REGISTERED NUMBER: |
OFFICIAL WATCHES LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MARCH 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
3rd Floor |
Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
528,659 | 597,239 |
Other operating income | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
OFFICIAL WATCHES LIMITED (REGISTERED NUMBER: 05970282) |
BALANCE SHEET |
30 MARCH 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 1,401 | 261,224 |
Amount withdrawn by directors | 32,304 | (261,719 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 6,153 | 255,073 |
Cash and cash equivalents at end of year | 2 |
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 |
Depreciation charges |
Finance costs | 307,594 | 257,168 |
618,030 | 694,445 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
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 |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
(Unaudited) |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Directors' remuneration |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Other interest |
Interest on late payment of CT |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
8. | DIVIDENDS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
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 |
Additions |
At 30 March 2024 |
DEPRECIATION |
At 31 March 2023 |
Charge for year |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 31 March 2023 |
Additions |
At 30 March 2024 |
DEPRECIATION |
At 31 March 2023 |
Charge for year |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 March 2023 |
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 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Other debtors | 292,666 | 72,000 |
Prepayments |
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) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 22,880 | 16,473 |
Other creditors |
Pensions | 1,391 | 936 |
Net wages | 39,597 | 22,243 |
Directors' current accounts | 34,554 | 849 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Other creditors |
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 |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
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 |
Other creditors | 3,401,855 | 3,401,855 |
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 |
Provided during year |
Balance at 30 March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
19. | RESERVES |
Retained |
earnings |
£ |
At 31 March 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 March 2024 |
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) |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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. |