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LONDON - Watchstone Group plc (LSE:WTG.L), a company previously engaged in a variety of business activities, has announced its preliminary results for the fiscal year ending December 31, 2024, and outlined plans for its final windup. The company’s activities have concluded following a series of legal resolutions and the settlement of a historic property lease in May 2025.
The company reported a loss after taxation of £1.58 million for the year, a significant reduction from the previous year’s loss of £7.11 million. Administrative expenses were also reduced from £7.54 million in 2023 to £1.62 million in 2024. The reduction in losses and expenses reflects the company’s efforts to rationalize costs and resolve outstanding legal issues.
Watchstone’s Annual General Meeting (AGM) is scheduled for June 27, 2025, in London, where shareholders will vote on proposals, including a reduction of the share premium account and a return of cash to shareholders. Additionally, the company will propose the cancellation of its Aquis Exchange listing and discuss the potential windup of the company, barring any alternative options presented to the board.
The company has experienced a complex restructuring process with various challenges. In 2024, Watchstone returned £3.7 million to shareholders as a capital return following court approval for a capital reduction. The two remaining directors, who are also the only employees, agreed to contract variations effective January 1, 2025, to further reduce costs, with total non-contingent fees of £50,000.
Watchstone’s legal disputes have come to an end, with the Upper Tier Tax Tribunal ruling in favor of HMRC regarding a historic tax repayment claim. The company appealed to the Court of Appeal, which heard the case in March 2025, but the appeal was dismissed in April 2025. The board decided not to seek permission to appeal to the Supreme Court.
The company’s financial statements will be published and made available on its website in due course. The auditors’ report on the accounts was unqualified and did not contain any statements requiring attention under Section 498 of the Companies Act 2006.
This announcement, based on a press release statement, marks the end of Watchstone Group’s restructuring journey and sets the stage for its final corporate actions.
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