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Registration number: 04581931

Rileys Watchmakers Ltd

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Rileys Watchmakers Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Rileys Watchmakers Ltd

(Registration number: 04581931)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,155

8,780

Current assets

 

Stocks

5

18,486

24,336

Debtors

6

20

19

Cash at bank and in hand

 

9,488

3,927

 

27,994

28,282

Creditors: Amounts falling due within one year

7

(24,456)

(18,829)

Net current assets

 

3,538

9,453

Total assets less current liabilities

 

13,693

18,233

Creditors: Amounts falling due after more than one year

7

(2,790)

(4,822)

Provisions for liabilities

(1,930)

(1,668)

Net assets

 

8,973

11,743

Capital and reserves

 

Called up share capital

3

3

Retained earnings

8,970

11,740

Shareholders' funds

 

8,973

11,743

 

Rileys Watchmakers Ltd

(Registration number: 04581931)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr K Riley
Director

 

Rileys Watchmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
55 High Street
Cheadle
Staffordshire Moorlands
ST10 1AN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rileys Watchmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at either cost or revalued amount, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Any revaluation increase is recognised in other comprehensive income.

Depreciation

Depreciation is charged so as to write off the cost of assets less residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Rileys Watchmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Office equipment
£

Plant and equipment
£

Total
£

Cost or valuation

At 1 March 2023

-

23,061

23,061

Revaluations

-

(14,026)

(14,026)

Additions

837

1,373

2,210

At 29 February 2024

837

10,408

11,245

Depreciation

At 1 March 2023

-

14,281

14,281

Charge for the year

279

2,539

2,818

Revaluations

-

(16,009)

(16,009)

At 29 February 2024

279

811

1,090

Carrying amount

At 29 February 2024

558

9,597

10,155

At 28 February 2023

-

8,780

8,780

Plant and equipment was revalued on a best estimate basis on 29 February 2024 by the director. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £7,614 (2023: £8,780).

5

Stocks

2024
£

2023
£

Stocks

18,486

24,336

6

Debtors

Current

2024
£

2023
£

Other debtors

20

19

 

Rileys Watchmakers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other borrowings

2,032

1,982

Trade creditors

1,474

727

Taxation and social security

3,303

3,769

Other creditors

17,647

12,351

24,456

18,829

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other borrowings

2,790

4,822