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REGISTERED NUMBER: 05073827 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

CLOCKWORK COMPONENTS LIMITED

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLOCKWORK COMPONENTS LIMITED

Company Information
for the year ended 30 June 2024







Directors: J J Viney
C M Plews
O C R Tattersall





Secretary: C M Plews





Registered office: Unit 6
Network Point
Range Road
Witney
Oxfordshire
OX29 0YN





Registered number: 05073827 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 118,955 142,272
Investments 5 100 100
119,055 142,372

Current assets
Stocks 1,109,497 1,000,057
Debtors 6 1,301,073 1,578,843
Cash at bank and in hand 105,780 47,747
2,516,350 2,626,647
Creditors
Amounts falling due within one year 7 1,855,332 1,994,422
Net current assets 661,018 632,225
Total assets less current liabilities 780,073 774,597

Creditors
Amounts falling due after more than one
year

8

24,598

33,206
Net assets 755,475 741,391

Capital and reserves
Called up share capital 25,000 25,000
Retained earnings 730,475 716,391
Shareholders' funds 755,475 741,391

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





J J Viney - Director


CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements
for the year ended 30 June 2024


1. Statutory information

Clockwork Components 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Clockwork Components Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Basic financial statements
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 28 (2023 - 28 ) .

4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 July 2023 632,265
Additions 47,002
Disposals (74,259 )
At 30 June 2024 605,008
Depreciation
At 1 July 2023 489,993
Charge for year 70,319
Eliminated on disposal (74,259 )
At 30 June 2024 486,053
Net book value
At 30 June 2024 118,955
At 30 June 2023 142,272

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
Cost
At 1 July 2023 387,537
Additions 41,131
Disposals (42,150 )
At 30 June 2024 386,518
Depreciation
At 1 July 2023 271,202
Charge for year 60,305
Eliminated on disposal (42,150 )
At 30 June 2024 289,357
Net book value
At 30 June 2024 97,161
At 30 June 2023 116,335

5. Fixed asset investments
Other
investments
£
Cost
At 1 July 2023
and 30 June 2024 100
Net book value
At 30 June 2024 100
At 30 June 2023 100

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 987,839 1,270,833
Payments in advance 165,508 168,611
Other debtors 147,726 139,399
1,301,073 1,578,843

Included in trade debtors are balances subject to invoice discounting facilities amounting to £962,802 (2023 - £1,249,325)

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 150,673 195,794
Hire purchase contracts (see note 9) 33,820 38,435
Payments on account 12,038 -
Trade creditors 542,617 640,143
Amounts owed to group undertakings 161,140 174,125
Taxation and social security 187,333 243,732
Other creditors 767,711 702,193
1,855,332 1,994,422

Included in other creditors above are balances due under invoice discounting facilities amounting to £659,489 (2023 - £506,340), which are secured on the book debts of the company.

The bank loan and overdraft are secured by a fixed charge over book and other debts, chattels, goodwill and uncalled capital and a floating charge over all assets and undertaking, dated 8 April 2006.

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts (see note 9) 24,598 33,206

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 33,820 38,435
Between one and five years 24,598 33,206
58,418 71,641

Non-cancellable
operating leases
2024 2023
£ £
Within one year 94,705 97,427
Between one and five years 283,346 313,051
In more than five years 135,416 200,416
513,467 610,894

CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 150,673 160,792
Bank loans - 35,002
Hire purchase contracts 58,418 71,641
209,091 267,435

11. Ultimate parent company

The company is a wholly owned subsidiary of Clockwork Holdings Limited, a company registered in England and Wales.