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REGISTERED NUMBER: 05073827 (England and Wales)















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: J J Viney
C M Plews
O C R Tattersall





Registered office: Unit 6
Network Point
Range Road
Witney
Oxfordshire
OX29 0YN





Registered number: 05073827 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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 4 142,272 151,977
Investments 5 100 290,052
142,372 442,029

Current assets
Stocks 1,000,057 1,208,532
Debtors 6 1,578,843 1,909,469
Cash at bank and in hand 47,747 105,321
2,626,647 3,223,322
Creditors
Amounts falling due within one year 7 1,994,422 2,831,277
Net current assets 632,225 392,045
Total assets less current liabilities 774,597 834,074

Creditors
Amounts falling due after more than one
year

8

33,206

66,435
Net assets 741,391 767,639

Capital and reserves
Called up share capital 25,000 25,000
Retained earnings 716,391 742,639
Shareholders' funds 741,391 767,639

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Balance Sheet - continued
30 June 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





J J Viney - Director


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 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 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
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.

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
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 - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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 28 (2022 - 28 ) .

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 729,925
Additions 75,558
Disposals (173,218 )
At 30 June 2023 632,265
Depreciation
At 1 July 2022 577,948
Charge for year 83,398
Eliminated on disposal (171,353 )
At 30 June 2023 489,993
Net book value
At 30 June 2023 142,272
At 30 June 2022 151,977

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 380,564
Additions 51,749
Disposals (44,776 )
At 30 June 2023 387,537
Depreciation
At 1 July 2022 241,184
Charge for year 72,929
Eliminated on disposal (42,911 )
At 30 June 2023 271,202
Net book value
At 30 June 2023 116,335
At 30 June 2022 139,380

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 290,052
Disposals (289,952 )
At 30 June 2023 100
Net book value
At 30 June 2023 100
At 30 June 2022 290,052

6. Debtors: amounts falling due within one year
30/6/23 30/6/22
£ £
Trade debtors 1,439,444 1,817,847
Other debtors 139,399 91,622
1,578,843 1,909,469

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 195,794 309,821
Hire purchase contracts 38,435 53,539
Trade creditors 640,143 701,995
Amounts owed to group undertakings 174,125 327,509
Taxation and social security 243,732 755,706
Other creditors 702,193 682,707
1,994,422 2,831,277

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 33,206 66,435

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 160,792 209,818
Bank loans 35,002 100,003
Hire purchase contracts 71,641 119,974
267,435 429,795

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.