Company registration number 05378073 (England and Wales)
CHARLIE BEARS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CHARLIE BEARS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
CHARLIE BEARS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,525
3,482
Tangible assets
4
1,825,565
1,761,119
Investments
5
52
28,250
1,840,142
1,792,851
Current assets
Stocks
1,675,361
1,322,640
Debtors
6
1,821,792
1,666,100
Cash at bank and in hand
285,909
1,086,731
3,783,062
4,075,471
Creditors: amounts falling due within one year
7
(1,671,263)
(1,704,428)
Net current assets
2,111,799
2,371,043
Total assets less current liabilities
3,951,941
4,163,894
Creditors: amounts falling due after more than one year
8
(141,947)
(254,019)
Provisions for liabilities
9
(31,699)
(35,914)
Net assets
3,778,295
3,873,961
Capital and reserves
Called up share capital
10
2
2
Other reserves
11
-
0
16,364
Profit and loss reserves
3,778,293
3,857,595
Total equity
3,778,295
3,873,961

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 January 2025 and are signed on its behalf by:
Mr W R Morris
Director
Company registration number 05378073 (England and Wales)
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Charlie Bears Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Milford Park, Pennygillam Industrial Estate, Launceston, Cornwall, PL15 7PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Charlie Bears Limited is a wholly owned subsidiary of Charlie Bears Holdings Limited and the results of Charlie Bears Limited are included in the consolidated financial statements of Charlie Bears Holdings Limited. Whose registered office is Unit 2, Milford Park, Pennygillam Industrial Estate, Launceston, Cornwall, PL15 7PJ.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets
Licences
Over the term of the licence on a straight line basis
Website
20% straight line per annum

The website is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in the year in which it is incurred.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings - freehold
0% on land 2% straight line per annum on buildings
Land and buildings - leasehold
Straight line over the lease term
Leasehold improvements
Straight line over the lease term
Plant and machinery
20% straight line per annum
Fixtures, fittings & equipment
20% straight line per annum
Computer equipment
20% straight line per annum
Motor vehicles
25% per annum on written down value
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value, using the prevailing exchange rate at the point of purchase. Provision is made where considered necessary for obsolete and slow moving items.

1.8
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
47
42
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Intangible fixed assets
Licences
Trademarks
Website
Total
£
£
£
£
Cost
At 1 July 2023
-
0
31,650
7,600
39,250
Additions
16,659
-
0
-
0
16,659
Disposals
-
0
-
0
(7,600)
(7,600)
At 30 June 2024
16,659
31,650
-
0
48,309
Amortisation and impairment
At 1 July 2023
-
0
31,650
4,118
35,768
Amortisation charged for the year
2,134
-
0
-
0
2,134
Disposals
-
0
-
0
(4,118)
(4,118)
At 30 June 2024
2,134
31,650
-
0
33,784
Carrying amount
At 30 June 2024
14,525
-
0
-
0
14,525
At 30 June 2023
-
0
-
0
3,482
3,482
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
2,138,690
601,968
2,740,658
Additions
29,767
109,561
139,328
Disposals
-
0
(52,988)
(52,988)
At 30 June 2024
2,168,457
658,541
2,826,998
Depreciation and impairment
At 1 July 2023
449,826
529,713
979,539
Depreciation charged in the year
36,120
37,788
73,908
Eliminated in respect of disposals
-
0
(52,014)
(52,014)
At 30 June 2024
485,946
515,487
1,001,433
Carrying amount
At 30 June 2024
1,682,511
143,054
1,825,565
At 30 June 2023
1,688,864
72,255
1,761,119
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
52
28,250
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
28,250
Disposals
(28,198)
At 30 June 2024
52
Carrying amount
At 30 June 2024
52
At 30 June 2023
28,250
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
416,182
459,976
Amounts owed by group undertakings
772,438
474,926
Other debtors
633,172
731,198
1,821,792
1,666,100

The value of trade debtors which are secured under a confidential discounting agreement is £330,142 (2023: £352,075). The cash advanced by the factoring company is included within creditors falling due within one year.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
928,461
836,319
Trade creditors
187,938
161,688
Amounts owed to group undertakings
12,762
52
Taxation and social security
200,655
240,042
Other creditors
341,447
466,327
1,671,263
1,704,428
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Creditors: amounts falling due within one year
(Continued)
- 7 -

Included within other creditors are balances totalling £234,930 (2023: £246,346) relating to debt factoring and discounting loans. These balances are secured upon the debts to which they relate.

 

The bank overdraft is secured upon the trade and assets of the company.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
141,947
254,019

The bank loans are secured by a fixed and floating charge over the assets of the company, with the exception of the Coronavirus Business Interruption Loan totaling £109,250 (2023: £166,250) at the balance sheet date.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
31,699
35,914
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully or partly paid
Ordinary £0.01 shares of 1p each
200
200
2
2

On 20 September 2022, the company subdivided its £1 shares into £0.01 shares.

 

On 20 September 2022, EMI share options were granted to two employees of the company. The agreed exercise price is £8,250 per share. The total number of shares involved is 20 ordinary shares of £0.01 each (10 per employee).

 

On 28 February 2024, the EMI share options were transferred to EMI share options over the parent company, Charlie Bears Holdings Limited.

11
Share Option Reserve
2024
2023
£
£
At the beginning of the year
16,364
-
Additions
-
16,364
Transfers
(16,364)
-
At the end of the year
-
16,364
CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Share Option Reserve
(Continued)
- 8 -

On 20 September 2022, EMI share options were granted to 2 employees of the company. The agreed exercise price is £8,250. A fair value of the options of £16,364 was recognised as employee remuneration within administrative expenses in the prior period's accounts. An equal amount was credited to the Share Option Reserve.

 

On 28 February 2024, the EMI share options were transferred to EMI share options over the parent company, Charlie Bears Holdings Limited. The balance of the Share Option Reserve has been derecognised, with an equal amount being credited to employee remuneration within administrative expenses in these accounts.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Welton BA (Hons) FCA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
Date of audit report:
24 January 2025
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
70,067
32,487
Between two and five years
212,482
2,425
282,549
34,912
14
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two Directors
2.25
260,830
176,270
5,643
(272,106)
170,637
260,830
176,270
5,643
(272,106)
170,637

The advances are unsecured and repayable upon demand.

CHARLIE BEARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
15
Parent company

The ultimate parent company of Charlie Bears Limited is Charlie Bears Holdings Limited, a company incorporated in England & Wales, whose registered office is Unit 2 Milford Park, Pennygillam Industrial Estate, Launceston, United Kingdom, PL15 7PJ. The smallest group in which the results of the company are consolidated is headed by that company.

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