Company registration number 03395738 (England and Wales)
ARTEMIS WATCH COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARTEMIS WATCH COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
ARTEMIS WATCH COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
Current assets
Debtors
3
196,461
196,461
Creditors: amounts falling due within one year
4
(1,119,170)
(1,119,170)
Net current liabilities
(922,709)
(922,709)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(922,809)
(922,809)
Total equity
(922,709)
(922,709)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
T Halim
Director
Company Registration No. 03395738
ARTEMIS WATCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Artemis Watch Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16, Totman Crescent, Rayleigh, Essex, SS6 7XG. The principal activity of the company is that of importing and selling third party branded watches. During the current and the previous year the company has not traded and made neither a profit nor a loss.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net liabilities of £922,709 (2022: £922,709).

 

These financial statements are prepared on the going concern basis as the directors have received assurance from the company's immediate parent company, The Dreyfuss Group Limited, that it will continue to provide such financial support as the company requires to enable it to meet its liabilities as and when they fall due.

1.3
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

At each reporting date, the company assesses whether there is any indication of impairment of the financial assets. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised in the Statement of Comprehensive Income where the carrying amount exceeds the recoverable amount.

Creditors

Short term creditors are measured at the transaction price.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

ARTEMIS WATCH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The company had no employees in the current or the preceding year apart form the directors.

 

The directors were remunerated by a fellow group company in the current and the prior year.

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
196,461
196,461
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,119,170
1,119,170
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Controlling party

At 31 December 2023 the company's immediate parent company was The Dreyfuss Group Limited which is the parent company of the UK based group.

 

The ultimate parent company and controlling party is Citychamp Watch & Jewellery Group Limited, a company incorporated in Cayman Islands and listed on the Hong King Stock Exchange, by virtue of its shareholding in The Dreyfuss Group Limited. Citychamp Watch & Jewellery Group Limited is the smallest and the largest group in which the company's results are consolidated. Copies of the consolidated financial statements of Citychamp Watch & Jewellery Group Limited are available from Hong Kong Stock Exchange through its website www.hkex.com.hk.

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