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REGISTERED NUMBER: 06007637 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WATCHES OF DISTINCTION LIMITED

WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WATCHES OF DISTINCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G M Waite
H Waite





REGISTERED OFFICE: Windover House
St. Ann Street
Salisbury
SP1 2DR





REGISTERED NUMBER: 06007637 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,000 36,000
Tangible assets 5 83,874 102,992
110,874 138,992

CURRENT ASSETS
Stocks 637,486 751,028
Debtors 6 83,911 56,897
Cash at bank and in hand 19,084 31,860
740,481 839,785
CREDITORS
Amounts falling due within one year 7 388,993 440,409
NET CURRENT ASSETS 351,488 399,376
TOTAL ASSETS LESS CURRENT LIABILITIES 462,362 538,368

CREDITORS
Amounts falling due after more than one
year

8

(27,844

)

(34,860

)

PROVISIONS FOR LIABILITIES (13,738 ) (17,004 )
NET ASSETS 420,780 486,504

CAPITAL AND RESERVES
Called up share capital 10 600 600
Capital redemption reserve 400 400
Retained earnings 419,780 485,504
SHAREHOLDERS' FUNDS 420,780 486,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





G M Waite - Director


WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Watches of Distinction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Fixtures fittings & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 180,000
AMORTISATION
At 1 April 2023 144,000
Charge for year 9,000
At 31 March 2024 153,000
NET BOOK VALUE
At 31 March 2024 27,000
At 31 March 2023 36,000

WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 209,312
Additions 3,667
Disposals (11,168 )
At 31 March 2024 201,811
DEPRECIATION
At 1 April 2023 106,320
Charge for year 21,731
Eliminated on disposal (10,114 )
At 31 March 2024 117,937
NET BOOK VALUE
At 31 March 2024 83,874
At 31 March 2023 102,992

Included within motor vehicles are assets with a total net book value of £17,537 (2023 - £23,382) that are held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 39,989 28,595
Other debtors 43,922 28,302
83,911 56,897

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,897 2,826
Hire purchase contracts 4,119 4,119
Trade creditors 189,920 179,063
Taxation and social security 31,690 58,421
Other creditors 160,367 195,980
388,993 440,409

WATCHES OF DISTINCTION LIMITED (REGISTERED NUMBER: 06007637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 16,174 19,071
Hire purchase contracts 11,670 15,789
27,844 34,860

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 15,789 19,908

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600 Ordinary £1 600 600

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
G M Waite
Balance outstanding at start of year - 23,613
Amounts advanced 22,928 -
Amounts repaid - (23,613 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,928 -

12. RELATED PARTY DISCLOSURES

Creditors due within one year include £Nil (2023 - £37,847) which is owed to the directors of the company.