Charles Martin Watch Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10067821 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2018

for

Charles Martin Watch Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I C Austin

Mr M T Cleaton

REGISTERED OFFICE:

9 Market Place

Uttoxeter

Staffordshire

ST14 8HY

REGISTERED NUMBER:

10067821 (England and Wales)

ACCOUNTANTS:

Rice & Co Limited

Chartered Accountants

14a Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Tangible assets

4

20,297

16,119

CURRENT ASSETS

Stocks

23,502

18,480

Debtors

5

3,495

2,088

Cash at bank

19,695

6,445

46,692

27,013

CREDITORS

Amounts falling due within one year

6

73,161

47,813

NET CURRENT LIABILITIES

(26,469

)

(20,800

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,172

)

(4,681

)

CREDITORS

Amounts falling due after more than one year

7

4,430

-

NET LIABILITIES

(10,602

)

(4,681

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(10,702

)

(4,781

)

SHAREHOLDERS' FUNDS

(10,602

)

(4,681

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 23rd October 2018 and were signed on its behalf by:

Mr I C Austin - Director

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1st April 2017

20,672

-

20,672

Additions

3,715

5,995

9,710

At 31st March 2018

24,387

5,995

30,382

DEPRECIATION

At 1st April 2017

4,553

-

4,553

Charge for year

4,534

998

5,532

At 31st March 2018

9,087

998

10,085

NET BOOK VALUE

At 31st March 2018

15,300

4,997

20,297

At 31st March 2017

16,119

-

16,119

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,650

2,088

Other debtors

845

-

3,495

2,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

7,902

6,057

Hire purchase contracts

1,025

-

Trade creditors

2,401

350

Taxation and social security

1,886

3,541

Other creditors

59,947

37,865

73,161

47,813

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,430

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

5,455

-

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 2018 is £57,817 (2017 - £35,758) owing to

the directors of the company.