Silverfin false false 31/05/2024 01/06/2023 31/05/2024 S Altbach 24/10/2007 D Silverman 21/09/2005 J Silverman 30/03/1999 28 January 2025 The principal activity of the company continued to be the retail trade of antique watches. 03744031 2024-05-31 03744031 bus:Director1 2024-05-31 03744031 bus:Director2 2024-05-31 03744031 bus:Director3 2024-05-31 03744031 2023-05-31 03744031 core:CurrentFinancialInstruments 2024-05-31 03744031 core:CurrentFinancialInstruments 2023-05-31 03744031 core:Non-currentFinancialInstruments 2024-05-31 03744031 core:Non-currentFinancialInstruments 2023-05-31 03744031 core:ShareCapital 2024-05-31 03744031 core:ShareCapital 2023-05-31 03744031 core:SharePremium 2024-05-31 03744031 core:SharePremium 2023-05-31 03744031 core:RetainedEarningsAccumulatedLosses 2024-05-31 03744031 core:RetainedEarningsAccumulatedLosses 2023-05-31 03744031 core:Vehicles 2023-05-31 03744031 core:OfficeEquipment 2023-05-31 03744031 core:Vehicles 2024-05-31 03744031 core:OfficeEquipment 2024-05-31 03744031 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 03744031 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 03744031 2022-05-31 03744031 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 03744031 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03744031 bus:OrdinaryShareClass1 2024-05-31 03744031 2023-06-01 2024-05-31 03744031 bus:FilletedAccounts 2023-06-01 2024-05-31 03744031 bus:SmallEntities 2023-06-01 2024-05-31 03744031 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03744031 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03744031 bus:Director1 2023-06-01 2024-05-31 03744031 bus:Director2 2023-06-01 2024-05-31 03744031 bus:Director3 2023-06-01 2024-05-31 03744031 core:Vehicles 2023-06-01 2024-05-31 03744031 core:OfficeEquipment 2023-06-01 2024-05-31 03744031 2022-06-01 2023-05-31 03744031 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 03744031 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 03744031 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03744031 (England and Wales)

THE VINTAGE WATCH COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

THE VINTAGE WATCH COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

THE VINTAGE WATCH COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
THE VINTAGE WATCH COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 71,720 93,517
71,720 93,517
Current assets
Stocks 4 178,716 502,031
Debtors 5 4,158,510 4,133,065
Cash at bank and in hand 520,725 738,679
4,857,951 5,373,775
Creditors: amounts falling due within one year 6 ( 760,335) ( 469,788)
Net current assets 4,097,616 4,903,987
Total assets less current liabilities 4,169,336 4,997,504
Creditors: amounts falling due after more than one year 7 ( 15,000) ( 25,000)
Provision for liabilities 8 ( 11,821) ( 12,324)
Net assets 4,142,515 4,960,180
Capital and reserves
Called-up share capital 9 750 750
Share premium account 177,367 177,367
Profit and loss account 3,964,398 4,782,063
Total shareholder's funds 4,142,515 4,960,180

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Vintage Watch Company Limited (registered number: 03744031) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Silverman
Director

28 January 2025

THE VINTAGE WATCH COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
THE VINTAGE WATCH COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Vintage Watch Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of The Vintage Watch Company Limited ("the Company") is that of the retail trade of antique watches.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The company is the subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 6 9

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 June 2023 108,530 472,031 580,561
Additions 0 1,583 1,583
At 31 May 2024 108,530 473,614 582,144
Accumulated depreciation
At 01 June 2023 56,766 430,278 487,044
Charge for the financial year 12,942 10,438 23,380
At 31 May 2024 69,708 440,716 510,424
Net book value
At 31 May 2024 38,822 32,898 71,720
At 31 May 2023 51,764 41,753 93,517

4. Stocks

2024 2023
£ £
Stocks 178,716 502,031

5. Debtors

2024 2023
£ £
Trade debtors 135,514 98,147
Amounts owed by related parties 3,526,649 3,934,481
Amounts owed by directors 412,805 0
Prepayments 80,394 63,298
VAT recoverable 648 0
Other debtors 2,500 37,139
4,158,510 4,133,065

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 59,276 89,152
Accruals and deferred income 453,052 15,000
Taxation and social security 178,316 299,076
Other creditors 59,691 56,560
760,335 469,788

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 15,000 25,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 12,324) ( 18,842)
Credited to the Statement of Income and Retained Earnings 503 6,518
At the end of financial year ( 11,821) ( 12,324)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 11,821) ( 12,324)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
750 Ordinary shares of £ 1.00 each 750 750

10. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,246 1,387

11. Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Included within other creditors is a balance of £40,232 (2023: £44,232) owed to an entity with a common director. This balance is unsecured and interest free, with no fixed repayment terms.

Included within other debtors is a balance of £3,526,646 (2023: £Nil) owed from the directors of the company. These balances are unsecured and HMRC's official rate of interest is charged on these balances.

12. Ultimate controlling party

Parent Company:

The Vintage Watch Company (Holdings) Ltd
35 Ballards Lane, London, N3 1XW