Company registration number 14367753 (England and Wales)
CHESHIRE LUXURY WATCHES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CHESHIRE LUXURY WATCHES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CHESHIRE LUXURY WATCHES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
954
907
Cash at bank and in hand
826
7,548
1,780
8,455
Creditors: amounts falling due within one year
4
(3,785)
(7,802)
Net current (liabilities)/assets
(2,005)
653
Capital and reserves
Called up share capital
10
Profit and loss reserves
(2,015)
653
Total equity
(2,005)
653
The notes on pages 2 to 3 form part of these financial statements.
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for:
Ensuring that the company keeps accounting records which comply with sections 386 and 387 of the Companies Act 2006.
Preparing financial statements which give 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
Mr M Faux
Director
Company registration number 14367753 (England and Wales)
CHESHIRE LUXURY WATCHES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Cheshire Luxury Watches Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St Andrews House, Yale Business Village, Ellice Way, Wrexham, LL13 7YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover for the year represents net sales of services provided, excluding value added tax.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.4
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CHESHIRE LUXURY WATCHES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
954
907
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
(153)
153
Other creditors
3,938
7,649
3,785
7,802
5
Directors' transactions
The company operates a directors loan with the director, the balance due is included in other creditors.
No interest is charged and the loan is repayable on demand.