Watchobsession Ltd - Filleted accounts

Registered number

08909242

Watchobsession Ltd

Filleted Accounts

28 February 2025

Watchobsession Ltd
Registered number:		08909242
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	4		355,462			363,052

Current assets
Stocks		449,940			499,788
Debtors	5	34,492			28,674
Cash at bank and in hand		18,005			43,496
		502,437			571,958

Creditors: amounts falling due within one year	6	(182,791)			(237,632)

Net current assets			319,646			334,326

Total assets less current liabilities			675,108			697,378

Creditors: amounts falling due after more than one year	7		(116,491)			(133,775)

Provisions for liabilities			(4,692)			(5,349)


Net assets			553,925			558,254

Capital and reserves
Called up share capital			100			100
Profit and loss account			553,825			558,154

Shareholders' funds			553,925			558,254

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr G Pemberthy
Director
Approved by the board on 10 July 2025

Watchobsession Ltd
Notes to the Accounts
for the year ended 28 February 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold property			2% on cost
	Fixtures and fittings			25% reducing balance
	Equipment			25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					9		9


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 March 2024							80,000
	At 28 February 2025							80,000

	Amortisation
	At 1 March 2024							80,000
	At 28 February 2025							80,000

	Net book value
	At 28 February 2025							-

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Tangible fixed assets
		Land and buildings		Fixtures & fittings		Equipment		Total
£			£		£		£
	Cost
	At 1 March 2024	356,590		40,168		55,164		451,922
	Additions	-		1,315		3,361		4,676
	At 28 February 2025	356,590		41,483		58,525		456,598

	Depreciation
	At 1 March 2024	21,693		30,968		36,209		88,870
	Charge for the year	4,132		2,662		5,472		12,266
	At 28 February 2025	25,825		33,630		41,681		101,136

	Net book value
	At 28 February 2025	330,765		7,853		16,844		355,462
	At 29 February 2024	334,897		9,200		18,955		363,052


5	Debtors					2025		2024
£							£

	Trade debtors					16,487		13,055
	Prepayments					18,005		15,619
						34,492		28,674


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					28,000		25,000
	Trade creditors					59,276		125,630
	Taxation and social security costs					66,883		34,174
	Accruals					10,746		9,525
	Loan					-		15,000
	Other creditors					17,886		28,303
						182,791		237,632


7	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					90,378		119,292
	Director's loan account					26,113		14,483
						116,491		133,775


8	Loans					2025		2024
£							£
	Creditors include:
	Instalments falling due for payment after more than five years					-		37,000


	Secured bank loans					118,378		144,292

	The bank loan is in the form of a mortgage and is secured on the freehold property owned by the company.


9	Other information

	Watchobsession Ltd is a private company limited by shares and incorporated in Wales. Its registered office is:
	23-25 Pier Street
	Aberystwyth
	Ceredigion
	SY23 2LN