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Registration number: 11765713

Charm Bear LTD

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 31 January 2024

 

Charm Bear LTD

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 9

 

Charm Bear LTD

Company Information

Director

Mr S Khandagh

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Page Kirk LLP
Chartered accountants and chartered tax advisers
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

 

Charm Bear LTD

Director's Report for the Year Ended 31 January 2024

The director presents his report and the abridged financial statements for the year ended 31 January 2024.

Director of the company

The director who held office during the year was as follows:

Mr S Khandagh

Principal activity

The principal activity of the company is online retail of personalised gifts and jewellery.

Small companies provision statement

This report has 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.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

Approved by the Board on 17 October 2024 and signed on its behalf by:

.........................................
Mr S Khandagh
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Charm Bear LTD
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Charm Bear LTD for the year ended 31 January 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Charm Bear LTD, as a body, in accordance with the terms of our engagement letter dated 11 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Charm Bear LTD and state those matters that we have agreed to state to the Board of Directors of Charm Bear LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charm Bear LTD and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Charm Bear LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Charm Bear LTD. You consider that Charm Bear LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Charm Bear LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Page Kirk LLP
Chartered accountants and chartered tax advisers
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

17 October 2024

 

Charm Bear LTD

(Registration number: 11765713)
Abridged Balance Sheet as at 31 January 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

9,235

 

11,153

Current assets

   

 

Stocks

38,814

 

42,036

 

Debtors

3,756

 

3,646

 

Other financial assets

50,032

 

-

 

Cash at bank and in hand

 

812,939

 

830,506

 

 

905,541

 

876,188

 

Creditors: Amounts falling due within one year

(72,058)

 

(110,739)

 

Net current assets

   

833,483

 

765,449

Total assets less current liabilities

   

842,718

 

776,602

Provisions for liabilities

 

(1,969)

 

(2,119)

Net assets

   

840,749

 

774,483

Capital and reserves

   

 

Called up share capital

10

 

10

 

Profit and loss account

840,739

 

774,473

 

Total equity

   

840,749

 

774,483

 

Charm Bear LTD

(Registration number: 11765713)
Abridged Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 October 2024
 

.........................................
Mr S Khandagh
Director

 

Charm Bear LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

These financial statements were authorised for issue by the director on 17 October 2024.

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.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

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.

Foreign currency transactions and balances

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 retranslated 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.

 

Charm Bear LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and 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.

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 company operates and generates taxable income.

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

Furniture, fittings and equipment

25% reducing balance method

Other property, plant and equipment

25% reducing balance method

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.

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.

 

Charm Bear LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

During the year, the average number of employees at the company was 6 (2023 - 6).

 

Charm Bear LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 February 2023

931

2,779

15,618

19,328

Additions

-

1,161

-

1,161

At 31 January 2024

931

3,940

15,618

20,489

Depreciation

At 1 February 2023

441

917

6,817

8,175

Charge for the year

123

756

2,200

3,079

At 31 January 2024

564

1,673

9,017

11,254

Carrying amount

At 31 January 2024

367

2,267

6,601

9,235

At 31 January 2023

33

2,319

8,801

11,153