Company Registration No. 05378073 (England and Wales)
CHARLIE BEARS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
CHARLIE BEARS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CHARLIE BEARS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,522
Tangible assets
4
1,807,964
1,844,748
Investments
5
31,169
1
1,845,655
1,844,749
Current assets
Stocks
910,113
943,076
Debtors
6
2,202,426
2,848,014
Cash at bank and in hand
505,170
279,661
3,617,709
4,070,751
Creditors: amounts falling due within one year
7
(1,813,255)
(2,496,345)
Net current assets
1,804,454
1,574,406
Total assets less current liabilities
3,650,109
3,419,155
Creditors: amounts falling due after more than one year
8
(473,732)
(592,427)
Provisions for liabilities
9
(20,558)
(16,546)
Net assets
3,155,819
2,810,182
Capital and reserves
Called up share capital
10
2
5,002
Profit and loss reserves
3,155,817
2,805,180
Total equity
3,155,819
2,810,182
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 2021 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 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 March 2022 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 2021
- 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
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 2021
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 2021
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:
2021
2020
Number
Number
Total
34
46
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
3
Intangible fixed assets
Trademarks
Website
Total
£
£
£
Cost
At 1 July 2020
31,650
31,650
Additions
-
7,600
7,600
At 30 June 2021
31,650
7,600
39,250
Amortisation and impairment
At 1 July 2020
31,650
31,650
Amortisation charged for the year
1,078
1,078
At 30 June 2021
31,650
1,078
32,728
Carrying amount
At 30 June 2021
6,522
6,522
At 30 June 2020
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2020
2,100,071
765,182
2,865,253
Additions
5,807
36,033
41,840
Disposals
(42,545)
(42,545)
At 30 June 2021
2,105,878
758,670
2,864,548
Depreciation and impairment
At 1 July 2020
346,800
673,705
1,020,505
Depreciation charged in the year
34,076
38,736
72,812
Eliminated in respect of disposals
(36,733)
(36,733)
At 30 June 2021
380,876
675,708
1,056,584
Carrying amount
At 30 June 2021
1,725,002
82,962
1,807,964
At 30 June 2020
1,753,271
91,477
1,844,748
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
31,169
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2020
1
Additions
31,168
At 30 June 2021
31,169
Carrying amount
At 30 June 2021
31,169
At 30 June 2020
1
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
726,834
822,159
Amounts owed by group undertakings
802,523
1,166,088
Other debtors
673,069
859,767
2,202,426
2,848,014
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
851,568
969,646
Trade creditors
183,953
332,795
Taxation and social security
284,593
301,997
Other creditors
493,141
891,907
1,813,255
2,496,345
Included within other creditors are balances totalling £303,587
(2020: £532,276) 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.
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
473,732
592,427
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 £280,250 (2020: £285,000) at the balance sheet date.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
20,574
166,427
9
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
20,558
16,546
10
Called up share capital
2021
2020
2021
2020
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
-
5,000
2
500,002
2
5,002
During the year, the company cancelled the unpaid element of the ordinary E shares, then undertook a capital reduction to reduce the ordinary E share capital to nil.
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:
2021
2020
£
£
Between two and five years
124,069
166,135
124,069
166,135
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 9 -
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
2.00
427,537
171,718
8,763
(446,898)
161,120
427,537
171,718
8,763
(446,898)
161,120
The advances are unsecured and repayable upon demand.