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REGISTERED NUMBER: 05970282 (England and Wales)















Financial Statements

for the Year Ended 30 March 2023

for

OFFICIAL WATCHES LIMITED

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Contents of the Financial Statements
for the year ended 30 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OFFICIAL WATCHES LIMITED

Company Information
for the year ended 30 March 2023







Directors: Mr L Agathocleous
Mr C N Costas





Secretary: Mr C N Costas





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 05970282 (England and Wales)





Accountants: Haines Watts North London LLP
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Balance Sheet
30 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 495,726 418,748

Current assets
Stocks 4,542,264 3,472,000
Debtors 5 355,651 648,566
Cash at bank and in hand 206,718 255,401
5,104,633 4,375,967
Creditors
Amounts falling due within one year 6 678,068 1,030,677
Net current assets 4,426,565 3,345,290
Total assets less current liabilities 4,922,291 3,764,038

Creditors
Amounts falling due after more than one year 7 (3,401,855 ) (2,237,828 )

Provisions for liabilities (22,083 ) (16,041 )
Net assets 1,498,353 1,510,169

Capital and reserves
Called up share capital 9 200 200
Retained earnings 1,498,153 1,509,969
Shareholders' funds 1,498,353 1,510,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Balance Sheet - continued
30 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





Mr L Agathocleous - Director


OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements
for the year ended 30 March 2023


1. Statutory information

Official Watches Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the end of each month. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the length of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. 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 issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 20 (2022 - 18 ) .

4. Tangible fixed assets
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
Cost
At 31 March 2022 517,597 16,972 60,722
Additions 6,653 12,433 5,154
At 30 March 2023 524,250 29,405 65,876
Depreciation
At 31 March 2022 163,011 14,386 49,147
Charge for year 43,160 3,755 4,182
At 30 March 2023 206,171 18,141 53,329
Net book value
At 30 March 2023 318,079 11,264 12,547
At 30 March 2022 354,586 2,586 11,575

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


4. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 31 March 2022 - 152,440 747,731
Additions 132,516 22,598 179,354
At 30 March 2023 132,516 175,038 927,085
Depreciation
At 31 March 2022 - 102,439 328,983
Charge for year 33,129 18,150 102,376
At 30 March 2023 33,129 120,589 431,359
Net book value
At 30 March 2023 99,387 54,449 495,726
At 30 March 2022 - 50,001 418,748

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
Additions 132,516
At 30 March 2023 132,516
Depreciation
Charge for year 33,129
At 30 March 2023 33,129
Net book value
At 30 March 2023 99,387

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors - 306,215
Other debtors 355,651 342,351
355,651 648,566

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 200,565 328
Hire purchase contracts 128,844 -
Trade creditors 82,894 450,314
Taxation and social security 199,794 444,019
Other creditors 65,971 136,016
678,068 1,030,677

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 544,343
Other creditors 3,401,855 1,693,485
3,401,855 2,237,828

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 544,343

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank overdrafts 200,565 328
Bank loans - 544,343
Other creditors 3,401,855 1,693,485
3,602,420 2,238,156

Bank loans and overdrafts are secured over the assets and undertaking of the company as well as by the personal guarantees of the two directors.

Included above in Other creditors is a loan of £3,401,855 (2022 : £1,693,485) which is secured by way of fixed and floating charges over the undertaking and assets of the company and by a personal guarantee from one of the directors.

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
200 Ordinary £1 200 200