Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrue 03927614 2023-01-01 2023-12-31 03927614 2022-01-01 2022-12-31 03927614 2023-12-31 03927614 2022-12-31 03927614 c:Director2 2023-01-01 2023-12-31 03927614 d:CurrentFinancialInstruments 2023-12-31 03927614 d:CurrentFinancialInstruments 2022-12-31 03927614 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03927614 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03927614 d:ShareCapital 2023-12-31 03927614 d:ShareCapital 2022-12-31 03927614 d:SharePremium 2023-12-31 03927614 d:SharePremium 2022-12-31 03927614 d:RetainedEarningsAccumulatedLosses 2023-12-31 03927614 d:RetainedEarningsAccumulatedLosses 2022-12-31 03927614 c:FRS102 2023-01-01 2023-12-31 03927614 c:Audited 2023-01-01 2023-12-31 03927614 c:FullAccounts 2023-01-01 2023-12-31 03927614 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03927614 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03927614






MONTRES CORUM (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










img4190.png

 
MONTRES CORUM (UK) LIMITED
REGISTERED NUMBER:03927614

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
5,840
4,560

Cash at bank and in hand
 5 
-
3,774

  
5,840
8,334

Creditors: amounts falling due within one year
 6 
(1,359,807)
(1,359,054)

Net current liabilities
  
 
 
(1,353,967)
 
 
(1,350,720)

Total assets less current liabilities
  
(1,353,967)
(1,350,720)

  

Net liabilities
  
(1,353,967)
(1,350,720)


Capital and reserves
  

Called up share capital 
  
3,383,424
3,383,424

Share premium account
  
99,999
99,999

Profit and loss account
  
(4,837,390)
(4,834,143)

  
(1,353,967)
(1,350,720)


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 income and retained earnings 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 by: 



T Halim
Director

Date: 17 September 2024

Page 1

 
MONTRES CORUM (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Montres Corum (UK) Limited is a private company limited by shares, incorporated in England and Wales.
Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of the wholesale of luxury watches.

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

Going concern

The accounts have been prepared on a going concern basis due to the continuing support of the parent company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

 
MONTRES CORUM (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 3

 
MONTRES CORUM (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

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


4.


Debtors

2023
2022
£
£


Other debtors
5,840
4,560

5,840
4,560



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
3,774

-
3,774



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,913
840

Amounts owed to group undertakings
969,088
971,408

Accruals and deferred income
386,806
386,806

1,359,807
1,359,054



7.


Related party transactions

As the Company is a wholly owned subsidiary of Montres Corum Sarl, the company has adopted the exemption obtained under FRS 102 sections 33.1A and has not disclosed transactions or balances with entities which form part of the group. The consolidated financial statements of Citychamp Watch & Jewellery Group Limited, the ultimate holding company, within which the Company is included, can be obtained from the address given in the Controlling Party note.

Page 4

 
MONTRES CORUM (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Controlling party

The immediate parent company and intermediary controlling party is Montres Corum Sarl, a company incorporated in Switzerland. Its registered office is Rue du Petit-Chateau 1, Case Postale 374. 2300, La Chaux-de-Fonds, Switzerland.
The ultimate parent company is Citychamp Watch & Jewellery Group Limited, a company incorporated in Cayman Islands. Its registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The consolidated group financial statements can be obtained from its registered office or from the Company's website at www.citychampwj.com. 

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by  (Senior statutory auditor) on behalf of Venthams.

 
Page 5