Watch OS5 not showing

I recently upgraded my iPhone to OS 12, I then tried to upgrade my watch to OS 5. Opened the watch app on my handset and the following is displayed "watchOS 4.3.2 Your software is up to date"

I then unpaired the device and restored from the back up and still the problem persists. In addition to this, I then reset the device and again, no luck.

All connections are available, I have an uncapped WiFi connection, there is more than enough space on the watch and the watch itself (Series 1), meets the upgrade criteria.

Where to from here?