Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302022-10-01falseNo description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12882953 2022-10-01 2023-09-30 12882953 2021-10-01 2022-09-30 12882953 2023-09-30 12882953 2022-09-30 12882953 c:Director1 2022-10-01 2023-09-30 12882953 c:RegisteredOffice 2022-10-01 2023-09-30 12882953 d:OfficeEquipment 2022-10-01 2023-09-30 12882953 d:OfficeEquipment 2023-09-30 12882953 d:OfficeEquipment 2022-09-30 12882953 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12882953 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 12882953 d:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 12882953 d:CurrentFinancialInstruments 2023-09-30 12882953 d:CurrentFinancialInstruments 2022-09-30 12882953 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 12882953 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 12882953 d:ShareCapital 2023-09-30 12882953 d:ShareCapital 2022-09-30 12882953 d:RetainedEarningsAccumulatedLosses 2023-09-30 12882953 d:RetainedEarningsAccumulatedLosses 2022-09-30 12882953 c:FRS102 2022-10-01 2023-09-30 12882953 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 12882953 c:FullAccounts 2022-10-01 2023-09-30 12882953 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 12882953 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-10-01 2023-09-30 12882953 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure
Registered number: 12882953










WATANABE CO LTD
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




















 
WATANABE CO LTD
 
 
Company Information


Director
K Watanabe 




Registered number
12882953



Registered office
Unit 12
The Ivories

6-18 Northampton Road

London

N1 2HY





 
WATANABE CO LTD
Registered number: 12882953

Balance sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
20,367
30,552

Tangible assets
 5 
4,684
6,619

  
25,051
37,171

Current assets
  

Stocks
 6 
60,804
52,765

Debtors: amounts falling due within one year
 7 
106,279
110,723

Cash at bank and in hand
  
69,252
33,015

  
236,335
196,503

Creditors: amounts falling due within one year
 8 
(221,408)
(194,303)

Net current assets
  
 
 
14,927
 
 
2,200

Total assets less current liabilities
  
39,978
39,371

  

Net assets
  
39,978
39,371


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
39,958
39,351

  
39,978
39,371


Page 1

 
WATANABE CO LTD
Registered number: 12882953
    
Balance sheet (continued)
As at 30 September 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




K Watanabe
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

1.


General information

Watanabe Co Ltd is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 12882951. The address of the registered office is Unit 12, The Ivories, 6-18 Northampton Road, London, England, N1 2HY. 
The principal activity of the company is that of the sale of wholesale clothing and footwear. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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 shall not exceed ten years.

Page 5

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes
Page 6

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Intangible assets




Intellectual property

£



Cost


At 1 October 2022
50,918



At 30 September 2023

50,918



Amortisation


At 1 October 2022
20,367


Charge for the year on owned assets
10,184



At 30 September 2023

30,551



Net book value



At 30 September 2023
20,367



At 30 September 2022
30,552



Page 7

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2022
9,669



At 30 September 2023

9,669



Depreciation


At 1 October 2022
3,051


Charge for the year on owned assets
1,934



At 30 September 2023

4,985



Net book value



At 30 September 2023
4,684



At 30 September 2022
6,619


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
60,804
52,765

60,804
52,765



7.


Debtors

2023
2022
£
£


Trade debtors
94,935
80,748

Other debtors
-
19,007

Prepayments and accrued income
11,344
10,968

106,279
110,723


Page 8

 
WATANABE CO LTD
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
75,990
65,832

Corporation tax
2,985
2,472

Other taxation and social security
13,796
-

Other creditors
121,999
121,999

Accruals and deferred income
6,638
4,000

221,408
194,303



9.


Commitments under operating leases

As at 30 September 2023 the Company has future minimum lease payments under non-cancellable operating leases amounting to £40,600 (2022: £60,900). 


10.


Related party transactions

As at 30 September 2023 the company owed the Director £22,000 (2022: £22,000). This amount is interest free and repayable on demand. 
As at 30 September 2023 the company also owed £99,999 to a company of which the director is also a director and minority shareholder (2022: £99,999). This amount is interest free and repayble on demand. 

 
Page 9