REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Great British Watch Company Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Great British Watch Company Ltd. |
Great British Watch Company Ltd. (Registered number: 07814177) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Great British Watch Company Ltd. |
Company Information |
for the Year Ended 31 October 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
Great British Watch Company Ltd. (Registered number: 07814177) |
Statement of Financial Position |
31 October 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities | ( |
) |
Provisions for liabilities |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his 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. |
Great British Watch Company Ltd. (Registered number: 07814177) |
Statement of Financial Position - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Great British Watch Company Ltd. (Registered number: 07814177) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | Statutory information |
Great British Watch Company Ltd. is a |
2. | Accounting policies |
Basis of preparing the 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. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Profit is recognised on long-term contracts if the final outcome can be assessed with |
reasonable certainty, by including in the profit and loss account turnover and related costs as |
contract activity advances. |
Long term contracts |
Amounts recoverable on long term contracts are included in debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account. |
Tangible fixed assets |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Great British Watch Company Ltd. (Registered number: 07814177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 November 2022 |
Additions |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
Great British Watch Company Ltd. (Registered number: 07814177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | Debtors: amounts falling due within one year |
31/10/23 | 31/10/22 |
£ | £ |
Amounts recoverable on contracts |
Other debtors |
6. | Creditors: amounts falling due within one year |
31/10/23 | 31/10/22 |
£ | £ |
Payments on account |
Taxation and social security |
Other creditors |
7. | Related party disclosures |
The director has made loans to the company. The balance on these loans at 31 October 2023 was £84,834 (2022 £50,527). The loans are interest-free and repayable on demand |