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REGISTERED NUMBER: 05970282 (England and Wales)















OFFICIAL WATCHES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2024






OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


OFFICIAL WATCHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 MARCH 2024







DIRECTORS: Mr L Agathocleous
Mr C N Costas





SECRETARY: Mr C N Costas





REGISTERED OFFICE: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





REGISTERED NUMBER: 05970282 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2024

The directors present their strategic report for the year ended 30 March 2024.

REVIEW OF BUSINESS
Sales have increased to £20,601,415 (2024) from £17,445,598 (2023)
Pre-tax profit of £212,510 has decreased from the previous year of £334,901 (2023).

In 2024 our primary strategic focus was to stabilise sales and profits in the UK business. Despite the increase in revenue during the current year the company experiences a drop in pre-tax profit resulting from an increase in administrative expenses.

Looking ahead, we anticipate activity in the UK watch industry to remain volatile but the directors are confident that the performance of the company will remain steady in 2024.

Key performance indicators

The group's financial performance is assessed primarily by Turnover, Gross Profit and EBITDA.
Turnover Gross Profit EBITDA
2024 £20,601,415 £2,173,875 £721,448
2023 £17,445,598 £1,828,054 £770,462
2022 £22,034,979 £1,693,670 £811,441

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risk and uncertainty relates to any potential downturn in the UK economy and in particular the watch and jewelry markets.

ON BEHALF OF THE BOARD:





Mr L Agathocleous - Director


27 March 2025

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 30 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail sales of watches and jewellery.

DIVIDENDS
The total distribution of dividends for the year ended 30 March 2024 will be £59,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2023 to the date of this report.

Mr L Agathocleous
Mr C N Costas

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr L Agathocleous - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OFFICIAL WATCHES LIMITED

Qualified opinion

We have audited the financial statements of Official Watches Limited (the 'company') for the year ended 30 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 March 2024 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Due to this being the first year the company is being audited we were unable to attend the physical stock take at the date 30 March 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 March 2023, which form part of the prior year opening balances, by using other audit procedures. Furthermore, we were not able to gain comfort regarding the value of inventory due to insufficient records kept by the company. Consequently, we were unable to determine whether any adjustment to this amount is necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters
We draw attention to the fact that the financial statements for the year ended 30 March 2023 were not audited. Accordingly, we do not express an opinion on the comparative figures included in these financial statements.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OFFICIAL WATCHES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance provisions of relevant laws and regulations described as having a direct effect on the financial statements.
- Enquiring of management concerning actual and potential litigation and claims.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

28 March 2025

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

INCOME STATEMENT
FOR THE YEAR ENDED 30 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 20,601,415 17,445,598

Cost of sales 18,427,540 15,617,544
GROSS PROFIT 2,173,875 1,828,054

Administrative expenses 1,645,216 1,230,815
528,659 597,239

Other operating income (8,555 ) (5,170 )
OPERATING PROFIT 5 520,104 592,069


Interest payable and similar expenses 6 307,594 257,168
PROFIT BEFORE TAXATION 212,510 334,901

Tax on profit 7 102,515 86,717
PROFIT FOR THE FINANCIAL YEAR 109,995 248,184

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 109,995 248,184


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 109,995 248,184

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

BALANCE SHEET
30 MARCH 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 414,440 495,726

CURRENT ASSETS
Stocks 10 5,553,228 4,542,264
Debtors 11 338,165 355,651
Cash at bank and in hand 93,556 206,718
5,984,949 5,104,633
CREDITORS
Amounts falling due within one year 12 1,412,558 678,068
NET CURRENT ASSETS 4,572,391 4,426,565
TOTAL ASSETS LESS CURRENT LIABILITIES 4,986,831 4,922,291

CREDITORS
Amounts falling due after more than one year 13 (3,401,855 ) (3,401,855 )

PROVISIONS FOR LIABILITIES 17 (35,628 ) (22,083 )
NET ASSETS 1,549,348 1,498,353

CAPITAL AND RESERVES
Called up share capital 18 200 200
Retained earnings 19 1,549,148 1,498,153
SHAREHOLDERS' FUNDS 1,549,348 1,498,353

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Mr L Agathocleous - Director


OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 March 2022 200 1,509,969 1,510,169

Changes in equity
Dividends - (260,000 ) (260,000 )
Total comprehensive income - 248,184 248,184
Balance at 30 March 2023 200 1,498,153 1,498,353

Changes in equity
Dividends - (59,000 ) (59,000 )
Total comprehensive income - 109,995 109,995
Balance at 30 March 2024 200 1,549,148 1,549,348

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 480,975 635,179
Interest paid (301,175 ) (255,125 )
Interest element of hire purchase payments paid (6,419 ) (2,043 )
Tax paid (102,061 ) (315,926 )
Net cash from operating activities 71,320 62,085

Cash flows from investing activities
Purchase of tangible fixed assets (16,639 ) (179,354 )
Net cash from investing activities (16,639 ) (179,354 )

Cash flows from financing activities
Capital repayments in year (24,708 ) 128,844
Amount introduced by directors 1,401 261,224
Amount withdrawn by directors 32,304 (261,719 )
Equity dividends paid (59,000 ) (260,000 )
Net cash from financing activities (50,003 ) (131,651 )

Increase/(decrease) in cash and cash equivalents 4,678 (248,920 )
Cash and cash equivalents at beginning of year 2 6,153 255,073

Cash and cash equivalents at end of year 2 10,831 6,153

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
(Unaudited)
£    £   
Profit before taxation 212,510 334,901
Depreciation charges 97,926 102,376
Finance costs 307,594 257,168
618,030 694,445
Increase in stocks (1,010,964 ) (1,070,264 )
Decrease in trade and other debtors 17,486 292,915
Increase in trade and other creditors 856,423 718,083
Cash generated from operations 480,975 635,179

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 March 2024
30.3.24 31.3.23
£    £   
Cash and cash equivalents 93,556 206,718
Bank overdrafts (82,725 ) (200,565 )
10,831 6,153
Year ended 30 March 2023
30.3.23 31.3.22
(Unaudited)
£    £   
Cash and cash equivalents 206,718 255,401
Bank overdrafts (200,565 ) (328 )
6,153 255,073


3. ANALYSIS OF CHANGES IN NET DEBT

At 31.3.23 Cash flow At 30.3.24
£    £    £   
Net cash
Cash at bank and in hand 206,718 (113,162 ) 93,556
Bank overdrafts (200,565 ) 117,840 (82,725 )
6,153 4,678 10,831
Debt
Finance leases (128,844 ) 24,708 (104,136 )
(128,844 ) 24,708 (104,136 )
Total (122,691 ) 29,386 (93,305 )

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1. STATUTORY INFORMATION

Official Watches 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the end of each month. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete.

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 - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.


OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

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
2024 2023
(Unaudited)
£    £   
Wages and salaries 430,895 289,650
Other pension costs 5,629 3,684
436,524 293,334

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

21 20

4. DIRECTORS' EMOLUMENTS
2024 2023
(Unaudited)
£    £   
Directors' remuneration 15,160 16,676

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 1,792 2,110
Depreciation - owned assets 73,078 69,247
Depreciation - assets on hire purchase contracts 24,847 33,129
Auditors' remuneration 20,000 -
Foreign exchange differences 8,555 5,170

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Other interest 301,175 251,041
Interest on late payment of CT - 4,084
Hire purchase 6,419 2,043
307,594 257,168

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 88,971 80,674

Deferred tax 13,544 6,043
Tax on profit 102,515 86,717

8. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 59,000 260,000

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 31 March 2023 524,250 29,405 65,876
Additions 5,096 292 2,210
At 30 March 2024 529,346 29,697 68,086
DEPRECIATION
At 31 March 2023 206,171 18,141 53,329
Charge for year 51,245 2,889 3,690
At 30 March 2024 257,416 21,030 57,019
NET BOOK VALUE
At 30 March 2024 271,930 8,667 11,067
At 30 March 2023 318,079 11,264 12,547

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 31 March 2023 132,516 175,038 927,085
Additions - 9,041 16,639
At 30 March 2024 132,516 184,079 943,724
DEPRECIATION
At 31 March 2023 33,129 120,589 431,359
Charge for year 24,847 15,254 97,925
At 30 March 2024 57,976 135,843 529,284
NET BOOK VALUE
At 30 March 2024 74,540 48,236 414,440
At 30 March 2023 99,387 54,449 495,726

The net book value of tangible fixed assets includes £ 74,540 (2023 - £ 99,387 ) in respect of assets held under hire purchase contracts.

10. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 5,553,228 4,542,264

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Other debtors 292,666 72,000
Prepayments 45,499 283,651
338,165 355,651

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 14) 82,725 200,565
Hire purchase contracts (see note 15) 104,136 128,844
Trade creditors 348,910 82,894
Tax 166,099 179,189
Social security and other taxes 16,460 4,132
VAT 22,880 16,473
Other creditors 569,806 35,943
Pensions 1,391 936
Net wages 39,597 22,243
Directors' current accounts 34,554 849
Accrued expenses 26,000 6,000
1,412,558 678,068

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
(Unaudited)
£    £   
Other creditors 3,401,855 3,401,855

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 82,725 200,565

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 104,136 128,844

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Bank overdrafts 82,725 200,565
Other creditors 3,401,855 3,401,855
3,484,580 3,602,420

Bank loans and overdrafts are secured over the assets and undertaking of the company as well as by the personal guarantees of the two directors.

Included above in Other creditors is a loan of £3,401,855 (2023 : £3,401,855) which is secured by way of fixed and floating charges over the undertaking and assets of the company and by a personal guarantee from one of the directors.

17. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 35,628 22,083

Deferred
tax
£   
Balance at 31 March 2023 22,083
Provided during year 13,545
Balance at 30 March 2024 35,628

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

19. RESERVES
Retained
earnings
£   

At 31 March 2023 1,498,153
Profit for the year 109,995
Dividends (59,000 )
At 30 March 2024 1,549,148

OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 March 2024 and 30 March 2023:

2024 2023
(Unaudited)
£    £   
Mr L Agathocleous
Balance outstanding at start of year 12,753 714
Amounts advanced 22,911 130,612
Amounts repaid (1,424 ) (118,573 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 34,240 12,753

Mr C N Costas
Balance outstanding at start of year (11,903 ) 631
Amounts advanced 59,612 130,612
Amounts repaid (47,394 ) (143,146 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 315 (11,903 )

21. RELATED PARTY DISCLOSURES

At the balance sheet date, creditors include loans from shareholders amounting to £34,555 (2023: £849).

22. ULTIMATE CONTROLLING PARTY

The controlling party is Mr C N Costas.