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COMPANY REGISTRATION NUMBER: SC542885
Kartel Watches Limited (formerly Kartel Scotland Limited)
Filleted Unaudited Financial Statements
31 December 2023
Kartel Watches Limited (formerly Kartel Scotland Limited)
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
42,023
44,388
Current assets
Stocks
110,000
106,718
Debtors
6
19,314
14,946
Cash at bank and in hand
29,338
29,961
---------
---------
158,652
151,625
Creditors: amounts falling due within one year
7
131,372
172,348
---------
---------
Net current assets/(liabilities)
27,280
( 20,723)
--------
--------
Total assets less current liabilities
69,303
23,665
Creditors: amounts falling due after more than one year
8
15,049
25,146
--------
--------
Net assets/(liabilities)
54,254
( 1,481)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
54,253
( 1,482)
--------
-------
Shareholders funds/(deficit)
54,254
( 1,481)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kartel Watches Limited (formerly Kartel Scotland Limited)
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr R. W. A. Morrison
Director
Company registration number: SC542885
Kartel Watches Limited (formerly Kartel Scotland Limited)
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9 Church Street, St Andrews, Fife, KY16 9NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
20% straight line
Plant and machinery
-
20% straight line
Office Equipment
-
3% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 8 ).
5. Tangible assets
Tenants improvements
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
41,132
30,273
2,395
73,800
Additions
1,993
9,370
353
11,716
--------
--------
-------
--------
At 31 December 2023
43,125
39,643
2,748
85,516
--------
--------
-------
--------
Depreciation
At 1 January 2023
6,092
22,522
798
29,412
Charge for the year
8,624
4,541
916
14,081
--------
--------
-------
--------
At 31 December 2023
14,716
27,063
1,714
43,493
--------
--------
-------
--------
Carrying amount
At 31 December 2023
28,409
12,580
1,034
42,023
--------
--------
-------
--------
At 31 December 2022
35,040
7,751
1,597
44,388
--------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
12,545
10,002
Other debtors
6,769
4,944
--------
--------
19,314
14,946
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,900
9,700
Trade creditors
25,348
24,563
Corporation tax
3,142
Social security and other taxes
18,594
11,883
YouLend Loan
34,729
57,512
Other creditors
39,659
68,690
---------
---------
131,372
172,348
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,049
25,146
--------
--------
9. Transactions with directors
The company was under the control of Mr R. Morrison throughout the current and previous year. At the year end the company was due to repay Mr R. Morrison £34,314 (2022 - £66,645). This loan is interest free and repayable on demand.