REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
CLOCKWORK COMPONENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
CLOCKWORK COMPONENTS LIMITED |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CLOCKWORK COMPONENTS LIMITED |
Company Information |
for the year ended 30 June 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
3 Danebrook Court |
Langford Lane |
Kidlington |
Oxfordshire |
OX5 1LQ |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Balance Sheet |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Balance Sheet - continued |
30 June 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
Clockwork Components Limited is a |
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £1. |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Clockwork Components Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Notes to the Financial Statements - continued |
for the year ended 30 June 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. |
Going concern |
The company meets its day to day working capital requirements through an overdraft facility, which is repayable on demand. |
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending twelve months from the date of their approval of these financial statements. On the basis of this cash flow information and discussions with the company's bankers, the directors consider that the company will continue to operate within the facility currently agreed and within that which they expect will be agreed in April 2024, when the company's bankers are due to consider renewing the facility for a further year. |
However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers. |
3. | Employees and directors |
The average number of employees during the year was |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 July 2022 |
Disposals | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
6. | Debtors: amounts falling due within one year |
30/6/23 | 30/6/22 |
£ | £ |
Trade debtors |
Other debtors |
Included in trade debtors are balances subject to invoice discounting facilities amounting to £1,249,325 (2022 - £1,655,866) |
7. | Creditors: amounts falling due within one year |
30/6/23 | 30/6/22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included in other creditors above are balances due under invoice discounting facilities amounting to £506,340 (2022 - £347,211), which are secured on the book debts of the company. |
The bank loan and overdraft are secured by a fixed charge over book and other debts, chattels, goodwill and uncalled capital and a floating charge over all assets and undertaking, dated 8 April 2006. |
8. | Creditors: amounts falling due after more than one year |
30/6/23 | 30/6/22 |
£ | £ |
Hire purchase contracts |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
9. | Secured debts |
The following secured debts are included within creditors: |
30/6/23 | 30/6/22 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 71,641 | 119,974 |
10. | Financial commitments |
The total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £610,894 (2022 - £593,846). |
11. | Ultimate parent company |
The company is a wholly owned subsidiary of Clockwork Holdings Limited, a company registered in England and Wales. |