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Montres Journe London Ltd Registered number: 14651003 Annual report For the year ended 31 December 2024
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD REGISTERED NUMBER: 14651003 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 506,009 |  | 639,815
|  |  | 506,009 |  | 639,815
Current assets |  |  |  |  |
Stocks | 5 | 2,436,001 |  | 2,599,137 |
Debtors: amounts falling due within one year | 6 | 49,595 |  | 46,571 |
Cash at bank and in hand |  | 2,993,804 |  | 589,933 |
|  | 5,479,400 |  | 3,235,641 |
Creditors: amounts falling due within one year | 7 | (2,185,816) |  | (3,041,160) |
Net current assets |  |  | 3,293,584 |  | 194,481
Total assets less current liabilities |  |  | 3,799,593 |  | 834,296
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (78,608) |  | (24,376) |
|  |  | (78,608) |  | (24,376)
Net assets |  |  | 3,720,985 |  | 809,920
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100,000 |  | 100,000
Profit and loss account |  |  | 3,620,985 |  | 709,920
Total equity |  |  | 3,720,985 |  | 809,920
- 1 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD REGISTERED NUMBER: 14651003 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
F-P Journe
Director
Date: 9 September 2025
The notes on pages 3 to 11 form part of these financial statements. - 2 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Montres Journe London Ltd is a private company limited by shares and incorporated in England and Wales. Its registered number is 14651003. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The trading address is 33 Bruton St, London, W1J 6QZ. The principal activity of the Company is the sale of watches and jewellery. The comparative figures presented in these financial statements are for an 11-month period and are not directly comparable. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The director has assessed the Company's ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In doing this, the director has considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the director is satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentation currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'. - 3 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 4 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25%
|  |  |  | Demonstration equipment | - | 25%
|  |  |  | Installation of showroom /Leasehold improvements | - | 8% or lease term whichever is lower
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. Depreciation of tangible fixed assets is recognised in the Statement of Comprehensive Income within 'administrative expenses'. - 5 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position 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. - 6 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including the Director, during the year was 5 (2023: 4).
- 7 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Fixtures and fittings | Demonstration equipment | Installation of showroom/Leasehold improvements | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 69,745 | 66,120 | 558,270 | 694,135
| Additions | 6,760 | 1,075 | 4,201 | 12,036
| At 31 December 2024 | 76,505 | 67,195 | 562,471 | 706,171
| Depreciation |  |  |  |
| At 1 January 2024 | 6,311 | 1,829 | 46,180 | 54,320
| Charge for the year | 17,267 | 16,431 | 112,144 | 145,842
| At 31 December 2024 | 23,578 | 18,260 | 158,324 | 200,162
| Net book value |  |  |  |
| At 31 December 2024 | 52,927 | 48,935 | 404,147 | 506,009
| At 31 December 2023 | 63,434 | 64,291 | 512,090 | 639,815
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Goods for resale | 2,436,001 | 2,599,137
|  | 2,436,001 | 2,599,137
- 8 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 530 | 460
| Other debtors | 454 | -
| VAT Receivable | - | 3,430
| Prepayments and accrued income | 48,611 | 42,681
|  | 49,595 | 46,571
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 63,933 | 138,806
| Amounts owed to group undertakings | 785,954 | 2,453,922
| Corporation tax | 977,876 | 218,633
| VAT Payable | 137,242 | -
| Deferred income | 88,777 | 117,570
| Accruals | 132,034 | 112,229
|  | 2,185,816 | 3,041,160
| The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (24,376)
| Charged to profit or loss | (54,232)
| At end of year | (78,608)
- 9 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (78,901) | (24,523)
| Short term timing differences | 293 | 147
|  | (78,608) | (24,376)
9. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2023: 100,000) ordinary shares of £1 each | 100,000 | 100,000
10. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £1,174 (2023: £587) were payable to the fund at the reporting date and are included in creditors.
11. | Related party transactions
| The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions. There were no transactions with other related parties during the year.
12. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
13. | Controlling party
The immediate and ultimate parent company is Montres Journes SA, a company incorporated in Switzerland. Its registered office address is 17 Rue De L'Arquebuse, Geneva, 1204, Switzerland. The smallest and largest group in which the results of the company is that headed by Montres Journes SA. The consolidated accounts of this company comply with the requirements of Swiss law. - 10 -
|  | 14651003 31 December 2024
MONTRES JOURNE LONDON LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 17 September 2025 by Maurice Hickey (Senior Statutory Auditor) on behalf of Forvis Mazars.
- 11 -