Registered number
10727618
CHR-Watches Limited
Filleted Accounts
31 March 2024
CHR-Watches Limited
Registered number: 10727618
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 105,000 95,000
Debtors 4 54,250 31,067
Cash at bank and in hand - 786
159,250 126,853
Creditors: amounts falling due within one year 5 (167,179) (165,032)
Net current liabilities (7,929) (38,179)
Total assets less current liabilities (7,929) (38,179)
Creditors: amounts falling due after more than one year 6 (11,667) (21,635)
Net liabilities (19,596) (59,814)
Capital and reserves
Called up share capital 100 100
Profit and loss account (19,696) (59,914)
Shareholders' funds (19,596) (59,814)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lee-J Austin
Director
Approved by the board on 13 March 2025
CHR-Watches Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going Concern
The accounts are prepared under the going concern convention which assumes the continuing
financial support of the company's directors and creditors.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 10
3 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 3,505
At 31 March 2024 3,505
Depreciation
At 1 April 2023 3,505
At 31 March 2024 3,505
Net book value
At 31 March 2024 -
4 Debtors 2024 2023
£ £
Prepayments 3,000 7,067
Other debtors 51,250 24,000
54,250 31,067
Included in Other Debtors is £51,250 (2023 £24,000) due by a company controlled by a
director of CHR-Watches Limited.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,779 10,032
Trade creditors 46,306 32,075
Taxation and social security costs 662 8,125
Other creditors 109,432 114,800
167,179 165,032
Included in other creditors is £106,570 (2023 £112,300) due to the directors of the company. These amounts are unsecured and interest free.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,635
7 Controlling party
The company is controlled by the director Lee-J Austin who owns 100% of the entire share capital of the company.
7 Related party transactions
Management fees of £30,000 (2023 £24,000) are receivable from a company controlled by a
director of CHR-Watches Limited..
8 Other information
CHR-Watches Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Westborough
Scarborough
YO11 1UH
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