Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10005449 Mr Charles Walker Mrs Katie Walker iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10005449 2023-03-31 10005449 2024-03-31 10005449 2023-04-01 2024-03-31 10005449 frs-core:CurrentFinancialInstruments 2024-03-31 10005449 frs-core:Non-currentFinancialInstruments 2024-03-31 10005449 frs-core:FurnitureFittings 2024-03-31 10005449 frs-core:FurnitureFittings 2023-04-01 2024-03-31 10005449 frs-core:FurnitureFittings 2023-03-31 10005449 frs-core:MotorVehicles 2023-04-01 2024-03-31 10005449 frs-core:ShareCapital 2024-03-31 10005449 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10005449 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10005449 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10005449 frs-bus:SmallEntities 2023-04-01 2024-03-31 10005449 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10005449 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10005449 frs-bus:Director1 2023-04-01 2024-03-31 10005449 frs-bus:Director2 2023-04-01 2024-03-31 10005449 frs-core:CurrentFinancialInstruments 1 2024-03-31 10005449 frs-countries:EnglandWales 2023-04-01 2024-03-31 10005449 2022-03-31 10005449 2023-03-31 10005449 2022-04-01 2023-03-31 10005449 frs-core:CurrentFinancialInstruments 2023-03-31 10005449 frs-core:Non-currentFinancialInstruments 2023-03-31 10005449 frs-core:ShareCapital 2023-03-31 10005449 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 10005449 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 10005449
LWC (Luxury Watches) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Ash & Associates
Chartered Accountants
First Floor
1A Leadenhall Market
London
EC3V 1LR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10005449
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,657 47,924
59,657 47,924
CURRENT ASSETS
Stocks 5 578,315 326,450
Debtors 6 359,901 66,693
Cash at bank and in hand 159,162 287,466
1,097,378 680,609
Creditors: Amounts Falling Due Within One Year 7 (273,937 ) (201,894 )
NET CURRENT ASSETS (LIABILITIES) 823,441 478,715
TOTAL ASSETS LESS CURRENT LIABILITIES 883,098 526,639
Creditors: Amounts Falling Due After More Than One Year 8 (511,667 ) (521,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,686 ) (553 )
NET ASSETS 365,745 4,419
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 365,645 4,319
SHAREHOLDERS' FUNDS 365,745 4,419
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Charles Walker
Director
6th March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LWC (Luxury Watches) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10005449 . The registered office is The Old Laundry 2 Stable Courtyard, Broughton Hall Estate, Skipton, North Yorkshire, England, BD23 3AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.8. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.9. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.10. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 2)
5 2
Page 4
Page 5
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2023 87,748
Additions 31,619
As at 31 March 2024 119,367
Depreciation
As at 1 April 2023 39,824
Provided during the period 19,886
As at 31 March 2024 59,710
Net Book Value
As at 31 March 2024 59,657
As at 1 April 2023 47,924
5. Stocks
2024 2023
£ £
Merchandise 578,315 326,450
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 294,660 9,900
Prepayments and accrued income 31,651 4,837
Corporation tax account 33,590 51,956
359,901 66,693
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,284 14,435
Bank loans and overdrafts 10,063 10,000
Corporation tax 132,399 -
Other taxes and social security 45,197 269
Other creditors 15,199 13,726
VAT Control account 5,976 (28,615 )
Directors' loan accounts 60,819 192,079
273,937 201,894
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,667 21,667
Other creditors 500,000 500,000
511,667 521,667
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 21,667 31,667
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 71,000 71,000
Page 6