Company Registration No. 05378073 (England and Wales)
CHARLIE BEARS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
CHARLIE BEARS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CHARLIE BEARS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,844,748
1,842,458
Investments
5
1
1
1,844,749
1,842,459
Current assets
Stocks
943,076
1,086,079
Debtors
6
2,848,014
2,705,040
Cash at bank and in hand
279,661
234,092
4,070,751
4,025,211
Creditors: amounts falling due within one year
7
(2,496,345)
(3,160,308)
Net current assets
1,574,406
864,903
Total assets less current liabilities
3,419,155
2,707,362
Creditors: amounts falling due after more than one year
8
(592,427)
(333,468)
Provisions for liabilities
9
(16,546)
(103,378)
Net assets
2,810,182
2,270,516
Capital and reserves
Called up share capital
10
5,002
5,002
Profit and loss reserves
2,805,180
2,265,514
Total equity
2,810,182
2,270,516
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHARLIE BEARS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2021 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 2020
- 3 -
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
Trademarks
Trade marks are 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 2020
1
Accounting policies
(Continued)
- 4 -
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 2020
1
Accounting policies
(Continued)
- 5 -
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:
2020
2019
Number
Number
Total
46
38
3
Intangible fixed assets
Trademarks
£
Cost
At 1 July 2019 and 30 June 2020
31,650
Amortisation and impairment
At 1 July 2019 and 30 June 2020
31,650
Carrying amount
At 30 June 2020
At 30 June 2019
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2019
2,014,304
742,508
2,756,812
Additions
85,767
22,674
108,441
At 30 June 2020
2,100,071
765,182
2,865,253
Depreciation and impairment
At 1 July 2019
313,589
600,765
914,354
Depreciation charged in the year
33,211
72,940
106,151
At 30 June 2020
346,800
673,705
1,020,505
Carrying amount
At 30 June 2020
1,753,271
91,477
1,844,748
At 30 June 2019
1,700,715
141,743
1,842,458
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
1
Carrying amount
At 30 June 2020
1
At 30 June 2019
1
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
822,159
679,409
Amounts owed by group undertakings
1,166,088
1,537,343
Other debtors
859,767
488,288
2,848,014
2,705,040
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
969,646
1,895,784
Trade creditors
332,795
368,477
Taxation and social security
301,997
284,401
Other creditors
891,907
611,646
2,496,345
3,160,308
Included within other creditors are balances totalling £
532,276
(201
9
: £
488,244
) relating to debt factoring 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
2020
2019
£
£
Bank loans and overdrafts
592,427
333,468
The bank loans are secured by a fixed and floating charge over the assets of the company.
Included in bank loans is a Coronavirus Business Interruption Loan which is guaranteed by the UK government.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
166,427
147,468
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
16,546
103,378
10
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully or partly paid
Ordinary shares of £1 each
2
2
2
2
Ordinary 'E' shares - partly paid of 1p each
500,000
500,000
5,000
5,000
500,002
500,002
5,002
5,002
11
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:
2020
2019
£
£
Within one year
45,303
Between two and five years
122,135
12,567
167,438
12,567
12
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
2.25
81,937
569,604
7,894
(231,898)
427,537
81,937
569,604
7,894
(231,898)
427,537
The advances are unsecured and repayable upon demand.