Watch stuck on too many passcode screen

My watch says ‘Too many passcode attempts reset Apple Watch and pair again’.

I have read the previous questions and answers saying to keep the phone and watch close, and go into the watch app on my phone in order to re-set it. However, I have a new phone and haven’t yet set the watch up on my phone so it isn’t paired which means I can’t use the app yet. I have tried holding down both side buttons with the watch on the charger but nothing changes.

Please help!