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REGISTERED NUMBER: 09617259 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th June 2024

for

Watches Of Mayfair Limited

Watches Of Mayfair Limited (Registered number: 09617259)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Watches Of Mayfair Limited

Company Information
for the Year Ended 30th June 2024







DIRECTOR: A Zvarych





REGISTERED OFFICE: 13 Shepherd Market
London
W1J 7PQ





REGISTERED NUMBER: 09617259 (England and Wales)





ACCOUNTANTS: Sampson Fielding Ltd
34 - 35 Clarges Street
Mayfair
London
W1J 7EJ

Watches Of Mayfair Limited (Registered number: 09617259)

Balance Sheet
30th June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,192 5,458
Investments 6 200 200
3,392 5,658

CURRENT ASSETS
Stocks 824,228 1,160,907
Debtors 7 163,971 114,044
Cash at bank 29,687 57,621
1,017,886 1,332,572
CREDITORS
Amounts falling due within one year 8 350,090 579,300
NET CURRENT ASSETS 667,796 753,272
TOTAL ASSETS LESS CURRENT LIABILITIES 671,188 758,930

CREDITORS
Amounts falling due after more than one year 9 (92,627 ) (56,599 )

PROVISIONS FOR LIABILITIES (798 ) (1,364 )
NET ASSETS 577,763 700,967

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 577,463 700,667
577,763 700,967

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28th March 2025 and were signed by:



A Zvarych - Director


Watches Of Mayfair Limited (Registered number: 09617259)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

Watches Of Mayfair 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 Watches Of Mayfair 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.

Significant judgements and estimates
Estimates of the useful economic lives of fixed assets have been made in order to include depreciation and amortisation rates comparable with the rate at which the value of the assets should be recognised in the Statement of Comprehensive Income. No other estimates of a material nature have been included in the accounts.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 5 years
Fixtures and fittings - Straight line over 5 years
Computer equipment - straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

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

Watches Of Mayfair Limited (Registered number: 09617259)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other amounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivable, are measured, initially and subsequentially, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evident of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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.

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.

Watches Of Mayfair Limited (Registered number: 09617259)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st July 2023
and 30th June 2024 23,512
AMORTISATION
At 1st July 2023
and 30th June 2024 23,512
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st July 2023 992 65,111 11,445 77,548
Additions - 582 - 582
At 30th June 2024 992 65,693 11,445 78,130
DEPRECIATION
At 1st July 2023 331 64,613 7,146 72,090
Charge for year 198 176 2,474 2,848
At 30th June 2024 529 64,789 9,620 74,938
NET BOOK VALUE
At 30th June 2024 463 904 1,825 3,192
At 30th June 2023 661 498 4,299 5,458

Watches Of Mayfair Limited (Registered number: 09617259)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 200
NET BOOK VALUE
At 30th June 2024 200
At 30th June 2023 200

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 53,722 45,431
Amounts owed by group undertakings 5,116 -
Other debtors 77,838 39,057
Prepayments and accrued income 27,295 29,556
163,971 114,044

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 23,731 121,975
Trade creditors 211,619 132,220
Amounts owed to group undertakings - 8,945
Tax - 35,759
VAT 85,150 60,111
Other creditors 24,590 215,890
Accrued expenses 5,000 4,400
350,090 579,300

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans > 1 year 32,868 56,599
Other loans - 1-2 years 59,759 -
92,627 56,599

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/6/24 30/6/23
£    £   
Within one year 46,000 46,000
Between one and five years 65,167 111,167
111,167 157,167