ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company registration number: 12004761

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MAY 2025

	WATCHMAKER PROPERTY LIMITED


WATCHMAKER PROPERTY LIMITED

COMPANY INFORMATION

Directors	E. J. Karolyi
	Dr J. R. Karolyi


Registered number	12004761


Registered office	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


Accountants	Menzies LLP
	Chartered Accountants
	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


WATCHMAKER PROPERTY LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 8


WATCHMAKER PROPERTY LIMITED REGISTERED NUMBER:12004761

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		-		21
Investment property	5		300,556		300,556
			300,556		300,577
Current assets
Debtors: amounts falling due within one year	6	1,492		909
Cash at bank and in hand		666		2,157
		2,158		3,066
Creditors: amounts falling due within one year	7	(179,503)		(169,077)
Net current liabilities			(177,345)		(166,011)
Total assets less current liabilities			123,211		134,566
Creditors: amounts falling due after more than one year	8		(175,482)		(182,187)
Provisions for liabilities
Deferred tax		-		(219)
			-		(219)
Net liabilities			(52,271)		(47,840)

Page 1


WATCHMAKER PROPERTY LIMITED REGISTERED NUMBER:12004761

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Capital and reserves
Allotted, called up and fully paid share capital	10	100	100
Profit and loss account		(52,371)	(47,940)
		(52,271)	(47,840)

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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:

Dr J. R. Karolyi

Director

Date: 8 December 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1.	General information

Watchmaker Property Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the Company information page of these financial statements.
The principal trading address of the Company is 116 Rose Street, Edinburgh, EH2 3FJ.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As at 31 May 2025, the Company reports net current liabilities of £177,345 (2024 - £166,011). Whilst some uncertainties exist and these may cast doubt on the Company's ability to continue as a going concern, the directors believe that the actions they have taken should enable it to continue in operational existence for at least 12 months from the approval of these accounts.

2.3

Turnover

The turnover of the Company consists of rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue 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.

2.4

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.

Page 3


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

straight line

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 profit or loss.

2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.

2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 -2).

Page 4


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 June 2024	4,526
	At 31 May 2025	4,526
	Depreciation
	At 1 June 2024	4,505
	Charge for the year	21
	At 31 May 2025	4,526
	Net book value
	At 31 May 2025	-
	At 31 May 2024	21

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 June 2024	300,556
	At 31 May 2025	300,556

The 2025 valuations were made by the directors, on an open market value for existing use basis.

Page 5


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Debtors

					2025	2024
					£	£


Trade debtors	824	400
Prepayments and accrued income	652	509
Deferred taxation	16	-
	1,492	909

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	8,185	9,304
Other creditors	129,687	127,961
Accruals and deferred income	41,631	31,812
	179,503	169,077

The bank loans are secured over the investment property owned by the Company.

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	115,482	122,187
Share capital treated as debt	60,000	60,000
	175,482	182,187

The bank loans are secured over the investment property owned by the Company.

Page 6


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Amounts falling due within one year
Bank loans	8,185	9,304
	8,185	9,304

Amounts falling due 2-5 years
Bank loans	32,741	37,218
	32,741	37,218
Amounts falling due after more than 5 years
Bank loans	82,741	84,969
	82,741	84,969
	123,667	131,491

Allotted, called up and fully paid

50 (2024 -50) Ordinary 'A' shares of £1.00 each	50	50
50 (2024 -50) Ordinary 'B' shares of £1.00 each	50	50

	100	100

	2025	2024
	£	£
Shares classified as debt

Allotted, called up and fully paid

60,000 (2024 -60,000) Preference shares of £1.00 each	60,000	60,000

Page 7


WATCHMAKER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

11.	Transactions with the directors
	Included within other creditors are the following transactions with the directors.

		2025	2024
		£	£

Balance outstanding at the start of year	122,311	118,931
Amounts advanced	13,366	11,280
Amounts repaid	(11,640)	(7,900)
Balance outstanding at the end of the year	124,037	122,311

Interest is accrued on this loan at 5.3% p.a.

12.	Related party transactions

As at 31 May 2025 included within note 7 other creditors is an amount owed to a shareholder of £5,650 (2024 - £5,650). Interest of 3.5% (2024: 3.5%) has been charged on this loan.

Page 8