Charles Martin Watch Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10067821 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2022

for

Charles Martin Watch Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M T Cleaton

REGISTERED OFFICE:

14a Market Place

Uttoxeter

Staffordshire

ST14 8HP

REGISTERED NUMBER:

10067821 (England and Wales)

ACCOUNTANTS:

Rice & Co Limited

Chartered Accountants

14a Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Tangible assets

4

19,156

25,542

CURRENT ASSETS

Stocks

51,525

20,000

Debtors

5

2,872

11,547

54,397

31,547

CREDITORS

Amounts falling due within one year

6

75,769

72,081

NET CURRENT LIABILITIES

(21,372

)

(40,534

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,216

)

(14,992

)

CREDITORS

Amounts falling due after more than one year

7

41,667

42,284

NET LIABILITIES

(43,883

)

(57,276

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(43,983

)

(57,376

)

SHAREHOLDERS' FUNDS

(43,883

)

(57,276

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 11th November 2022 and were signed by:

Mr M T Cleaton - Director

1.	STATUTORY INFORMATION

Charles Martin Watch Company 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. Turnover in respect of the sale of goods is recognised upon delivery. Turnover in respect of services is recognised when the service has been completed resulting in the company obtaining the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Stocks

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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1st April 2021

and 31st March 2022

54,900

5,995

60,895

DEPRECIATION

At 1st April 2021

31,466

3,887

35,353

Charge for year

5,859

527

6,386

At 31st March 2022

37,325

4,414

41,739

NET BOOK VALUE

At 31st March 2022

17,575

1,581

19,156

At 31st March 2021

23,434

2,108

25,542

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,872

8,580

Other debtors

-

2,967

2,872

11,547

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

16,429

17,188

Hire purchase contracts

-

1,393

Trade creditors

13,318

15,023

Taxation and social security

15,894

9,468

Other creditors

30,128

29,009

75,769

72,081

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

41,667

41,667

Hire purchase contracts

-

617

41,667

42,284

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,667

1,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

-

2,010

Hire purchase creditors are secured over the asset to which they relate.

9.	RELATED PARTY DISCLOSURES

Included in creditors due within one year at 31st March 2022 is £864 (2021 - £26,113) owing to the director of the company.