Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2922023-03-01falsethe sale and repair of clocks2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04659921 2023-03-01 2024-02-29 04659921 2022-03-01 2023-02-28 04659921 2024-02-29 04659921 2023-02-28 04659921 c:Director1 2023-03-01 2024-02-29 04659921 d:FurnitureFittings 2023-03-01 2024-02-29 04659921 d:FurnitureFittings 2024-02-29 04659921 d:FurnitureFittings 2023-02-28 04659921 d:Goodwill 2024-02-29 04659921 d:Goodwill 2023-02-28 04659921 d:CurrentFinancialInstruments 2024-02-29 04659921 d:CurrentFinancialInstruments 2023-02-28 04659921 d:Non-currentFinancialInstruments 2024-02-29 04659921 d:Non-currentFinancialInstruments 2023-02-28 04659921 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04659921 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04659921 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 04659921 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04659921 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 04659921 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04659921 d:ShareCapital 2024-02-29 04659921 d:ShareCapital 2023-02-28 04659921 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 04659921 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 04659921 c:FRS102 2023-03-01 2024-02-29 04659921 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04659921 c:FullAccounts 2023-03-01 2024-02-29 04659921 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04659921 2 2023-03-01 2024-02-29 04659921 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 04659921









CHRIS WADGE CLOCKS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CHRIS WADGE CLOCKS LIMITED
REGISTERED NUMBER: 04659921

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

  

Current assets
  

Stocks
 6 
21,459
15,198

Debtors: amounts falling due within one year
 7 
2,232
1,080

Cash at bank and in hand
 8 
33,835
34,223

  
57,526
50,501

Creditors: amounts falling due within one year
 9 
(52,245)
(41,499)

Net current assets
  
 
 
5,281
 
 
9,002

Total assets less current liabilities
  
5,281
9,002

Creditors: amounts falling due after more than one year
 10 
(5,279)
(9,000)

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
  
2
2

  
2
2


Page 1

 
CHRIS WADGE CLOCKS LIMITED
REGISTERED NUMBER: 04659921
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 on 12 November 2024.




................................................
Patrick James Wadge
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Chris Wadge Clocks Ltd is a private company limited by shares incorporated in England and Wales. The principal activity of the Company is clock repair, restoration and resale.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 5

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
30,000



At 29 February 2024

30,000



Amortisation


At 1 March 2023
30,000



At 29 February 2024

30,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 6

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 March 2023
1,202



At 29 February 2024

1,202



Depreciation


At 1 March 2023
1,202



At 29 February 2024

1,202



Net book value



At 29 February 2024
-



At 28 February 2023
-


6.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress (goods to be sold)
21,459
15,198

21,459
15,198


Page 7

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
535
-

Other debtors
1,537
946

Prepayments and accrued income
160
134

2,232
1,080



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
33,835
34,223

33,835
34,223



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
3,721
4,000

Trade creditors
593
610

Corporation tax
10,450
7,632

Other taxation and social security
2,401
1,347

Other creditors
33,420
26,345

Accruals and deferred income
1,660
1,565

52,245
41,499


Page 8

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
5,279
9,000

5,279
9,000



11.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
3,721
4,000

Amounts falling due 2-5 years

Bank loans
5,279
9,000

9,000
13,000



12.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
33,835
34,223




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


13.


Related party transactions

During the year the Company paid rent to Patrick James Wadge and Deborah Patricia Wadge to the sum of £5,400 (2023 - £5,400).

Page 9

 
CHRIS WADGE CLOCKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Controlling party

The Company is controlled by the directors, Patrick James Wadge and Deborah Patricia Wadge, by virtue of their shareholding, as described in the directors' report.

 
Page 10