Company registration number 05378073 (England and Wales)
CHARLIE BEARS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
CHARLIE BEARS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CHARLIE BEARS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,002
6,522
Tangible assets
4
1,772,318
1,807,964
Investments
5
31,222
31,169
1,808,542
1,845,655
Current assets
Stocks
1,123,263
910,113
Debtors
6
2,084,409
2,202,426
Cash at bank and in hand
989,723
505,170
4,197,395
3,617,709
Creditors: amounts falling due within one year
7
(2,005,583)
(1,813,255)
Net current assets
2,191,812
1,804,454
Total assets less current liabilities
4,000,354
3,650,109
Creditors: amounts falling due after more than one year
8
(361,755)
(473,732)
Provisions for liabilities
9
(30,027)
(20,558)
Net assets
3,608,572
3,155,819
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
3,608,570
3,155,817
Total equity
3,608,572
3,155,819
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2023 and are signed on its behalf by:
Mr W R Morris
Director
Company Registration No. 05378073
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Charlie Bears Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 2, Milford Park, Pennygillam Industrial Estate, Launceston, Cornwall, PL15 7PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets
Website
20% straight line per annum
The website is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in the year in which it is incurred.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings - freehold
0% on land 2% straight line per annum on buildings
Land and buildings - leasehold
Straight line over the length of the lease
Plant and machinery
20% straight line per annum
Fixtures, fittings & equipment
20% straight line per annum
Computer equipment
20% straight line per annum
Motor vehicles
25% per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks
are stated at the lower of cost an
d net realisable value, using the prevailing exchange rate at the point of purchase. Provision is made where considered necessary for obsolete and slow moving items.
1.8
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
42
34
3
Intangible fixed assets
Trademarks
Website
Total
£
£
£
Cost
At 1 July 2021 and 30 June 2022
31,650
7,600
39,250
Amortisation and impairment
At 1 July 2021
31,650
1,078
32,728
Amortisation charged for the year
1,520
1,520
At 30 June 2022
31,650
2,598
34,248
Carrying amount
At 30 June 2022
5,002
5,002
At 30 June 2021
6,522
6,522
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021
2,105,878
758,670
2,864,548
Additions
13,851
24,382
38,233
Disposals
(206,547)
(206,547)
At 30 June 2022
2,119,729
576,505
2,696,234
Depreciation and impairment
At 1 July 2021
380,876
675,708
1,056,584
Depreciation charged in the year
34,288
29,317
63,605
Eliminated in respect of disposals
(196,273)
(196,273)
At 30 June 2022
415,164
508,752
923,916
Carrying amount
At 30 June 2022
1,704,565
67,753
1,772,318
At 30 June 2021
1,725,002
82,962
1,807,964
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
31,222
31,169
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2021
31,169
Additions
53
At 30 June 2022
31,222
Carrying amount
At 30 June 2022
31,222
At 30 June 2021
31,169
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
615,976
726,834
Amounts owed by group undertakings
548,079
802,523
Other debtors
920,354
673,069
2,084,409
2,202,426
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
937,175
851,568
Trade creditors
363,850
183,953
Amounts owed to group undertakings
53
Taxation and social security
314,761
284,593
Other creditors
389,744
493,141
2,005,583
1,813,255
Included within other creditors are balances totalling £119,462
(2021: £303,587) relating to debt factoring
and
discounting loans. These balances are secured upon the debts to which they relate.
The bank overdraft is secured upon the trade and assets of the company.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
361,755
473,732
The
bank loans are secured by a fixed and floating charge over the assets of the company
, with the exception of the Coronavirus Business Interruption Loan totaling £2
23
,250 (202
1
: £28
0
,
250
) at the balance sheet date.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
20,574
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
30,027
20,558
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully or partly paid
Ordinary shares of £1 each
2
2
2
2
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Welton BA (Hons) ACA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
45,912
47,529
Between two and five years
30,597
76,540
76,509
124,069
13
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two Directors
2.00
161,120
420,007
6,009
(173,639)
413,497
161,120
420,007
6,009
(173,639)
413,497
The advances are unsecured and repayable upon demand.