Timepiece Watch Repairs Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03796946 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

TIMEPIECE WATCH REPAIRS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Warren

Mrs S M Warren

SECRETARY:

Mrs S M Warren

REGISTERED OFFICE:

67 Chorley Old Road

Bolton

BL1 3AJ

REGISTERED NUMBER:

03796946 (England and Wales)

ACCOUNTANTS:

Ryans

Chartered Accountants

67 Chorley Old Road

Bolton

BL1 3AJ

BANKERS:

Santander UK plc

Bridle Road

Bootle

GIR 0AA

SOLICITORS:

Alker Ball Healds

29-33 King Street

Wigan

WN1 1EG

FIXED ASSETS

Tangible assets

4

479,535

498,697

Investments

5

160

160

479,695

498,857

CURRENT ASSETS

Stocks

1,781,454

1,935,010

Debtors

1,488,268

1,597,722

Investments

-

200,000

Cash at bank and in hand

1,127,306

1,154,222

4,397,028

4,886,954

CREDITORS

Amounts falling due within one year

2,555,980

3,005,742

NET CURRENT ASSETS

1,841,048

1,881,212

TOTAL ASSETS LESS CURRENT LIABILITIES

2,320,743

2,380,069

CREDITORS

Amounts falling due after more than one year

-

(31,667

)

PROVISIONS FOR LIABILITIES

(18,298

)

(16,872

)

NET ASSETS

2,302,445

2,331,530

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

2,302,345

2,331,430

SHAREHOLDERS' FUNDS

2,302,445

2,331,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th December 2023 and were signed on its behalf by:

M Warren - Director

1.	STATUTORY INFORMATION

Timepiece Watch Repairs Ltd 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

Revenue,described as turnover, represents the value of goods and services (net of VAT) provided to customers during the year.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to short leasehold property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Statement of Income and Retained Earnings, 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 31 (2022 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2022

805,757

Additions

2,336

At 31st March 2023

808,093

DEPRECIATION

At 1st April 2022

307,060

Charge for year

21,498

At 31st March 2023

328,558

NET BOOK VALUE

At 31st March 2023

479,535

At 31st March 2022

498,697

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st April 2022

and 31st March 2023

160

NET BOOK VALUE

At 31st March 2023

160

At 31st March 2022

160

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

7.	OTHER FINANCIAL COMMITMENTS

At 31st March 2023 the company had future obligations under operating leases totalling £373,480 of which £194,440 was due within one year.

8.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by its directors who own all of the shares of the parent company Bramblewood Properties Ltd.