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Registered number: 01943787
















EMMA BRIDGEWATER LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 APRIL 2024


































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EMMA BRIDGEWATER LIMITED

 
COMPANY INFORMATION


DIRECTORS
E M Bridgewater 
J Cove-Smith (resigned 23 February 2024)
I Martin (appointed 22 January 2024)
M Ross (appointed 9 April 2024)




COMPANY SECRETARY
Michelmores Secretaries Limited



REGISTERED NUMBER
01943787



REGISTERED OFFICE
Lichfield Street
Hanley

Stoke-On-Trent

Staffordshire

ST1 3EJ




TRADING ADDRESS
Lichfield Street
Hanley

Stoke-on-Trent

Staffordshire

ST1 3EJ






INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS




BANKERS
HSBC UK Bank plc
1 Centenary Square

Birmingham

B1 1HQ






EMMA BRIDGEWATER LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Statement of financial position
 
11
Notes to the financial statements
 
12 - 26


EMMA BRIDGEWATER LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 27 APRIL 2024

INTRODUCTION
 
The directors present their strategic report for Emma Bridgewater Limited ("the Company") for the year ended 27 April 2024.
PRINCIPAL ACTIVITY 
Emma Bridgewater Limited is a premium British design company specialising in hand-decorated pottery manufactured in Stoke-On-Trent. The Company's distinctive patterns are extended across a lifestyle range including textiles, glass, and stationery. Operating primarily in the United Kingdom, the Company serves customers through integrated retail channels including eCommerce, owned stores and wholesale partnerships, with presence in the US, Europe, and other international markets.

BUSINESS & FINANCIAL REVIEW
 
Turnover decreased by 16% to £31.6m (2023: £37.8m). This decline was primarily driven by reduced sales across eCommerce and wholesale channels, partially offset by growth in physical retail store performance. Gross margin decreased to 35.9% (2023: 38.9%), impacted by increased promotional activity in response to competitive market conditions and cost inflation.
Operating losses increased to £4.0m (2023: £1.2m). In response to these trading conditions, the Company implemented operational restructuring including workforce optimisation and reduced production schedules to better align with demand patterns.

FUTURE DEVELOPMENTS AND STRATEGIC PRIORITIES 
The Directors have implemented comprehensive measures to strengthen performance and position the business for future sustainable, profitable growth. Current performance for the first eight months of FY25 is aligned with management expectations and represents a significant improvement on FY24.
Leadership and Governance 
The Company has assembled an experienced executive team led by CEO Iain Martin, appointed in January 2024. Iain brings extensive expertise in scaling eCommerce businesses, notably as Managing Director of Moonpig.com. The leadership team was further strengthened by the appointment of Mark Ross as CFO in April 2024, bringing significant experience from Under Armour Inc and Boohoo plc.
Investment and Financial Position 
Business Growth Fund (BGF), the parent company's private equity investors, have demonstrated continued support through additional investment of £2,200,000 in May 2024 in the Group, providing capital to execute strategic initiatives. 
Strategic Growth Initiatives Include:
 
Brand positioning enhancement through reduced promotional activity, targeting gross margin improvement of +2% in FY25.
eCommerce sales capability enhancement; including the successful integration of Shopify 2.0 in August 2024.  
Rationalization of SKU portfolio to focus on core products and best-performing lines. 
Implementation of enhanced inventory management processes to improve stock turn and reduce working capital
Supply chain optimization, including new logistics partnerships (Oct 2024) delivering projected like for like annual savings of £1.0m.


Page 1


EMMA BRIDGEWATER LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
Market Risk: The Company operates in a competitive retail environment subject to changing consumer preferences and macro-economic conditions. Management actively monitors market trends and adapts strategic positioning accordingly.
Operational Risks Cost Management: While input cost inflation has stabilized, the Company maintains robust cost control measures and continues to identify efficiency opportunities.
Supply Chain: Continuous review of supplier relationships and logistics arrangements to optimize costs and maintain service levels.
Financial Risks Liquidity: Working capital management remains a key focus, with regular review of cash forecasts and funding requirements. The Company maintains appropriate facilities to support operational needs.
Currency: The Company manages transaction and translation exposure through natural hedging where possible and considers financial hedging for material exposures.
Interest Rate: Exposure is monitored and managed through a balanced approach to funding sources and tenors.
Credit: Customer credit risk is managed through established limits based on payment history and external credit references, supported by regular monitoring and review processes.

KEY PERFORMANCE INDICATORS
 
The Board monitors a comprehensive set of financial and operational metrics including:
 
Financial Metrics
Revenue growth by channel and geography
Gross margin performance
Working capital efficiency
EBITDA and cash conversion

Operational Metrics
Customer satisfaction scores
Product availability
Order fulfilment rates
Digital platform performance


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



M Ross
Director

Date: 30 January 2025
Page 2


EMMA BRIDGEWATER LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 27 APRIL 2024

The directors present their report and the financial statements for the year ended 27 April 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £4,172,775 (2023: loss £1,007,621).

The dividend amount declared and paid in the year was £nil (2023: £32,000).

DIRECTORS

The directors who served during the year were:

E M Bridgewater 
J Cove-Smith (resigned 23 February 2024)
I Martin (appointed 22 January 2024)
M Ross (appointed 9 April 2024)

FUTURE DEVELOPMENTS

As detailed in the Strategic Report the directors have implemented a comprehensive transformation plan to strengthen performance and drive sustainable growth. 

Page 3


EMMA BRIDGEWATER LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
 
CORPORATE & SOCIAL RESPONSIBILITY

As a BCorp business Emma Bridgewater Ltd is an enthusiastic member of a global movement committed to balancing purpose and profit, legally requiring the business to consider the impact of our decisions on our workers, customers, community, and the environment, as well as our shareholders. Being a BCorp fundamentally influences our strategic decision making and supports us to improve in a more holistic, credible and consistent way across the business.
The B Corp process has helped us to prioritise and re-energise our People Plan to materially improve the experience of life at work and the health and wellbeing of colleagues through new, impactful initiatives since 2022.

COMMITMENT TO COLLEAGUES

Member of the Employers Network for Equality and Inclusion supporting our commitment to improve fairness and access to opportunity across the business for all colleagues
Improved internal communications about the business and increased engagement with colleagues via our new MyEB app, featuring weekly news updates, staff health & wellbeing resources and personal benefits plus weekly physical and email news updates for all managers, team leaders and all colleagues
Introduced first Health & Wellbeing Strategy with supporting employee assistance app plus new sabbatical policy, became disability confident employer, fostering friendly employer, working towards becoming a menopause friendly employer  
Trained over 30 colleagues as Mental Health First Aiders and established Diversity & Inclusion Champions group across the business supporting colleagues and raising awareness.

COMMITMENT TO COMMUNITIES

We are committed to playing a positive and constructive role in our local communities in Stoke-on-Trent through our school partnerships, educational visits programme, work experience opportunities, our community open days and charitable donation strategy. 
COMMITMENT TO REDUCING OUR ENVIRONMENTAL IMPACT
 
All waste clay and glass are now completely recycled
Grey water recycled onsite for cleaning and waste heat reused for manufacturing processes
All our textiles printed on 100% unbleached cotton reducing use of water and chemicals 

GOING CONCERN
The directors have assessed the Group's ability to continue as a going concern, taking into account both current performance and the Group's outlook for a minimum of 12 months from the date of approval of these financial statements.
The assessment is supported by a detailed 3 Year Plan which includes sensitivity analysis. This analysis demonstrates that the Group maintains adequate financial resources to:
 
Continue operational activities
Meet liabilities as they fall and comply with all lending covenants
Support planned business growth

The Group has successfully renewed its banking facilities with HSBC UK Bank plc until 13 March 2026, providing long-term funding security and capacity for strategic investment. This renewal strengthens the Group's liquidity position and supports its growth objectives.

In forming their assessment, the directors have carefully evaluated the current macro-economic environment, particularly focusing on, Inflationary pressures affecting labour costs, supply chain dynamics and pricing and market conditions and their potential impact on trading performance.

 
Page 4


EMMA BRIDGEWATER LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024

Based on this assessment, the directors have concluded that the Group has adequate resources and a reasonable expectation of maintaining sufficient funding to continue operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end. Of note however is the issue of unsecured loan notes totaling £2.2m that were issued to BGF in the company’s parent Company; Holding EB Company Ltd.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






M Ross
Director

Date: 30 January 2025

Lichfield Street
Hanley
Stoke-On-Trent
Staffordshire
ST1 3EJ
Page 5


EMMA BRIDGEWATER LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER LIMITED
 
OPINION


We have audited the financial statements of Emma Bridgewater Limited (the 'Company') for the year ended 27 April 2024, which comprise the Statement of income and retained earnings, the Statement of financial position 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 27 April 2024 and of its loss 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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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


EMMA BRIDGEWATER LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' 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 Directors' 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 directors' 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 Directors' responsibilities statement set out on page 3, 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 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 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.


Page 7


EMMA BRIDGEWATER LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector, control environment and business performance;
Results of our enquiries of the directors about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the company's documentation of their 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; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included occupational health and safety regulations, data protection regulations, product standards regulations, the packaging levy, disposal of waste materials regulations and employment legislation.

Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
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; and
Page 8


EMMA BRIDGEWATER LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER LIMITED (CONTINUED)

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, and 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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.


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.






Mark Munro FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS

30 January 2025
Page 9


EMMA BRIDGEWATER LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 27 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
31,573,319
37,782,074

Cost of sales
  
(20,235,664)
(23,095,209)

Gross profit
  
11,337,655
14,686,865

Administrative expenses
  
(15,348,252)
(15,892,507)

Operating loss
 5 
(4,010,597)
(1,205,642)

Interest payable and similar expenses
 9 
(406,717)
(175,049)

Loss before tax
  
(4,417,314)
(1,380,691)

Tax
 10 
244,539
373,070

Loss after tax
  
(4,172,775)
(1,007,621)

  

  

Retained earnings at the beginning of the year
  
5,891,056
6,930,677

Loss for the year
  
(4,172,775)
(1,007,621)

Dividends declared and paid
  
-
(32,000)

Retained earnings at the end of the year
  
1,718,281
5,891,056

The notes on pages 12 to 26 form part of these financial statements.
Page 10


EMMA BRIDGEWATER LIMITED
REGISTERED NUMBER:01943787

STATEMENT OF FINANCIAL POSITION
AS AT 27 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
469,336
12,826

Tangible assets
 13 
3,588,507
4,536,708

  
4,057,843
4,549,534

Current assets
  

Stocks
 14 
4,226,059
5,516,459

Debtors: amounts falling due within one year
 15 
1,900,679
2,482,725

Cash at bank and in hand
 16 
808,778
2,436,503

  
6,935,516
10,435,687

Creditors: amounts falling due within one year
 17 
(8,840,977)
(8,499,196)

Net current (liabilities)/assets
  
 
 
(1,905,461)
 
 
1,936,491

Total assets less current liabilities
  
2,152,382
6,486,025

Creditors: amounts falling due after more than one year
  
(166,099)
(236,428)

Provisions for liabilities
  

Deferred tax
 21 
-
(244,539)

Other provisions
 22 
(268,000)
(114,000)

  
 
 
(268,000)
 
 
(358,539)

Net assets
  
1,718,283
5,891,058


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account
 24 
1,718,281
5,891,056

  
1,718,283
5,891,058


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Ross
Director

Date: 30 January 2025

The notes on pages 12 to 26 form part of these financial statements.
Page 11


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

1.


GENERAL INFORMATION

Emma Bridgewater Limited (01943787) is a private company limited by shares incorporated in England and Wales. The registered office is Lichfield Street, Hanley, Stoke-on-Trent, ST1 3EJ. The company's principal place of business is Lichfield Street, Hanley, Stoke-on-Trent, ST1 3EJ.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Holding EB Company Ltd as at 27 April 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

GOING CONCERN

The directors have assessed the Company's ability to continue as a going concern, taking into account both current performance and the Company's outlook for a minimum of 12 months from the date of approval of these financial statements.
In forming their assessment, the directors have carefully evaluated the current macro-economic environment, particularly focusing on, Inflationary pressures affecting labour costs, supply chain dynamics and pricing and market conditions and their potential impact on trading performance.
Based on this assessment, the directors have concluded that the Company has adequate resources and a reasonable expectation of maintaining sufficient funding to continue operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 12


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is 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.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss 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.

 
2.8

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5-10 years

 
2.12

DEVELOPMENT COSTS

Research and development expenditure is written off against profits in the year in which it is incurred.

Page 14


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.13

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:

Plant and machinery
-
10% or 20% straight line
Fixtures and fittings
-
10% to 33% straight line
Computer equipment
-
10% to 33% straight line

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 profit or loss.

 
2.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 profit or loss.

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

 
2.20

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES 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 amount of assets and liabilities are as follows.
Stock valuation
The company's carrying value of stock relates to management's assessment of the saleability of stock. Where uncertainty exists a provision is made against certain stock lines. It is possible that the future outcome may differ slightly to any provision made.
Page 16


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
29,354,018
35,269,918

Royalties
691,312
856,165

Deliveries
1,527,989
1,655,991

31,573,319
37,782,074


Delivery costs recovered have been reclassified from cost of sales to income.





Analysis of turnover by country of destination:


2024
2023
£
£



United Kingdom
25,409,724
29,472,147

Europe
1,236,970
1,679,556

United States of America
2,596,099
3,663,972

Rest of World
2,330,526
2,966,399

31,573,319
37,782,074

The analysis of turnover by country of destination has been restated for the prior year to ensure appropriate classification for Rest of World and United Kingdom sales.


5.


OPERATING LOSS

The operating loss is stated after charging:

2024
2023
£
£

Research & development charged as an expense
28,541
30,049

Exchange differences
33,226
1,058

Operating lease rentals
1,067,347
1,118,713

1,005,580
1,087,606

Page 17


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
24,100
22,950

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
10,882,322
12,145,633

Social security costs
932,904
1,090,419

Cost of defined contribution scheme
200,744
223,031

12,015,970
13,459,083


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


        2024
        2023
            No.
            No.







Administrative
79
88



Factory and retail
330
381

409
469

Page 18


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
-
105,060

Company contributions to defined contribution pension schemes
-
1,321

-
106,381


During the year retirement benefits were accruing to no directors (2023: 1) in respect of defined contribution pension schemes.

All of the directors were remunerated through the Company's ultimate parent undertaking, Holding EB Company Ltd. Remuneration and pension contributions paid through the parent company in respect of the directors were £266,863 (2023: £192,341) and £8,752 (2023: £2,248) respectively.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
406,717
175,049


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
-
(52,407)


TOTAL CURRENT TAX
-
(52,407)

DEFERRED TAX


Origination and reversal of timing differences
(244,539)
(320,663)

TOTAL DEFERRED TAX
(244,539)
(320,663)


TAXATION ON LOSS ON ORDINARY ACTIVITIES
(244,539)
(373,070)
Page 19


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19.39%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(4,417,314)
(1,380,691)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.39%)
(1,104,329)
(267,779)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,425
324

Capital allowances for year/period in excess of depreciation
17,699
(28,344)

Other permanent differences
5,823
4,669

Losses carried back
-
12,062

Adjustments to tax charge in respect of prior periods
-
(52,001)

Adjustments to deferred tax charge in respect of prior periods
17,553
-

Movement in deferred tax not recognised
707,522
-

Remeasurement of deferred tax for changes in tax rates
-
(71,899)

Group relief
106,768
30,304

Other differences
-
(406)

TOTAL TAX CHARGE FOR THE YEAR/PERIOD
(244,539)
(373,070)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


11.


DIVIDENDS

2024
2023
£
£


Dividends
-
32,000

Page 20


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

12.


INTANGIBLE ASSETS




Computer software

£



COST


At 28 April 2023
219,130


Additions
20,000


Transfer from tangible
1,011,606



At 27 April 2024

1,250,736



AMORTISATION


At 28 April 2023
206,304


Charge for the year on owned assets
112,199


Amortisation transfer from tangible
462,897



At 27 April 2024

781,400



NET BOOK VALUE



At 27 April 2024
469,336



At 27 April 2023
12,826

Amounts transferred from tangible represent computer software assets reclassified from tangible to intangible assets.



Page 21


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

13.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST


At 28 April 2023
2,315,246
3,372,305
1,674,802
7,362,353


Additions
50,517
146,238
45,840
242,595


Transfer to intangible
-
-
(1,011,606)
(1,011,606)



At 27 April 2024

2,365,763
3,518,543
709,036
6,593,342



DEPRECIATION


At 28 April 2023
1,148,869
726,415
950,361
2,825,645


Charge for the year on owned assets
149,848
398,643
93,596
642,087


Transfer to intangible
-
-
(462,897)
(462,897)



At 27 April 2024

1,298,717
1,125,058
581,060
3,004,835



NET BOOK VALUE



At 27 April 2024
1,067,046
2,393,485
127,976
3,588,507



At 27 April 2023
1,166,377
2,645,890
724,441
4,536,708





The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
314,330
388,862


14.


STOCKS

2024
2023
£
£

Raw materials and consumables
101,418
111,390

Work in progress (goods to be sold)
994,126
1,045,940

Finished goods and goods for resale
3,130,515
4,359,129

4,226,059
5,516,459


Page 22


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

15.


DEBTORS

2024
2023
£
£


Trade debtors
488,820
695,389

Amounts owed by group undertakings
265,708
667,895

Other debtors
192,472
88,528

Prepayments and accrued income
953,679
1,030,913

1,900,679
2,482,725



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
808,778
2,436,503



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
3,500,000
3,500,000

Trade creditors
2,948,263
2,469,564

Amounts owed to group undertakings
548,932
-

Other taxation and social security
486,196
1,667,079

Obligations under finance lease and hire purchase contracts
84,878
94,420

Other creditors
222,759
136,348

Accruals and deferred income
1,049,949
631,785

8,840,977
8,499,196



18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
166,099
236,428


Page 23


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

19.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
3,500,000
3,500,000




The HSBC UK Bank plc bank loan is secured by a fixed and floating charge covering all the property or undertaking of the company, both present and future. The loan was drawn down in the year and carries an interest rate of the Bank of England plus 3.90%. The loan was renewed post year end and is repayable in March 2026. 


20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
84,878
94,420

Between 1-5 years
166,099
236,428

250,977
330,848

Hire purchase liabilities are secured against the assets to which they relate.


21.


DEFERRED TAXATION




2024


£






At beginning of year
(244,539)


Charged to profit or loss
244,539



AT END OF YEAR
-

Page 24


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
 
21.DEFERRED TAXATION (CONTINUED)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
-
(646,050)

Short term differences
-
(42,029)

Losses and other deductions
-
443,540

-
(244,539)


22.


PROVISIONS




Dilapidations provision

£





At 28 April 2023
114,000


Charged to profit or loss
154,000



AT 27 APRIL 2024
268,000

The provision is for the restoration of the Lichfield Street factory space to its original state upon
completion of the current lease, due to finish in August 2029, which is estimated to cost £400,000.


23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2023: 2) Ordinary A shares of £1.00 each
2
2



24.


RESERVES

Profit and loss account

The profit and loss reserve represents all current and prior period retained profits and losses.


25.


PENSION COMMITMENTS

The company operates a defined contribution pension scheme which is available to eligible employees. The assets of the scheme are held by independent managers. The pension charge represents contributions due from the company and amounted to £199,486 (2023: £223,031). At the year end £19,345 was outstanding (2023: £31,601).

Page 25


EMMA BRIDGEWATER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024

26.


COMMITMENTS UNDER OPERATING LEASES

At 27 April 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
948,271
1,000,276

Later than 1 year and not later than 5 years
1,479,616
2,158,210

2,427,887
3,158,486


27.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of their parent company, Holding EB Company Ltd, the Company has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the Group.


28.


CONTROLLING PARTY

Elephant Design Limited is the company's parent company. Holding EB Company Ltd, a company incorporated in England and Wales, is the ultimate parent undertaking. The ultimate controlling party is E M Bridgewater. The registered office address is Lichfield Street, Hanley, Stoke-On-Trent, Staffordshire, United Kingdom, ST1 3EJ.
 
Page 26