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Registered number: 06763257









THE CAMBRIDGE SATCHEL COMPANY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
J Deane (resigned 27 September 2022)
G Zocco (resigned 2 August 2022)
F Ayoub (resigned 2 August 2022)
W H Haitink (resigned 2 August 2022)
C De Koenigswarter (appointed 2 August 2022)
Y Delmas (appointed 2 August 2022, resigned 18 October 2022)




Registered number
06763257



Registered office
1a Avery Row
Mayfair

London

W1K 4AJ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
REGISTERED NUMBER: 06763257

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
30 June
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
68,476
28,487

Tangible assets
 5 
430,201
360,578

Investments
 6 
100
100

  
498,777
389,165

Current assets
  

Stocks
 7 
1,210,828
607,328

Debtors: amounts falling due after more than one year
 8 
98,498
19,373

Debtors: amounts falling due within one year
 8 
395,900
254,300

Cash at bank and in hand
 9 
194,955
347,960

  
1,900,181
1,228,961

Creditors: amounts falling due within one year
 10 
(6,074,223)
(5,046,725)

Net current liabilities
  
 
 
(4,174,042)
 
 
(3,817,764)

Total assets less current liabilities
  
(3,675,265)
(3,428,599)

Creditors: amounts falling due after more than one year
 11 
-
(2,348,766)

Provisions for liabilities
  

Other provisions
 12 
(147,403)
(89,204)

  
 
 
(147,403)
 
 
(89,204)

Net liabilities
  
(3,822,668)
(5,866,569)


Capital and reserves
  

Called up share capital 
 13 
5,083
5,053

Share premium account
  
17,899,013
14,906,390

Profit and loss account
  
(21,726,764)
(20,778,012)

  
(3,822,668)
(5,866,569)


Page 1

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
REGISTERED NUMBER: 06763257
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




C De Koenigswarter
Director

Date: 25 February 2025

The notes on pages 3 to 16 form part of these financial statements.

Page 2

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

1.


General information

The principal activity of The Cambridge Satchel Company Limited ('the Company') is the manufacture   and retail of leather goods and accessories under the The Cambridge Satchel Company brand.   
The company is a private company limited by shares and is incorporated in England and Wales.  The address of its Registered Office is Lower Ground 5, Copley Hill Business Park, Cambridge Road, Babraham, CB22 3GN.  

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 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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern status, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
On the basis of the working capital available over the next 12 months, the detailed cash forecasting and budgeting, together with the ongoing support of Directors and shareholders, the Directors are confident of the Company's ability to continue trading as a going concern for at least 12 months from the date of signing these financial statements.

Page 3

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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.

 
2.5

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.

Page 4

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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:

Goodwill
-
10
years
Trademarks
-
10
years

 
2.9

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.

Page 5

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
7 years
Plant and machinery
-
4 years
Fixtures and fittings
-
3 years
Other fixed assets
-
3 years

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

Page 6

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Classification of financial instruments issued by the company

In accordance with FRS 102.22, financial instruments issued by the Company are treated as       equity only to the extent that they meet the following two conditions: 
1) they include no contractual obligations upon the parent Company to deliver cash or other financial    assets or to exchange financial assets or financial liabilities with another party under conditions     that are potentially unfavourable to the company; and 
2) where the instrument will or may be settled in the parent Company's own equity instruments, it is        either a non-derivative that includes no obligation to deliver a variable number of the parent Company's own equity instruments or is a derivative that will be settled by the companies exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.  
To the extent that this definition is not met, the proceeds of issue are classified as a financial    liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share           premium account exclude amounts in relation to those shares.  

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related      companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future      receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured     at fair value through the Consolidated Statement of Comprehensive Income. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in the Consolidated Statement of Comprehensive Income. Other investments are measured at cost less impairment in the Consolidated Statement of Comprehensive Income.  
(ii) Financial liabilities
 
Page 7

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial liabilities, including trade and other creditors and accruals, are initially recognised      at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the      ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised       cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the         contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the Directors, during the 18 month period was as follows:


  18 months ended
     31 December
   12 month ended
         30 June
        2023
        2022
            No.
            No.







Directors
2
4



Production
41
32



Sales
26
15



Administration
8
15

77
66

Page 8

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Development expenditure
Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 July 2022
-
129,578
17,300
146,878


Additions
16,021
40,041
9,337
65,399



At 31 December 2023

16,021
169,619
26,637
212,277



Amortisation


At 1 July 2022
-
101,091
17,300
118,391


Charge for the 18 month period on owned assets
801
24,376
233
25,410



At 31 December 2023

801
125,467
17,533
143,801



Net book value



At 31 December 2023
15,220
44,152
9,104
68,476



At 30 June 2022
-
28,487
-
28,487



Page 9

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment and software
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
148,417
757,920
-
1,305,314
2,211,651


Additions
16,704
102,128
63,429
128,048
310,309


Disposals
(34,037)
(28,000)
-
(122,039)
(184,076)



At 31 December 2023

131,084
832,048
63,429
1,311,323
2,337,884



Depreciation


At 1 July 2022
108,512
539,770
-
1,202,791
1,851,073


Charge for the 18 month period on owned assets
18,947
103,018
8,786
103,169
233,920


Disposals
(34,037)
(21,234)
-
(122,039)
(177,310)



At 31 December 2023

93,422
621,554
8,786
1,183,921
1,907,683



Net book value



At 31 December 2023
37,662
210,494
54,643
127,402
430,201



At 30 June 2022
39,905
218,150
-
102,523
360,578


6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
100



At 31 December 2023
100




Page 10

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

7.


Stocks

31 December
30 June
2023
2022
£
£

Raw materials and consumables
432,706
246,256

Work in progress (goods to be sold)
21,127
18,912

Finished goods and goods for resale
756,995
342,160

1,210,828
607,328



8.


Debtors

31 December
30 June
2023
2022
£
£

Due after more than one year

Other debtors
98,498
19,373

98,498
19,373


31 December
30 June
2023
2022
£
£

Due within one year

Trade debtors
194,993
753

Other debtors
44,723
31,072

Prepayments and accrued income
156,184
222,475

395,900
254,300


Page 11

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

9.


Cash and cash equivalents

31 December
30 June
2023
2022
£
£

Cash at bank and in hand
194,955
347,960

Less: bank overdrafts
-
(13,726)

194,955
334,234



10.


Creditors: Amounts falling due within one year

31 December
30 June
2023
2022
£
£

Bank overdrafts
-
13,726

Trade creditors
798,798
941,245

Amounts owed to group undertakings
4,665,000
-

Other taxation and social security
154,546
71,768

Obligations under finance lease and hire purchase contracts
68,236
57,600

Other creditors
11,361
1,171,429

Accruals and deferred income
376,282
2,790,957

6,074,223
5,046,725


The following liabilities were secured:

31 December
30 June
2023
2022
£
£



Net obligations under finance lease
-
139,700

-
139,700

Details of security provided:

The liabilities under the finance leases are secured by way of fixed and floating charges over all assets other than the non-vesting debtors, other debtors and stock.

Page 12

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

31 December
30 June
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
82,100

Other creditors
-
2,266,666

-
2,348,766


Other creditors comprised of convertible debt of £2,000,000 with interest accruing at 8% over three years. Subject to market conditions, the principal and interest will convert into the most senior class of shares in issue as at the date of conversion.
This creditor was paid in the current period.
The liabilities under the finance leases are secured by way of fixed and floating charges over all assets other than the non-vesting debtors, other debtors and stock.


12.


Provisions








Stock Provision
Provision for old payables
Provision for Distance VAT
Dilapidation
Total

£
£
£
£
£





At 1 July 2022
-
16,639
12,565
60,000
89,204


Charged to profit or loss
40,066
-
-
99,521
139,587


Utilised in 18 month period
-
(16,639)
(4,749)
(60,000)
(81,388)



At 31 December 2023
40,066
-
7,816
99,521
147,403


13.


Share capital

31 December
30 June
2023
2022
£
£
Allotted, called up and fully paid



50,832,597 (2022 - 25,265,000) Ordinary shares of £0.0001 each
5,083
2,527
0 (2022 - 12,630,000) Series A shares of £0.0001 each
-
1,263
0 (2022 - 12,633,300) Series B shares of £0.0001 each
-
1,263

5,083

5,053


Page 13

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

13.Share capital (continued)

On 2 August 2022, each Series A share of £0.0001 and each Series B shares of £0.0001 were converted into an ordinary share of £0.0001. On the same date, an aggregate of 299,264 ordinary shares of £0.0001 each were allotted. Ordinary shares have full voting, dividends and capital distribution (including on winding up) rights subject to the liquidation preference set out in the articles of association of the company.  


14.


Pension commitments

The Company operates defined contribution pension schemes for its employees.  The assets of the schemes are held separately from those of the Company in independently administered funds. The unpaid contributions at the year end, included in other creditors are £10,878 (2022: £8,324).


15.


Related party transactions

The company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with other wholly owned group undertakings.


16.


Controlling party

The ultimate controlling party of the Company at the reporting date is Chargetex 39 S.A.R.L, a company incorporated in France. 

Page 14

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

17.


Auditors' information

The auditors' report on the financial statements for the 18 month period ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:

Disclaimer of Opinion
We were engaged to audit the financial statements of The Cambridge Satchel Company Limited (the 'Company') for the period ended 31 December 2023, 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 policies. The 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).
We do not express an opinion on the accompanying financial statements of the Company. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
The company was not subject to an audit for the year to 30 June 2022, and as a result, we did not observe the counting of physical inventories for the opening balance sheet included in the financial statements at a value of £607,328. In addition to this, while we did perform procedures to count the company’s physical inventories at 31 December 2023 of £1,210,828, we were not aware at the time that the company held a material amount of stock overseas at the year-end date, resulting in £304,782 of closing stock remaining outside of our physical counting procedures. Due to the timing of this discovery, it was not possible to make alternative arrangements for the counting of this stock at 31 December 2023. We were therefore unable to satisfy ourselves through alternative procedures of the existence of stock at 30 June 2022 and 31 December 2023.
Separately to this, our review of the unaudited opening balances at 1 July 2022 identified that the directors had included accruals and provisions in the closing financial statements of 30 June 2022 in the order of £1m, but we were unable to verify how these balances would have met the recognition criteria set out in Financial Reporting Standard 102, Section 21: Provisions and Contingencies at 30 June 2022. These were corrected by the directors in the period to 31 December 2023, but as current year adjustments rather than as prior year adjustments, therefore reducing current year administrative expenses and increasing reported profit for the period under review. We consider that a prior year adjustment for these items was the appropriate accounting treatment, and disagree with the accounting treatment selected by the directors. Our review of opening balances suggested there may be additional amounts accounted for by the directors in this way, but we were not able to quantify the resultant adjustment.
As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of current year reported Statement of Comprehensive Income, over any of the opening balances at 1 July 2022, nor over the existence of closing stock at 31 December 2023. The impact of this is considered pervasive and material to the financial statements for the year, and we can give no opinion in relation to the financial statements in this regard.


Page 15

 
THE CAMBRIDGE SATCHEL COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

.



Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Directors' Report. 
Arising from the limitation of our work referred to above:
 
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records have been kept.

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:
 
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
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

The audit report was signed on 25 February 2025 by Myfanwy Neville FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 16