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COMPANY REGISTRATION NUMBER: 04295238
WATCH OUT (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
WATCH OUT (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
7
46,335
61,780
CURRENT ASSETS
Stocks
869,462
1,258,538
Debtors
8
1,906,438
486,591
Cash at bank and in hand
1,668,503
2,603,246
------------
------------
4,444,403
4,348,375
CREDITORS: amounts falling due within one year
9
( 460,079)
( 410,690)
------------
------------
NET CURRENT ASSETS
3,984,324
3,937,685
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,030,659
3,999,465
PROVISIONS
Taxation including deferred tax
( 8,804)
( 15,530)
------------
------------
NET ASSETS
4,021,855
3,983,935
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
4,021,853
3,983,933
------------
------------
SHAREHOLDERS FUNDS
4,021,855
3,983,935
------------
------------
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.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WATCH OUT (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
M J Silverman
Director
Company registration number: 04295238
WATCH OUT (UK) 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 England and Wales. The address of the registered office is Harvey House, Enfield Avenue, Leeds, LS7 1QN.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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 comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
50% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2022: 14 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
46,581
131,190
Adjustments in respect of prior periods
( 63)
--------
---------
Total current tax
46,518
131,190
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 6,726)
--------
---------
Tax on profit
39,792
131,190
--------
---------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
803,500
---------
Amortisation
At 1 January 2023 and 31 December 2023
803,500
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
7. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
56,445
109,831
8,197
174,473
Disposals
( 56,445)
( 8,197)
( 64,642)
--------
---------
-------
---------
At 31 December 2023
109,831
109,831
--------
---------
-------
---------
Depreciation
At 1 January 2023
56,445
48,051
8,197
112,693
Charge for the year
15,445
15,445
Disposals
( 56,445)
( 8,197)
( 64,642)
--------
---------
-------
---------
At 31 December 2023
63,496
63,496
--------
---------
-------
---------
Carrying amount
At 31 December 2023
46,335
46,335
--------
---------
-------
---------
At 31 December 2022
61,780
61,780
--------
---------
-------
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
585,693
129,091
Other debtors
1,320,745
357,500
------------
---------
1,906,438
486,591
------------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
181,226
40,492
Corporation tax
46,526
131,190
Social security and other taxes
71,524
169,996
Other creditors
160,803
69,012
---------
---------
460,079
410,690
---------
---------