OSCAR BEARS LIMITED

Company Registration Number:
03032447 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

OSCAR BEARS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

OSCAR BEARS LIMITED

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 0 9,658
Total fixed assets: 0 9,658
Current assets
Debtors:   580,351 575,507
Cash at bank and in hand: 820 506
Total current assets: 581,171 576,013
Creditors: amounts falling due within one year:   (76,804) (55,896)
Net current assets (liabilities): 504,367 520,117
Total assets less current liabilities: 504,367 529,775
Creditors: amounts falling due after more than one year:   (19,167) (29,167)
Total net assets (liabilities): 485,200 500,608
Capital and reserves
Called up share capital: 105 105
Profit and loss account: 485,095 500,503
Shareholders funds: 485,200 500,608

The notes form part of these financial statements

OSCAR BEARS LIMITED

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 July 2024
and signed on behalf of the board by:

Name: M S Jones
Status: Director

The notes form part of these financial statements

OSCAR BEARS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulateddepreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluationless any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in thecarrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Short leasehold property - 10% straight lineFittings fixtures and equipment - 15% reducing balanceMotor vehicles - 25% reducing balanceIf there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.ImpairmentA review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.Financial instrumentsA financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

OSCAR BEARS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 10 12

OSCAR BEARS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 105,336
Disposals (105,336)
At 31 July 2023 0
Depreciation
At 01 August 2022 95,678
Charge for year 1,755
On disposals (97,433)
At 31 July 2023 0
Net book value
At 31 July 2023 0
At 31 July 2022 9,658

OSCAR BEARS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Related party transactions

Name of the related party: 1st Class Nursery Limited
Relationship:
Associated company
Description of the Transaction: intercompany
£
Balance at 01 August 2022 1,018
Balance at 31 July 2023 16,974
Name of the related party: Kid Inc Limited
Relationship:
Associated company
Description of the Transaction: intercompany
£
Balance at 01 August 2022 404,867
Balance at 31 July 2023 511,568
Name of the related party: Kiddy World Ltd
Relationship:
Associated company
Description of the Transaction: intercompany
£
Balance at 01 August 2022 49,748
Balance at 31 July 2023 49,218
Name of the related party: Olyness Limited
Relationship:
Associated company
Description of the Transaction: intercompany
£
Balance at 01 August 2022 116,233
Balance at 31 July 2023 0
Name of the related party: Mr OA Jones and Mrs. MS Jones
Relationship:
Directors
Description of the Transaction: rent charge
£
Balance at 01 August 2022 20,000
Balance at 31 July 2023 0

Lloyds Bank plc hold an omnibus guarantee and right of set off between Kid Inc Limited, Olyness Limited, Kiddy World Ltd, 1st Class Nursery Limited and Oscar Bears Limited, all of which haveM S Jones and O A Jones as directors.