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Registration number: 12330638

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

fo r
 

Bear Capital Group Limited

 

Bear Capital Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

Registered office

4

Accounting policies

4

Going concern

4

Depreciation

5

Other non-current financial assets

9

 

Bear Capital Group Limited

Company Information

Directors:

Anthony Kerr

Patricia Kerr

Registered office:

1st Floor Frameworks
2 Sheen Road
Richmond
TW9 1AE

Registered number:

12330638

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Bear Capital Group Limited

(Registration number: 12330638)
Balance Sheet as at 30 November 2023

Note

30.11.23

30.11.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

1,627

 

445

Investment property

5

 

2,215,766

 

-

Investments

6

 

104

 

104

Other financial assets

7

 

18,325,130

 

17,382,004

   

20,542,627

 

17,382,553

CURRENT ASSETS

   

 

Debtors

8

4,707,106

 

2,632,451

 

Cash at bank and in hand

 

10,658,218

 

1,587,192

 

 

15,365,324

 

4,219,643

 

CREDITORS

   

 

Creditors within 1yr

9

1,076,895

 

16,957,535

 

Net current assets/(liabilities)

   

14,288,429

 

(12,737,892)

Total assets less current liabilities

   

34,831,056

 

4,644,661

Creditors
Amounts falling due after more than one year

9

 

7,358,041

 

6,234,002

PROVISIONS FOR LIABILITES

 

(337,114)

 

-

Net assets/(liabilities)

   

27,135,901

 

(1,589,341)

CAPITAL AND RESERVES

   

 

Called up share capital

 

204

 

204

Fair value reserve

 

76,523

 

(548,128)

Profit and loss account

 

27,059,174

 

(1,041,417)

Shareholders' funds/(deficit)

   

27,135,901

 

(1,589,341)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Bear Capital Group Limited

(Registration number: 12330638)
Balance Sheet as at 30 November 2023 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

Anthony Kerr
Director

   
     
 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1.

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1st Floor Frameworks
2 Sheen Road
Richmond
TW9 1AE
England

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Merger accounting

Merger accounting is used where an acquisition meets the Companies Act requirements. In merger accounting, assets and liabilities are recorded at their book value by the acquiring company and no goodwill or share premium is recognised.

Investments

Investments are measured at fair value with changes recognised in profit or loss. A fair value reserve represents the revaluation surplus less provision for deferred tax at the year-end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 0).

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4.

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

3,435

3,435

Additions

2,441

2,441

At 30 November 2023

5,876

5,876

Depreciation

At 1 December 2022

2,990

2,990

Charge for the year

1,259

1,259

At 30 November 2023

4,249

4,249

Carrying amount

At 30 November 2023

1,627

1,627

At 30 November 2022

445

445

5.

Investment properties

30.11.23
£

Additions

2,215,766

At 30 November

2,215,766

The properties were revalued at the year on an open market basis by the director(s).

6.

Investments

Subsidiaries

£

Cost or valuation

Additions

104

Provision

Carrying amount

At 30 November 2023

104

At 30 November 2022

104

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Investments (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Bear Capital Ventures Limited

1st floor, Frameworks, 2 Sheen Road, London, Richmond, United Kingdom,TW9 1AE

England and Wales

Ordinary shares of £1 each

100%

100%

Bear Capital Properties Ltd

1st floor, Frameworks, 2 Sheen Road, London, Richmond, United Kingdom,TW9 1AE

England and Wales

Ordinary shares of £1 each

100%

100%

Escape Velocity Ventures Ltd

1st floor, Frameworks, 2 Sheen Road, Richmond, England TW9 1AE

England and Wales

Ordinary shares of £1 each

100%

100%

Dialect Communications Ltd

6b Delta Bank Road, metro Riverside Park, Gateshead, Englad, NE119DJ

England and Wales

Ordinary shares of £1 each

46.5%

46.5%

Subsidiary undertakings

Bear Capital Ventures Limited

The principal activity of Bear Capital Ventures Limited is investment activity.

Bear Capital Properties Ltd

The principal activity of Bear Capital Properties Ltd is property investment.

Escape Velocity Ventures Ltd

The principal activity of Escape Velocity Ventures Ltd is installation of electrical charging equipment.

Dialect Communications Ltd

The principal activity of Dialect Communications Ltd is call center operators.

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7.

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Non-current financial assets

Cost or valuation

At 1 December 2022

17,382,005

Fair value adjustments

(8,166,504)

Additions

38,745,609

Disposals

(29,635,980)

At 30 November 2023

18,325,130

Carrying amount

At 30 November 2023

18,325,130

8.

Debtors

Current

Note

30.11.23
£

30.11.22
£

Amounts owed by related parties

10

4,702,500

2,290,639

Prepayments

 

4,606

4,553

Other debtors

 

-

337,259

   

4,707,106

2,632,451

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9.

Creditors

Creditors: amounts falling due within one year

Note

30.11.23
£

30.11.22
£

Due within one year

 

Trade creditors

 

22

679

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

15,763,422

Taxation and social security

 

25,643

13,475

Accruals and deferred income

 

14,400

14,400

Other creditors

 

1,036,830

1,165,559

 

1,076,895

16,957,535

Included in other creditors is an amount of £1,036,830 owed to the director. No interest and repayment terms have been set.

Creditors: amounts falling due after more than one year

30.11.23
£

30.11.22
£

Due after one year

Other non-current financial liabilities

7,358,041

6,234,002

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10.

Related party transactions

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

2,290,639

2,290,639

Advanced

2,420,000

2,420,000

Repaid

(53,533)

(53,533)

Interest transactions

45,394

45,394

At end of period

4,702,500

4,702,500

2022

Other related parties
£

Total
£

At start of period

2,269,078

2,269,078

Advanced

977,500

977,500

Repaid

(986,578)

(986,578)

Interest transactions

30,639

30,639

At end of period

2,290,639

2,290,639

Terms of loans to related parties

Interest is charged at an agreed rate over base rate and loans are repayable on demand.

Loans from related parties

 

Bear Capital Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Related party transactions (continued)

2023

Other related parties
£

Total
£

At start of period

21,997,424

21,997,424

Advanced

12,999,811

12,999,811

Repaid

(27,737,550)

(27,737,550)

Interest transactions

98,356

98,356

At end of period

7,358,041

7,358,041

2022

Other related parties
£

Total
£

At start of period

6,062,284

6,062,284

Advanced

15,763,422

15,763,422

Interest transactions

171,718

171,718

At end of period

21,997,424

21,997,424

Terms of loans from related parties

Interest is charged at 0.5% and the loan is repayable on demand.

Loan received from one of the subsidiaries is repayable on demand and no interest is payable.