Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30false2022-10-01No description of principal activity12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09254616 2022-10-01 2023-09-30 09254616 2021-04-01 2022-09-30 09254616 2023-09-30 09254616 2022-09-30 09254616 c:Director1 2022-10-01 2023-09-30 09254616 d:Buildings d:ShortLeaseholdAssets 2022-10-01 2023-09-30 09254616 d:Buildings d:ShortLeaseholdAssets 2023-09-30 09254616 d:Buildings d:ShortLeaseholdAssets 2022-09-30 09254616 d:OfficeEquipment 2022-10-01 2023-09-30 09254616 d:OfficeEquipment 2023-09-30 09254616 d:OfficeEquipment 2022-09-30 09254616 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 09254616 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 09254616 d:CurrentFinancialInstruments 2023-09-30 09254616 d:CurrentFinancialInstruments 2022-09-30 09254616 d:Non-currentFinancialInstruments 2023-09-30 09254616 d:Non-currentFinancialInstruments 2022-09-30 09254616 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 09254616 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 09254616 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 09254616 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 09254616 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 09254616 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 09254616 d:ShareCapital 2023-09-30 09254616 d:ShareCapital 2022-09-30 09254616 d:RetainedEarningsAccumulatedLosses 2023-09-30 09254616 d:RetainedEarningsAccumulatedLosses 2022-09-30 09254616 c:OrdinaryShareClass1 2022-10-01 2023-09-30 09254616 c:OrdinaryShareClass1 2023-09-30 09254616 c:OrdinaryShareClass1 2022-09-30 09254616 c:FRS102 2022-10-01 2023-09-30 09254616 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 09254616 c:FullAccounts 2022-10-01 2023-09-30 09254616 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09254616 2 2022-10-01 2023-09-30 09254616 4 2022-10-01 2023-09-30 09254616 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09254616














WATCHES LDN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WATCHES LDN LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8

 
WATCHES LDN LIMITED
REGISTERED NUMBER:09254616

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,921
29,081

Current assets
  

Stocks
  
769,785
1,051,250

Debtors: amounts falling due within one year
 5 
43,517
6,000

Bank and cash balances
  
180,010
712,819

  
993,312
1,770,069

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(618,901)
(1,316,789)

Net current assets
  
 
 
374,411
 
 
453,280

Total assets less current liabilities
  
398,332
482,361

Creditors: amounts falling due after more than one year
 7 
(19,908)
(29,922)

  

Net assets
  
378,424
452,439


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
378,324
452,339

  
378,424
452,439

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 5 July 2024.



N Baranga
Director
Page 1

 
WATCHES LDN LIMITED
REGISTERED NUMBER:09254616
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Watches LDN Limited is a limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB. 
The principal activity of the Company during the year was that of sale of watches. 
The financial statements are presented in £ sterling, which is the functional currency of the Company.

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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the C ompany in respect of services supplied in the year exclusive of trade discounts and excluding Value Added Tax. 
 
Revenue is recognised in the period where goods are sold.

 
2.3

Operating leases: the Company as lessee

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 reporting date in the countries where the Company operates and generates income.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Office equipment
-
20%

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.

Page 4

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.13

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. 
 Cash and cash equivalents comprise cash balances and call deposits. 

 
2.14

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).

Page 5

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
22,090
13,693
35,783


Additions
-
4,058
4,058



At 30 September 2023

22,090
17,751
39,841



Depreciation


At 1 October 2022
3,316
3,386
6,702


Charge for the year on owned assets
6,975
2,243
9,218



At 30 September 2023

10,291
5,629
15,920



Net book value



At 30 September 2023
11,799
12,122
23,921



At 30 September 2022
18,774
10,307
29,081


5.


Debtors

2023
2022
£
£


Trade debtors
30,000
-

Other debtors
7,517
-

Prepayments and accrued income
6,000
6,000

43,517
6,000


Page 6

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,015
9,767

Other loans
49,942
468,850

Trade creditors
11,000
3,600

Other taxation and social security
17,663
33,807

Other creditors
131,464
166,930

Accruals and deferred income
398,817
633,835

618,901
1,316,789



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,908
29,922



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,015
9,767

Other loans
49,942
468,850


Amounts falling due 1-5 years

Bank loans
19,908
29,922


79,865
508,539

Page 7

 
WATCHES LDN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £665.

 
Page 8