REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
CLOCKWORK COMPONENTS LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
CLOCKWORK COMPONENTS LIMITED (REGISTERED NUMBER: 05073827) |
Balance Sheet - continued |
30 June 2024 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Payments in advance |
Other debtors |
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 |
Hire purchase contracts (see note 9) |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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) |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Bank loans |
Hire purchase contracts | 58,418 | 71,641 |
11. | Ultimate parent company |
The company is a wholly owned subsidiary of Clockwork Holdings Limited, a company registered in England and Wales. |