Registered number
10727618
CHR-Watches Limited
Filleted Accounts
31 March 2023
CHR-Watches Limited
Registered number: 10727618
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 64
Current assets
Stocks 95,000 95,000
Debtors 4 31,067 15,280
Cash at bank and in hand 786 35,087
126,853 145,367
Creditors: amounts falling due within one year 5 (165,032) (180,141)
Net current liabilities (38,179) (34,774)
Total assets less current liabilities (38,179) (34,710)
Creditors: amounts falling due after more than one year 6 (21,635) (28,974)
Net liabilities (59,814) (63,684)
Capital and reserves
Called up share capital 100 100
Profit and loss account (59,914) (63,784)
Shareholders' funds (59,814) (63,684)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee-J Austin
Director
Approved by the board on 19 March 2024
CHR-Watches Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going Concern
The accounts are prepared under the going concern convention which assumes the continuing
financial support of the company's directors and creditors.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 3,505
At 31 March 2023 3,505
Depreciation
At 1 April 2022 3,441
Charge for the year 64
At 31 March 2023 3,505
Net book value
At 31 March 2023 -
At 31 March 2022 64
4 Debtors 2023 2022
£ £
Other debtors 31,067 15,280
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,032 10,320
Trade creditors 32,075 28,551
Taxation and social security costs 8,125 3,455
Other creditors 114,800 137,815
165,032 180,141
Included in other creditors is £112,300 (2022 £133,065) due to a director of the company. This
amount is unsecured and interest free.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,635 28,974
7 Related party transactions
Management fees of £24,000 (2022 £Nil) are receivable from AL Timepieces Limited, a
company controlled by a director of the company.
8 Other information
CHR-Watches Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Westborough
Scarborough
YO11 1UH
CHR-Watches Limited 10727618 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Lee-J Austin No description of principal activity 10727618 2021-04-01 2022-03-31 10727618 core:WithinOneYear 2022-03-31 10727618 core:AfterOneYear 2022-03-31 10727618 core:ShareCapital 2022-03-31 10727618 core:RetainedEarningsAccumulatedLosses 2022-03-31 10727618 2022-04-01 2023-03-31 10727618 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10727618 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10727618 bus:Director40 2022-04-01 2023-03-31 10727618 1 2022-04-01 2023-03-31 10727618 2 2022-04-01 2023-03-31 10727618 core:PlantMachinery 2022-04-01 2023-03-31 10727618 countries:England 2022-04-01 2023-03-31 10727618 bus:FRS102 2022-04-01 2023-03-31 10727618 bus:FullAccounts 2022-04-01 2023-03-31 10727618 2023-03-31 10727618 core:WithinOneYear 2023-03-31 10727618 core:AfterOneYear 2023-03-31 10727618 core:ShareCapital 2023-03-31 10727618 core:RetainedEarningsAccumulatedLosses 2023-03-31 10727618 core:PlantMachinery 2023-03-31 10727618 2022-03-31 10727618 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure