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Registered number: 02359756
















ELEPHANT DESIGN LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 APRIL 2024


































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ELEPHANT DESIGN LIMITED

 
COMPANY INFORMATION


DIRECTORS
E M Bridgewater 
J E 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
02359756



REGISTERED OFFICE
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






ELEPHANT DESIGN LIMITED


CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10 - 11
Notes to the Financial Statements
 
12 - 20


ELEPHANT DESIGN LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 27 APRIL 2024

INTRODUCTION
 
The Directors present the strategic report for the year ended 27 April 2024.

BUSINESS REVIEW
 
The Company is a Holding Company and the principal activity of its subsidiary undertaking continued to be the manufacture, retail and wholesale of pottery in the United Kingdom, Europe and Rest of the World.

PRINCIPAL RISKS AND UNCERTAINTIES
 
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 Company does not trade in its own right, therefore the directors are of the opinion that there are no directly relevant KPIs. 


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



M Ross
Director

Date: 30 January 2025
Page 1


ELEPHANT DESIGN 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 £250,000 (2023: loss £4,318).

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

FUTURE DEVELOPMENTS

The Company does not trade in its own right. See the trading subsidiary, Emma Bridgewater Limited, for key future developments.  

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.

Page 2


ELEPHANT DESIGN LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
 
POST BALANCE SHEET EVENTS

There have not been any post balance sheet events.

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 3


ELEPHANT DESIGN LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELEPHANT DESIGN LIMITED
 
OPINION


We have audited the financial statements of Elephant Design Limited (the 'Company') for the year ended 27 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 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 and Financial Statements other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report and Financial StatementsOur 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 4


ELEPHANT DESIGN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELEPHANT DESIGN 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 2, 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 5


ELEPHANT DESIGN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELEPHANT DESIGN 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 noncompliance 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; 
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 the business.
Page 6


ELEPHANT DESIGN LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELEPHANT DESIGN LIMITED (CONTINUED)

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 7


ELEPHANT DESIGN LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 27 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
-
205,000

Gross profit
  
-
205,000

Administrative expenses
  
(250,000)
(250,000)

Operating loss
  
(250,000)
(45,000)

Income from investments
  
-
32,000

Other finance costs
  
-
(7,000)

Loss before tax
  
(250,000)
(20,000)

Tax on loss
 9 
-
15,682

Loss for the financial year
  
(250,000)
(4,318)

Other comprehensive income for the year
  

Actuarial losses on defined benefit pension scheme
 18 
-
(20,000)

Movement of deferred tax relating to pension deficit
 15 
(63,192)
(3,673)

Release of pension scheme liability following scheme closure
 18 
225,525
-

Other comprehensive income/(loss) for the year
  
162,333
(23,673)

Total comprehensive loss for the year
  
(87,667)
(27,991)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 20 form part of these financial statements.
Page 8


ELEPHANT DESIGN LIMITED
REGISTERED NUMBER:02359756

STATEMENT OF FINANCIAL POSITION
AS AT 27 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
1,041,667
1,291,667

Investments
 12 
1,002
1,002

  
1,042,669
1,292,669

Current assets
  

Debtors: amounts falling due within one year
 13 
635
63,827

  
635
63,827

Creditors: amounts falling due within one year
 14 
(914,266)
(887,024)

Net current liabilities
  
 
 
(913,631)
 
 
(823,197)

Total assets less current liabilities
  
129,038
469,472

  

Net assets excluding pension liability/asset
  
129,038
469,472

Pension liability/asset
 18 
-
(252,767)

Net assets
  
129,038
216,705


Capital and reserves
  

Called up share capital 
 16 
139,192
139,192

Capital redemption reserve
 17 
64,008
64,008

Profit and loss account
 17 
(74,162)
13,505

  
129,038
216,705


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 20 form part of these financial statements.
Page 9


ELEPHANT DESIGN LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 29 April 2023
139,192
64,008
13,505
216,705


Comprehensive income for the year

Loss for the year

-
-
(250,000)
(250,000)

Deferred tax movements
-
-
(63,192)
(63,192)

Release of pension scheme liability following scheme closure
-
-
225,525
225,525


Other comprehensive income for the year
-
-
162,333
162,333


Total comprehensive income for the year
-
-
(87,667)
(87,667)


At 27 April 2024
139,192
64,008
(74,162)
129,038


The notes on pages 12 to 20 form part of these financial statements.
Page 10


ELEPHANT DESIGN LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 30 April 2022
139,192
64,008
73,496
276,696


Comprehensive income for the year

Loss for the year

-
-
(4,318)
(4,318)

Actuarial losses on pension scheme
-
-
(20,000)
(20,000)

Deferred tax movements
-
-
(3,673)
(3,673)


Other comprehensive income for the year
-
-
(23,673)
(23,673)


Total comprehensive income for the year
-
-
(27,991)
(27,991)

Dividends: Equity capital
-
-
(32,000)
(32,000)


At 27 April 2023
139,192
64,008
13,505
216,705


The notes on pages 12 to 20 form part of these financial statements.

Page 11


ELEPHANT DESIGN LIMITED

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

1.


GENERAL INFORMATION

Elephant Design Limited (02359756) is a private company limited by shares incorporated in England and Wales. The registered office is Emma Bridgewater Limited, Lichfield Street, Hanley, Stoke-On-Trent, Staffordshire, United Kingdom, 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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

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


ELEPHANT DESIGN LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
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.

 
2.6

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.


 
2.7

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.

Intellectual property is being amortised over 10 years.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

Page 13


ELEPHANT DESIGN LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

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.

 
2.11

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 related parties and investments in ordinary shares.

 
2.12

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.
 
Critical adjustments
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
 
Value of intangible assets
The valuation of intangible assets are assessed for indications of impairment on a periodic basis or when events occur that indicate an impairment may have taken place.
If such indication exists, the recoverable amount of the asset is determined by considering which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The directors review the estimated useful economic life of intangible assets on at least an annual basis. Where the remaining life of assets is considered to have reduced, an appropriate adjustment to amortisation is prospectively charged.

Page 14


ELEPHANT DESIGN 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
£
£

Management charges to subsidiary
-
205,000


All turnover arose within the United Kingdom.


5.


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
5,500
5,250


6.


EMPLOYEES




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


        2024
        2023
            No.
            No.







Directors
3
3


7.


DIRECTORS' REMUNERATION

All directors have been remunerated through the Company's parent undertaking Holding EB Company Ltd.





8.


OTHER FINANCE COSTS

2024
2023
£
£

Net interest on net defined benefit liability
-
7,000


Page 15


ELEPHANT DESIGN LIMITED

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

9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Adjustments in respect of previous periods
-
(15,682)


TOTAL CURRENT TAX
-
(15,682)


TAX ON LOSS
-
(15,682)

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher 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
(250,000)
(20,000)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.39%)
(62,500)
(3,878)

EFFECTS OF:


Fixed asset timing differences
62,500
48,486

Capital allowances for year in excess of depreciation
-
(6,206)

Group relief
-
(27,988)

Remeasurement of deferred tax for changes in tax rates
-
3,009

Deffered tax charged directly to STRGL
-
(5,000)

Movement in deferred tax not recognised
-
(8,423)

Adjustments to tax charge in respect of previous periods
-
(15,682)

TOTAL TAX CHARGE FOR THE YEAR
-
(15,682)


10.


DIVIDENDS

2024
2023
£
£


Interim dividend
-
32,000

Page 16


ELEPHANT DESIGN LIMITED

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

11.


INTANGIBLE ASSETS




Intellectual property

£



COST


At 28 April 2023
2,500,000



At 27 April 2024

2,500,000



AMORTISATION


At 28 April 2023
1,208,333


Charge for the year on owned assets
250,000



At 27 April 2024

1,458,333



NET BOOK VALUE



At 27 April 2024
1,041,667



At 27 April 2023
1,291,667



Page 17


ELEPHANT DESIGN LIMITED

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

12.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 28 April 2023
1,002



At 27 April 2024
1,002





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Bridgewater Pottery Limited
Ordinary
100%
Emma Bridgewater Limited
Ordinary
100%

The registered address for all subsidiaries is Lichfield Street, Hanley, Stoke-On-Trent, Staffordshire, United Kingdom, ST1 3EJ.


13.


DEBTORS

2024
2023
£
£


Trade debtors
635
635

Deferred taxation
-
63,192

635
63,827



14.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
764,708
737,466

Other creditors
149,558
149,558

914,266
887,024


Page 18


ELEPHANT DESIGN LIMITED

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

15.


DEFERRED TAXATION




2024


£






At beginning of year
63,192


Charged to profit or loss
(63,192)



AT END OF YEAR
-

The deferred tax asset is made up as follows:

2024
2023
£
£


Pension surplus
-
63,192


16.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



63,246 (2023: 63,246) Ordinary A shares of £1.00 each
63,246
63,246
63,246 (2023: 63,246) Ordinary B shares of £1.00 each
63,246
63,246
3,175 (2023: 3,175) Ordinary D shares of £1.00 each
3,175
3,175
3,175 (2023: 3,175) Ordinary E shares of £1.00 each
3,175
3,175
3,175 (2023: 3,175) Ordinary F shares of £1.00 each
3,175
3,175
3,175 (2023: 3,175) Ordinary G shares of £1.00 each
3,175
3,175

139,192

139,192



17.


RESERVES

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the Company's own shares.

Profit and loss account

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

Page 19


ELEPHANT DESIGN LIMITED

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

18.


PENSION COMMITMENTS

The  Company operates a defined benefit pension scheme for qualifying employees. Under the scheme
the employees are entitled to retirement benefits.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 29 April 2023 by Broadstone. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

During the year, the last qualifying member remaining in the scheme passed away, and so there is no longer any liability in respect of the scheme. Benefits of £27,242 (2023: £41,693) were paid out during the year. The balance of the liability, being £225,525, was released upon the closure of the scheme.


19.


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.
In the year a director held a current account with the Company, at the end of the year the director was owed £149,558 (2023: £149,558).


20.


CONTROLLING PARTY

Holding EB Company Ltd, a company incorporated in England and Wales, is the parent undertaking and ultimate controlling party. The registered office address is Lichfield Street, Hanley, Stoke-On-Trent, Staffordshire, United Kingdom, ST1 3EJ.
 
Page 20