Silverfin false false 31/05/2024 01/06/2023 31/05/2024 S Altbach 05/10/2020 D Silverman 05/10/2020 J Silverman 05/10/2020 28 January 2025 The principal activity of The Vintage Watch Company (Holdings) Ltd ("the Company") is that of a wholesale company. 12929168 2024-05-31 12929168 bus:Director1 2024-05-31 12929168 bus:Director2 2024-05-31 12929168 bus:Director3 2024-05-31 12929168 2023-05-31 12929168 core:CurrentFinancialInstruments 2024-05-31 12929168 core:CurrentFinancialInstruments 2023-05-31 12929168 core:ShareCapital 2024-05-31 12929168 core:ShareCapital 2023-05-31 12929168 core:RetainedEarningsAccumulatedLosses 2024-05-31 12929168 core:RetainedEarningsAccumulatedLosses 2023-05-31 12929168 core:CostValuation 2023-05-31 12929168 core:CostValuation 2024-05-31 12929168 bus:OrdinaryShareClass1 2024-05-31 12929168 2023-06-01 2024-05-31 12929168 bus:FilletedAccounts 2023-06-01 2024-05-31 12929168 bus:SmallEntities 2023-06-01 2024-05-31 12929168 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12929168 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12929168 bus:Director1 2023-06-01 2024-05-31 12929168 bus:Director2 2023-06-01 2024-05-31 12929168 bus:Director3 2023-06-01 2024-05-31 12929168 2022-06-01 2023-05-31 12929168 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 12929168 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 12929168 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12929168 (England and Wales)

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

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

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 750 750
750 750
Current assets
Stocks 4 5,223,393 4,717,069
Debtors 5 401,537 408,193
Cash at bank and in hand 27,148 199,799
5,652,078 5,325,061
Creditors: amounts falling due within one year 6 ( 3,619,332) ( 3,998,370)
Net current assets 2,032,746 1,326,691
Total assets less current liabilities 2,033,496 1,327,441
Net assets 2,033,496 1,327,441
Capital and reserves
Called-up share capital 7 1,500 1,500
Profit and loss account 2,031,996 1,325,941
Total shareholders' funds 2,033,496 1,327,441

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 (Holdings) Ltd (registered number: 12929168) 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 (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
THE VINTAGE WATCH COMPANY (HOLDINGS) LTD

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 (Holdings) Ltd (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 (Holdings) Ltd ("the Company") is that of a wholesale company.

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 parent 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.

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.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

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.

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.

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 3 3

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 750
At 31 May 2024 750
Carrying value at 31 May 2024 750
Carrying value at 31 May 2023 750

4. Stocks

2024 2023
£ £
Stocks 5,223,393 4,717,069

5. Debtors

2024 2023
£ £
Prepayments 41,188 35,844
VAT recoverable 0 12,000
Other debtors 360,349 360,349
401,537 408,193

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 20,000 0
Amounts owed to group undertakings 3,526,646 3,934,481
Accruals 4,001 8,338
Taxation and social security 68,685 55,551
3,619,332 3,998,370

Amounts owed to group undertakings are repayable on demand and do not bear interest.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,500 Ordinary shares of £ 1.00 each 1,500 1,500

8. 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 debtors is a balance of £360,349 (2023: £360,349) owed by an entity with a common director. The balance is interest-free and repayable on demand.