England and Wales)

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 31.05.2023 31.05.2022
£ £
Fixed assets
Investments 3 750 750
750 750
Current assets
Stocks 4 4,717,069 3,379,593
Debtors 5 408,193 333,058
Cash at bank and in hand 199,799 260,201
5,325,061 3,972,852
Creditors: amounts falling due within one year 6 ( 3,998,370) ( 3,402,326)
Net current assets 1,326,691 570,526
Total assets less current liabilities 1,327,441 571,276
Net assets 1,327,441 571,276
Capital and reserves
Called-up share capital 7 1,500 1,500
Profit and loss account 1,325,941 569,776
Total shareholders' funds 1,327,441 571,276

For the financial year ending 31 May 2023 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 The Vintage Watch Company (Holdings) Ltd (registered number: 12929168) were approved and authorised for issue by the Director. They were signed on its behalf by:

J S Silverman
Director

20 February 2024

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

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

General information and basis of accounting

The Vintage Watch Company (Holdings) Ltd (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of The Vintage Watch Company (Holdings) Ltd ("the Company") is that of a wholesale company.

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 company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

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

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 Income and Retained Earnings 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.

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.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

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.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.05.2023
Period from
01.11.2021 to
31.05.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Fixed asset investments

Investments in subsidiaries

31.05.2023
£
Cost
At 01 June 2022 750
At 31 May 2023 750
Carrying value at 31 May 2023 750
Carrying value at 31 May 2022 750

4. Stocks

31.05.2023 31.05.2022
£ £
Stocks 4,717,069 3,379,593

5. Debtors

31.05.2023 31.05.2022
£ £
Prepayments 35,844 12,709
VAT recoverable 12,000 0
Other debtors 360,349 320,349
408,193 333,058

6. Creditors: amounts falling due within one year

31.05.2023 31.05.2022
£ £
Trade creditors 0 11,000
Amounts owed to Group undertakings 3,934,481 3,362,701
Accruals 8,338 11,280
Taxation and social security 55,551 17,345
3,998,370 3,402,326

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Called-up share capital

31.05.2023 31.05.2022
£ £
Allotted, called-up and fully-paid
1,500 Ordinary shares of £ 1.00 each 1,500 1,500