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Registered number: 03487761










J & A BEARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
J & A BEARE LIMITED
 

COMPANY INFORMATION


DIRECTOR
S E Smith 




REGISTERED NUMBER
03487761



REGISTERED OFFICE
30 Queen Anne Street

London

W1G 8HX




INDEPENDENT AUDITORS
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
J & A BEARE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Director's Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 28


 
J & A BEARE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION
 
The director presents his Strategic Report for the year ended 31 March 2024.
The principal activity of the Company continued to be that of dealers, restorers and makers of fine violins, other stringed instruments and antique bows.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The key risks facing the business are market conditions, availability of instruments, maintaining the quality of products offered, competitive pressures and currency fluctuations.
Whilst no immediate or material impacts from the Brexit decision have yet been seen, aside from significant exchange rate fluctuations, the Company recognises that the coming years will be challenging in the UK and is monitoring political and macro-economic developments closely.

FINANCIAL PERFORMANCE INDICATORS
 
The Company's financial key performance indicators are stock turnover and sales growth. 
The Company's stock turnover ratio and turnover experienced a significant increase compared to prior year.  This is a result of a move back to normal performance based on pre pandemic levels. J & A Beare's stock turnover continues to be above industry average performance due to strong internal controls and effective management of antique instruments.
The directors are of the opinion that J & A Beare will continue to grow its market share in the year ended 31 March 2025.

Page 1

 
J & A BEARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

DIRECTOR'S STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The Directors acknowledge the need to maintain high standards of business conduct and recognise the importance of stakeholder engagement within the decision-making process. The Directors understand their obligations under section 172 of the Companies Act 2006 and in order to ensure that this is fulfilled, delegate their authority to senior management within the Company.
During the decision-making process management ensure that they have due regard to the impact on their decisions to the Company's stakeholders, as required in section 172 of the Companies Act 2006, taking into account likely consequences of any decision in the long term.
Management ensures they understand the views of stakeholders and strive to build productive business relationships with them. The Company continues to engage significantly with its stakeholders throughout the year and continues to further the inclusion of stakeholders' interests within the decision-making process.
The Board recognises that it has a duty of care to both internal and external stakeholders of the company.
Additional regular reporting to our Bankers as an external significant stakeholder is also carried out, with regular meetings to discuss cashflow and financial performance of the business both historical and forecasted.
EMPLOYEE INTERESTS
During the year management has considered engagement with its employees in a constructive way to enable the consideration of the employees directly when decisions are being made and strategies being formulated.
In order to better understand the levels of engagement and how our working environments can be improved, we conduct periodic employee surveys in order that we can understand more on what the needs of our workforce are.
It is critical to our business strategy that we offer an inclusive working environment where we value differences and commit to ensuring that diverse groups are fully and properly represented at all levels of the organisation. We are proud of our strive to ensure that we have the best people in every role regardless of race, gender, disability, sexual orientation or any other factor.
We continue to place additional focus on employee welfare and training across the business to ensure the safety of our staff, customers and the musicians.
 
FOSTERING BUSINESS RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS
Suppliers
The Company operates a collaborative approach with its major suppliers in order to facilitate the best business relationships as possible.
The Company has a good track record of adhering to the payment terms of its suppliers and reports this data on a 6 monthly basis at Companies House.
Customers
It is essential that our customers experience a high service level for each service provided at each service location. We have a robust client relationship management function that continuously is in close contact with clients to ensure that high levels of satisfaction is maintained.
OPERATIONAL IMPACT ON COMMUNITY AND ENVIRONMENT
We recognise that our operations may impact the environment and that with effective management in line with our strategic goals that we minimise any potentially harmful effects of such activity.

Page 2

 
J & A BEARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


This report was approved by the board on 23 December 2024 and signed on its behalf.



S E Smith
Director

Page 3

 
J & A BEARE LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the audited financial statements for the year ended 31 March 2024.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,083,374 (2023 - £1,155,236).

The director does not recommend the payment of a dividend.

DIRECTOR

The director who served during the year was:

S E Smith 

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is exposed to credit risk and liquidity risk from the financial instruments it holds.
Credit Risk
Credit Risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cashflows. Risk is mitigated by requesting up front deposits from the customers to secure future sales.
Liquidity risk 
Liquidity risk arises from a decline in liquid assets to meet liabilities as they fall due. To manage liquidity risk the Company is using short and long term funding.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The engagement with suppliers, customers and others has been disclosed in the strategic report.

Page 4

 
J & A BEARE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The company consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors’ report in prepared and company is therefore exempt from the Department for Business, Energy and Industrial Strategy (BEIS)’s Streamlined Energy and Carbon reporting requirement.

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsWilder Coe Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 December 2024 and signed on its behalf.  
 





S E Smith
Director

Page 5

 
J & A BEARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED
 

OPINION


We have audited the financial statements of J & A Beare Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
J & A BEARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)


OPINION 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report 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 Director's Report.


We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
J & A BEARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation; and
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include GDPR in relation to retail standards, employment law and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
Where irregularities have been found and treatments have differed from what we have expected additional procedures have been conducted to ratify the discrepancies. If the irregularity is financial in nature then samples have been extended, and the irregular items extrapolated to ensure no material misstatement has occurred. These irregularities are also communicated to management so that they can rectify the discrepancies or provide an explanation for the difference. Where the irregularity is a difference in treatment to what we had expected this has been communicated to management and additional explanation has been added to ensure adequate disclosure where necessary.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect that irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' Report.





Page 8

 
J & A BEARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Caryl King BSc ACA (Senior Statutory Auditor)
for and on behalf of
 
 
 
 
 
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1st Floor, Sackville House
143-149 Fenchurch Street
London
EC3M 6BL

 
Date: 
26 December 2024
Page 9

 
J & A BEARE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,962,712
67,208,082

Cost of sales
  
(38,339,283)
(63,343,452)

GROSS PROFIT
  
4,623,429
3,864,630

Administrative expenses
  
(2,782,042)
(2,138,667)

OPERATING PROFIT
 5 
1,841,387
1,725,963

Interest receivable and similar income
  
76,036
17,844

Interest payable and similar expenses
 9 
(444,242)
(270,935)

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
  
1,473,181
1,472,872

Taxation on profit on ordinary activities
 10 
(389,807)
(317,636)

PROFIT FOR THE FINANCIAL YEAR
  
1,083,374
1,155,236

  

The notes on pages 15 to 28 form part of these financial statements.

Page 10

 
J & A BEARE LIMITED
REGISTERED NUMBER: 03487761

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
4,207,813
4,259,293

Investments
 12 
74,476
74,476

  
4,282,289
4,333,769

CURRENT ASSETS
  

Stocks
 13 
11,134,959
11,760,870

Debtors
 14 
1,676,896
1,077,063

Cash at bank and in hand
 15 
6,637,384
7,206,023

  
19,449,239
20,043,956

Creditors: amounts falling due within one year
 16 
(13,004,842)
(14,488,413)

NET CURRENT ASSETS
  
 
 
6,444,397
 
 
5,555,543

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,726,686
9,889,312

Creditors: amounts falling due after more than one year
 17 
(4,153,325)
(4,399,325)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 19 
(298,089)
(298,089)

NET ASSETS
  
 
 
6,275,272
 
 
5,191,898


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
 20 
1,710
1,710

Revaluation reserve
 21 
2,220,789
2,262,789

Other reserves
 21 
308,290
308,290

Profit and loss account
 21 
3,744,483
2,619,109

EQUITY SHAREHOLDER'S FUNDS
  
6,275,272
5,191,898


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 
23 December 2024.




S E Smith
Director

The notes on pages 15 to 28 form part of these financial statements.

Page 11

 
J & A BEARE LIMITED
 

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


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


AT 1 APRIL 2022
1,710
2,304,789
308,290
1,421,873
4,036,662


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
-
1,155,236
1,155,236

Surplus of excess depreciation based on revalued amount
-
-
-
42,000
42,000

Transfer to profit and loss account
-
(42,000)
-
-
(42,000)



AT 31 MARCH 2023 AND 1 APRIL 2023
1,710
2,262,789
308,290
2,619,109
5,191,898


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
-
1,083,374
1,083,374

Surplus of excess depreciation based on revalued amount
-
-
-
42,000
42,000

Transfer to profit and loss account
-
(42,000)
-
-
(42,000)


AT 31 MARCH 2024
1,710
2,220,789
308,290
3,744,483
6,275,272


The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
J & A BEARE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,083,374
1,155,236

ADJUSTMENTS FOR:

Depreciation of tangible assets
161,872
(15,256)

Interest paid
444,242
270,935

Interest received
(76,036)
(17,844)

Taxation charge
389,807
317,636

Decrease/(increase) in stocks
625,911
(2,403,758)

(Increase)/decrease in debtors
(599,833)
3,426,119

(Decrease)/increase in creditors
(408,660)
3,775,333

Corporation tax paid
(274,708)
(236,310)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,345,969
6,272,091


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(110,392)
(22,910)

Interest received
76,036
17,844

NET CASH USED IN INVESTING ACTIVITIES

(34,356)
(5,066)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(246,000)
(317,931)

New finance leases
86,490
-

Interest paid
(444,242)
(270,935)

NET CASH USED IN FINANCING ACTIVITIES
(603,752)
(588,866)

INCREASE IN CASH AND CASH EQUIVALENTS
707,861
5,678,159

Cash and cash equivalents at beginning of year
5,835,280
157,121

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
6,543,141
5,835,280


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
6,637,384
7,206,023

Bank overdrafts
(94,243)
(1,370,743)

6,543,141
5,835,280


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
J & A BEARE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

7,206,023

(568,639)

-

6,637,384

Bank overdrafts

(1,370,743)

1,276,500

-

(94,243)

Debt due after 1 year

(4,399,325)

246,000

-

(4,153,325)

Debt due within 1 year

(1,069,695)

734,702

-

(334,993)

Finance leases

-

-

(86,490)

(86,490)



366,260
1,688,563
(86,490)
1,968,333

The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
J & A BEARE LIMITED
 

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

1.


GENERAL INFORMATION

J & A Beare Limited (Company number 03487761), having its registered office and principal place of business at 30 Queen Anne Street, London, W1G 8HX, is a private limited company incorporated in England and Wales.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
J & A BEARE LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
2% straight-line basis
Motor vehicles
-
12.5% straight line basis
Fixtures & fittings
-
10-25%-straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.4

REVALUATION OF TANGIBLE FIXED ASSETS

The leasehold property is carried at fair value at its deemed cost as at 31 March 2014 less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Net realisable value is based on selling prices less anticipated costs to completion and selling costs.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price.

Page 16

 
J & A BEARE LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at Balance Sheet date.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.12

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is British Pounds Sterling GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Page 17

 
J & A BEARE LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.13

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

INTEREST INCOME

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.16

BORROWING COSTS

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 18

 
J & A BEARE LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.



3.


JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The valuation of stock requires the directors to apply their judgement to identify whether an impairment provision is required to ensure that stock is held at the lower of cost and net realisable value.


4.


TURNOVER

The directors believe disclosing segmental information would be seriously prejudicial to the Company's interests.

All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
161,872
(15,256)

Difference on foreign exchange
55,519
769,433

Other operating lease rentals
11,693
13,893

Defined contribution pension costs
75,559
17,514

Page 19

 
J & A BEARE LIMITED
 

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

6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£


Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
15,500
14,525

Fees payable to the company's auditor and its associates in respect of:

All other services
3,200
373

7.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,249,494
1,281,785

Social security costs
153,069
173,158

Cost of defined contribution scheme
80,828
22,275

1,483,391
1,477,218


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Administration and support
10
10



Craftsmen
6
6

17
17

Page 20

 
J & A BEARE LIMITED
 

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

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Director's emoluments
145,000
145,000

Company contributions to defined contribution pension schemes
15,950
15,948

160,950
160,948


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £145,000 (
2023 - £145,000).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,950 (
2023 - £15,948).
The director is the only key management personnel of the Company.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
330,070
270,721

Other loan interest payable
114,172
214

444,242
270,935

Page 21

 
J & A BEARE LIMITED
 

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

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
389,807
271,705


DEFERRED TAX


Origination and reversal of timing differences
-
45,931


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
389,807
317,636

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,473,181
1,472,872


Profit on ordinary activities multipled by the standard rate of corporation tax in the UK of 25% (2023 - 19%)
368,295
279,846

EFFECTS OF:


Expenses not deductible for tax purposes
14,463
4,463

Capital allowances for year less than/(in excess of) depreciation
7,049
(12,604)

Deferred taxation
-
45,931

TOTAL TAX CHARGE FOR THE YEAR
389,807
317,636


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22

 
J & A BEARE LIMITED
 

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

11.


TANGIBLE FIXED ASSETS





L/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



COST OR VALUATION


At 1 April 2023
5,040,262
-
636,217
5,676,479


Additions
-
104,014
6,378
110,392



At 31 March 2024

5,040,262
104,014
642,595
5,786,871



DEPRECIATION


At 1 April 2023
945,205
-
471,981
1,417,186


Charge for the year
100,805
13,002
48,065
161,872



At 31 March 2024

1,046,010
13,002
520,046
1,579,058



NET BOOK VALUE



At 31 March 2024
3,994,252
91,012
122,549
4,207,813



At 31 March 2023
4,095,057
-
164,236
4,259,293

Cost or valuation at 31 March 2024 is as follows:

Long Term Leasehold Property
£


At cost
2,940,262
Uplift per revaluation on:

31 March 2014
2,100,000



5,040,262

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
2,940,262
2,940,262

Accumulated depreciation
(1,208,799)
(1,149,994)

NET BOOK VALUE
1,731,463
1,790,268

Page 23

 
J & A BEARE LIMITED
 

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

12.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST


At 1 April 2023 and 31 March 2024
74,476






NET BOOK VALUE



At 31 March 2024
74,476



At 31 March 2023
74,476


13.


STOCKS

2024
2023
£
£

Finished goods
11,134,959
11,760,870





14.


DEBTORS

2024
2023
£
£

Due within one year

Trade debtors
1,177,514
666,875

Other debtors
248,286
214,758

Prepayments and accrued income
251,096
195,430

1,676,896
1,077,063



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
6,637,384
7,206,023

Less: bank overdrafts
(94,243)
(1,370,743)

6,543,141
5,835,280


Page 24

 
J & A BEARE LIMITED
 

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

16.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts (secured - see Note 18)
94,243
1,370,743

Bank loans (secured - see Note 18)
246,000
246,000

Trade creditors
6,752,892
8,049,694

Corporation tax
532,083
416,984

Other taxation and social security
62,067
33,015

Other creditors
2,383,165
2,644,041

Accruals and deferred income
2,847,902
1,727,936

Obligations under finance lease
86,490
-

13,004,842
14,488,413



17.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (secured - see below)
4,153,325
4,399,325


Secured loans
The bank loan and overdraft are secured by a debenture, a first legal charge over the Company's long term leasehold property and a personal guarantee of £500,000 to which the director is the guarantor.

Page 25

 
J & A BEARE LIMITED
 

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

18.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
246,000
246,000

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
246,000
246,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
3,907,325
4,153,325


4,399,325
4,645,325


The Company entered into a loan agreement in November 2018 with Barclays Bank PLC which is due to be repaid by quarterly instalments over five years. Interest is charged in two ways: there is an annual charge on a floating rate basis plus 3.08% on £2,301,800 of the capital amount and a fixed annual charge of 3.356% on the remaining £2,877,250 of the capital amount.
In March 2022 the Company entered into a fixed rate agreement fixing the rate of interest at 4.482% for the term of the loan and extending the term of the loan to 2027.


19.


DEFERRED TAXATION




2024
2023


£

£






At start of year
(298,089)
(252,158)


Additions during the year
-
(45,931)



AT END OF YEAR
(298,089)
(298,089)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(98,311)
(98,311)

Arising on revaluation of leasehold properties
(199,778)
(199,778)

(298,089)
(298,089)

Page 26

 
J & A BEARE LIMITED
 

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

20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,125 (2023 - 1,125) Ordinary B shares of £1.00 each
1,125
1,125
585 (2023 - 585) Ordinary C shares of £1.00 each
585
585

1,710

1,710

During the year ended 31 March 2021, 1,125 Ordinary B shares and 415 Ordinary C shares were bought back by the company.
'B' Ordinary shares carry two votes per share.
'C' Ordinary shares carry one vote per share.
'B' Ordinary shares and 'C' Ordinary shares rank pari passu in all other respects.



21.


RESERVES

Revaluation reserve

The revaluation reserve relates to the revaluation of the leasehold property and is a non-distributable reserve.

Other reserves

Other reserves relate to the repurchase of own shares in 2021 by the Company and is a non-distributable reserve.


22.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£
Not later than 1 year

7,000

7,000

Later than 1 year and not later than 5 years

28,000

28,000

Later than 5 years

6,454,000

6,461,000

6,489,000

6,496,000


Page 27

 
J & A BEARE LIMITED
 

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

23.


CONTINGENT LIABILITIES

The Company has provided a cross guarantee between itself and Beares Publishing Limited in favour of Barclays Bank Plc in respect of the latter company's overdraft facility. A contingent liability therefore exists to the extent of the indebtedness to the bank of Beares Publishing Limited. At 31 March 2024 the contingent liability of the Company was £Nil (2023: £184,005). No liability is expected to crystallise in this respect.


24.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The pension costs for the year amounted to £80,828 (2023: £17,514). There were contributions totalling £30,688 (2023: £2,851) payable to the scheme at the year end.


25.


RELATED PARTY TRANSACTIONS

During the year purchases were made from related companies of £2,325,262 (2023: £920,314).  Included within accruals are amounts due to related companies of £700,000 (2023: £500,000). The related companies are related by virtue of common ownership.
During the year sales of £206,671 
(2023: £470,314) were made to related companies. At the Balance Sheet date the amount due from related companies was £71,192 (2023: £69,508). These companies are related through common ownership.
At the Balance Sheet date an amount due to the director of the company of £58,305 
(2023: £820,844) was included in other creditors.
J & A Beare Limited has also provided a guarantee to Beares Publishing Limited in relation to the latter company's overdraft facility. Beares Publishing Limited is related by virtue of common control.


Page 28