Luxury Watch Repairs Retail Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11868791 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

LUXURY WATCH REPAIRS RETAIL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

O M Pollock

REGISTERED OFFICE:

16-18 Hatton Garden

London

EC1N 8AT

REGISTERED NUMBER:

11868791 (England and Wales)

ACCOUNTANTS:

SRG Newmans Limited

Five Ways

57-59 Hatfield Road

Potters Bar

Hertfordshire

EN6 1HS

FIXED ASSETS

Tangible assets

4

24,948

27,966

CURRENT ASSETS

Debtors

5

1

733

Cash at bank

1,511

268

1,512

1,001

CREDITORS

Amounts falling due within one year

6

65,857

59,265

NET CURRENT LIABILITIES

(64,345

)

(58,264

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(39,397

)

(30,298

)

CREDITORS

Amounts falling due after more than one year

7

24,492

30,833

NET LIABILITIES

(63,889

)

(61,131

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(63,890

)

(61,132

)

(63,889

)

(61,131

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 30 May 2024 and were signed by:

O M Pollock - Director

1.	STATUTORY INFORMATION

Luxury Watch Repairs Retail 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.

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, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

and 31 May 2023

47,527

DEPRECIATION

At 1 June 2022

19,561

Charge for year

3,018

At 31 May 2023

22,579

NET BOOK VALUE

At 31 May 2023

24,948

At 31 May 2022

27,966

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

732

Other debtors

1

1

1

733

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Amounts owed to participating interests

42,566

37,486

Taxation and social security

10,930

10,884

Other creditors

2,361

895

65,857

59,265

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

24,492

30,833

8.	RELATED PARTY DISCLOSURES

Included within creditors is a balance of £42,566 (2022 - £37,486) due to Luxury Watch Repairs Limited, a company owned also by Mr O Pollock and Mrs T Pollock.