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REGISTERED NUMBER: 08436329 (England and Wales)












ICKLE BUBBA LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ICKLE BUBBA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I H Rowell
Mrs V Vaughan
F C Vaughan





REGISTERED OFFICE: Atlantic House Atlantic Close
Swansea Enterprise Park
Swansea
SA7 9FJ





REGISTERED NUMBER: 08436329 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
During the year we saw an improvement in sales, with revenue growth of 10% in our UK market and 8% overall. This is the result of strong ongoing demand for the brand, along with the early benefits of new products launched during the period. This growth continues post year end, as products become more established in the market.

For the year end March 2024, the company recorded gross margin of 33%, up from 30% in the prior year as a newly designed channel strategy begins to affect. This margin improvement was delivered despite the company incurring £311k of demurrage during Q1 of FY 2024 as a result of liquidity pressures at that time. Adjusting for the demurrage, gross margin for the period would have been 34.5%.

FY 2024, was the first full year of a newly structured overhead base for the business, with costs falling by £793k against the prior year and are now at a sustainable level for the business to operate profitably, whilst also delivering on top line revenue and margin growth. As a team, the whole work force has pulled together to focus efforts and expenditure in line with our strategic plans.

Overall operating profit for the period of £1.2m is a cumulative £1.4m improvement from the prior year, which has helped restore the company's balance sheet with a £0.7m reduction in current creditors, removing the strain from the business' working capital cycle. Internal changes to how we forecast sales and order stocks has also improved stock efficiency dramatically with a total £1.1m reduction in stock balances.

The business will enter the latter repayment period for several loans drawn in 2022 during the next financial year. This will result in an acceleration of the loan unwinding process, with a higher proportion of each payment allocated to capital repayments and a corresponding decrease in interest charges.

Trading for FY 2025 remains strong, with further growth being booked by the business post year end.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks are foreign exchange exposure, product safety compliance and the volatility of the businesses working capital cycle.

The company purchases goods and services in United States Dollars, Chinese Yuan, Euros and Australian Dollars and therefore the Company is exposed to movements in the Pound exchange rate against each of these currencies. The company manages these risks by selling and purchasing foreign currency by way of foreign exchange forward contracts. The company does not use derivative financial instruments for speculative purposes.

Product safety compliance is also a risk to the business given the nature of the items sold. The business mitigates this risk through use of independent third-party testing houses who thoroughly test and ensure product compliance with regulatory standards. Due to the volatility of the businesses working capital cycle, management identifies liquidity management as an area of risk. This risk is mitigated through regular cashflow review and active debtor management.

ON BEHALF OF THE BOARD:





I H Rowell - Director


17 September 2024

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

I H Rowell
Mrs V Vaughan
F C Vaughan

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made non political donations amounting to £3,146 (2023 £3,347).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I H Rowell - Director


17 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICKLE BUBBA LIMITED

Opinion
We have audited the financial statements of Ickle Bubba Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICKLE BUBBA LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified
In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICKLE BUBBA LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Jones (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

17 September 2024

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 16,577,120 15,356,225

Cost of sales 11,157,595 10,675,315
GROSS PROFIT 5,419,525 4,680,910

Distribution costs 28,406 28,938
Administrative expenses 4,157,293 4,950,998
4,185,699 4,979,936
1,233,826 (299,026 )

Other operating income 5 49,379 63,046
OPERATING PROFIT/(LOSS) 7 1,283,205 (235,980 )


Interest payable and similar expenses 8 488,860 410,595
PROFIT/(LOSS) BEFORE TAXATION 794,345 (646,575 )

Tax on profit/(loss) 9 (273,901 ) (827 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 1,068,246 (645,748 )

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,068,246 (645,748 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,068,246

(645,748

)

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 9,025 14,725
Tangible assets 11 1,655,717 1,687,494
1,664,742 1,702,219

CURRENT ASSETS
Stocks 12 2,398,330 3,167,495
Debtors 13 2,226,202 1,529,801
Cash at bank 462,559 340,858
5,087,091 5,038,154
CREDITORS
Amounts falling due within one year 14 3,917,921 4,628,272
NET CURRENT ASSETS 1,169,170 409,882
TOTAL ASSETS LESS CURRENT LIABILITIES 2,833,912 2,112,101

CREDITORS
Amounts falling due after more than one year 15 1,850,766 2,197,201
NET ASSETS/(LIABILITIES) 983,146 (85,100 )

CAPITAL AND RESERVES
Called up share capital 21 104 104
Retained earnings 22 983,042 (85,204 )
SHAREHOLDERS' FUNDS 983,146 (85,100 )

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





I H Rowell - Director


ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 104 560,544 560,648

Changes in equity
Total comprehensive income - (645,748 ) (645,748 )
Balance at 31 March 2023 104 (85,204 ) (85,100 )

Changes in equity
Total comprehensive income - 1,068,246 1,068,246
Balance at 31 March 2024 104 983,042 983,146

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,005,212 845,780
Finance costs paid (208,135 ) (162,283 )
Tax paid - (16,880 )
Net cash from operating activities 797,077 666,617

Cash flows from investing activities
Purchase of tangible fixed assets (13,658 ) (11,234 )
Net cash from investing activities (13,658 ) (11,234 )

Cash flows from financing activities
New loans in year 161,000 152,500
Loan repayments in year (510,203 ) (538,099 )
Loan interest repayments in year (280,725 ) (248,312 )
Amount introduced by directors 50,232 8,062
Amount withdrawn by directors (58,234 ) (178 )
Net cash from financing activities (637,930 ) (626,027 )

Increase in cash and cash equivalents 145,489 29,356
Cash and cash equivalents at beginning of
year

2

313,875

284,519

Cash and cash equivalents at end of year 2 459,364 313,875

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 794,345 (646,575 )
Depreciation charges 51,135 52,764
Finance costs 488,860 410,595
1,334,340 (183,216 )
Decrease in stocks 769,165 127,826
(Increase)/decrease in trade and other debtors (422,500 ) 1,124,698
Decrease in trade and other creditors (675,793 ) (223,528 )
Cash generated from operations 1,005,212 845,780

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 462,559 340,858
Bank overdrafts (3,195 ) (26,983 )
459,364 313,875
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 340,858 307,890
Bank overdrafts (26,983 ) (23,371 )
313,875 284,519


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 340,858 121,701 462,559
Bank overdrafts (26,983 ) 23,788 (3,195 )
313,875 145,489 459,364
Debt
Debts falling due within 1 year (424,884 ) 2,768 (422,116 )
Debts falling due after 1 year (2,197,201 ) 346,435 (1,850,766 )
(2,622,085 ) 349,203 (2,272,882 )
Total (2,308,210 ) 494,692 (1,813,518 )

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ickle Bubba Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Going Concern
The company has made a profit in the year of £1,068,246 (2023: loss of £645,748). The company has a net asset position of £983,146 (2023: net liability position of £85,100).

The directors have reviewed the going concern for at least 12 months from the date these financial statements are signed, and can confirm that the going concern should continue to be adopted.

Turnover
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 and after eliminating sales within the company.

The company recognizes 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% on cost and 2% on cost
Plant and Machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Goods in transit are recognised when risks and rewards of ownership are passed to the company.

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled


Derivatives
Derivative financial instruments are initially recognised at cost and are thereafter stated at fair value.

Hedging
The company employs derivative financial instruments (principally forward foreign exchange contracts) to manage the effect of currency fluctuations and to realise the desired currency profile of borrowings.


ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Website development costs are capitalised as intangible assets on the basis that the benefit will be recognised over several years and on the basis that there is a direct economic benefit arising from the website, which is both a shop front and a sales tool.

Foreign currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Trade, amounts recoverable on contract and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings arc classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows:

Inventory provisioning
The company has a significant amount of inventory and as a result it is necessary to consider recoverability of the cost of the inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of stock.

4. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Baby equipment & product 16,577,120 15,356,225
16,577,120 15,356,225

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,593,548 14,167,915
Europe 917,037 1,028,776
Rest of world 66,535 159,534
16,577,120 15,356,225

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 49,379 59,877
Government grants - 3,169
49,379 63,046

Included in other operating income are grants received for the following:-


20242023
£   £   
Job retention scheme-1,085
Capital grant release-2,084
-3,169

There are no unfulfilled conditions attached to the above grants received.

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,687,515 1,860,411
Social security costs 171,408 198,833
Other pension costs 34,648 40,829
1,893,571 2,100,073

The average number of employees during the year was as follows:
2024 2023

Administration 16 14
Research and development 5 5
Sales 3 7
Marketing 11 8
Distribution 7 10
42 44

The total employee benefits of the key management personnel of the company was £412,014 (2023: £407,837).

Included within salary costs is an amount relating to redundancy costs totalling £Nil (2023: £61,625).

2024 2023
£    £   
Directors' remuneration 264,229 258,109

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 114,229 108,109

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 44,729 41,834
Depreciation - owned assets 45,435 47,064
Computer software amortisation 5,700 5,700
Auditors' remuneration 15,850 15,000
Auditors' remuneration for non audit work 3,600 3,500
Foreign exchange differences 117,470 347,769

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 280,725 248,312
Invoice discounting fees 117,655 93,326
Import loan interest 60,476 52,397
Interest & penalties HMRC 30,004 16,560
488,860 410,595

9. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (827 )

Deferred tax (273,901 ) -
Tax on profit/(loss) (273,901 ) (827 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 794,345 (646,575 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

198,586

(122,849

)

Effects of:
Expenses not deductible for tax purposes (22,069 ) -
Depreciation in excess of capital allowances 18,348 -
Utilisation of tax losses (468,766 ) 122,022
Total tax credit (273,901 ) (827 )

The rate of corporation tax in the UK changed from 19% to 25% on 1 April 2023.

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 28,500
AMORTISATION
At 1 April 2023 13,775
Amortisation for year 5,700
At 31 March 2024 19,475
NET BOOK VALUE
At 31 March 2024 9,025
At 31 March 2023 14,725

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property Machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,732,828 32,610 12,424 15,509 1,793,371
Additions 536 3,425 1,650 8,047 13,658
At 31 March 2024 1,733,364 36,035 14,074 23,556 1,807,029
DEPRECIATION
At 1 April 2023 69,335 26,378 2,396 7,768 105,877
Charge for year 34,667 2,943 3,381 4,444 45,435
At 31 March 2024 104,002 29,321 5,777 12,212 151,312
NET BOOK VALUE
At 31 March 2024 1,629,362 6,714 8,297 11,344 1,655,717
At 31 March 2023 1,663,493 6,232 10,028 7,741 1,687,494

12. STOCKS
2024 2023
£    £   
Finished goods 2,398,330 3,167,495

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,381,599 1,090,999
Other debtors 11,428 297
Deferred tax asset 273,901 -
Prepayments and accrued income 559,274 438,505
2,226,202 1,529,801

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred tax asset
2024 2023
£    £   
Accelerated capital allowances (8,845 ) -
Tax losses carried forward 282,046 -
Other timing differences 700 -
273,901 -

Included within other debtors is an amount relating to forward contracts of £4,474 (2023: other creditor £121,388). Note 19.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 27,969 63,434
Other loans (see note 16) 397,342 388,433
Trade creditors 967,525 1,594,402
Social security and other taxes 46,040 130,174
VAT 37,136 244,960
Other creditors 178,504 167,357
Invoice discounting facility 1,593,526 1,912,700
Directors' current accounts 470 8,472
Accruals and deferred income 669,409 118,340
3,917,921 4,628,272

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 894,966 865,912
Other loans (see note 16) 955,800 1,331,289
1,850,766 2,197,201

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3,195 26,983
Bank loans 24,774 36,451
Other loans 397,342 388,433
425,311 451,867

Amounts falling due between one and two years:
Bank loans - 1-2 years 27,360 37,749
Other loans - 1-2 years 329,021 393,401
356,381 431,150

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 112,083 121,505
Other loans - 2-5 years 626,779 937,888
738,862 1,059,393

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 755,523 706,658

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 45,153 57,828
Between one and five years 36,728 91,528
81,881 149,356

18. SECURED DEBTS

HSBC UK Bank PLC holds a fixed charge over Atlantic House and DBW holds a fixed charge over the leasehold land, and a floating charge over all assets.

19. FINANCIAL INSTRUMENTS

Forward foreign exchange contracts

It is the policy of the company to enter into forward foreign contracts to hedge against movements in GBP against the USD. The company buys goods in USD but generates most of their income in GBP.


Derivatives used
for hedging

Total
Current financial asset/(liability) £    £   
Fair value at 1 April 2023 (121,388 ) (121,388 )

Fair value adjustment 125,862 125,862

As 31 March 2024 4,474 4,474

20. DEFERRED TAX
£   
Credit to Income Statement during year (273,901 )
Balance at 31 March 2024 (273,901 )

ICKLE BUBBA LIMITED (REGISTERED NUMBER: 08436329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 104 104

Each share is entitled to:
- One vote in any circumstances;
- Pari passu to dividend or any other distribution; and
- full participation in capital dividends.

22. RESERVES
Retained
earnings
£   

At 1 April 2023 (85,204 )
Profit for the year 1,068,246
At 31 March 2024 983,042

23. PENSION COMMITMENTS

Defined contribution schemes20242023
£   £   
Charge to the profit and loss in respect of defined contribution scheme34,64841,903

Contributions outstanding at the year end8,6017,469

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24. ULTIMATE CONTROLLING PARTY

The company considers Mr & Mrs Vaughan to be the ultimate controlling party by virtue of their 86.5% holding in the issued share capital.