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Registered number: 04710017














BIGJIGS TOYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
BIGJIGS TOYS LIMITED
 

COMPANY INFORMATION


Directors
Mrs E Ireland 
Mr P Ireland 
Mr S Ireland 
Mr T Ireland 




Company secretary
Mrs E Ireland



Registered number
04710017



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Trading Address
Unit D
Concept Court

Shearway Business Park

Folkestone

Kent

CT19 4RG






Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH




Bankers
Handelsbanken
4th Floor, Riverside House,

40-46 High Street

Maidstone

Kent

ME14 1JH





 
BIGJIGS TOYS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14 - 15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 37


 
BIGJIGS TOYS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report for the year ended 30 June 2024.

Business environment and strategy

The group differentiates itself from its competitors by designing and producing affordable toys that encourage creative and imaginative play. The group employs people who are experienced, talented and motivated.
The group's overriding objective is to produce sustainable rates of growth and return.
The key elements of growth are:
- producing toys that are of a high standard in their competitive market; and
- investment in product design and staff.  
- investment in other businesses where there is an opportunity to expand its range of products.  

Business review
 
The principal activity of the group in the period under review was that of manufacturing and wholesale of children's toys.
The directors are satisfied with the results of the group for the year. Turnover was £14.9 million (2023 - £14.7 million) and the gross profit margin was 28.3% (2023 - 24.1%).
The pre-tax earnings are £508,117 (2023 - £239,646) and the group has net assets of £3,898,621 (2023 - £3,792,243).

Principal risks and uncertainties
 
The group's funding, liquidity and exposure to interest rate risks are managed by the group's financial and management team. The management of these risks is conducted within a framework of policies and guidelines authorised by the board of directors.
The group's financial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items, such as trade debtors and trade creditors, that arise directly from its operating activities. The group publishes its financial statements in pounds sterling and conducts business principally in sterling, euros, Zloty and US dollars.
The main risks arising from the group's financial instruments is liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised below.
Liquidity risk
The group insures trade debt wherever possible and follows robust credit control procedures to mitigate the risk of non payment by trade debtors.
Obsolescence Risk
Due to the nature of the industry the group holds a variety of inventory to meet demand, which increases the risk of the group holding slow moving inventory that has little or no resale value. The group has procedures in place to ensure that it meets the demand of customers without overstocking on products that will not be sold. Where required, provisions are made to reduce the value of obsolete and slow moving stock to their net realisable value.
Exchange rate risk
The company enters into forward exchange contracts to reduce the risk of exchange rate fluctuations.
 

Page 1

 
BIGJIGS TOYS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Other key performance indicators
 
The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board of directors and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on:
Liquidity risk
The group's working capital facility to meet its day to day requirements.
Competition
The group operates in a highly competitive market sensitive to quality and price. This results in the risk of the group not being able to meet customer expectations and producing toys that compete in the market. In order to mitigate the risk, sales and support teams continually monitor prices and competitors. As well as inhouse designers, external designers are used to bolster design capacity and maintain a fresh outlook on product development. Investment has been made in technical software allowing the storage of accurate product design files, facilitating, when required shifts in the location of production.
Employee skills and retention
The group's performance depends largely on its management, sales staff, designers and other key employees. The resignation of these individuals and the inability to recruit suitable people with adequate and sufficient skills and experience from the local community could adversely impact the results. To mitigate these issues the directors have implemented programmes and schemes to retain such individuals.
 

Financial key performance indicators
 
Given the nature of the business, the group's directors are of the opinion that the primary Key Performance Indicator (KPI) to understand the development, performance position of the business in relation to their competitors and the strategic objectives and the operational cashflow is earnings before interest, taxes depreciation and amortisation (EBITDA).
EBITDA 
The group's EBITDA was £731,401 for the year (2023 - £448,763).


This report was approved by the board on 18 March 2025 and signed on its behalf.



___________________________
Mrs E Ireland
Director

Page 2

 
BIGJIGS TOYS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £361,378 (2023 - £222,517).

Directors

The directors who served during the year were:

Mrs E Ireland 
Mr P Ireland 
Mr S Ireland 
Mr T Ireland 

Page 3

 
BIGJIGS TOYS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

Bigjigs Toys will continue to explore all available existing and new opportunities to enhance its market share from consumer and domestic retail sales. International growth will be driven by more competitive pricing achieved by placing volume production in increasingly highly mechanised factories.
In the pursuit of strengthening sales in existing markets, and exploring new ones, Bigjigs Toys will continue to develop new products in wood and from materials not employed in any previous development.
Greenhouse gas emissions, energy consumption and energy efficiency action
The company's greenhouse gas emissions and energy consumption for the year to 31 December 2023 were 25.3 tonnes and 84 MWh respectively. This is analysed as direct emissions (scope 1) of 8.1 tonnes (1 MWh) and indirect emissions (scope 2) from electricity of 17.2 tonnes (83 MWh). 
The company continues to seek energy efficient methodologies to reduce the carbon footprint and associated costs.
The company's annual emissions are 1.8 tonnes of CO2e per £m of sales revenue.

Research and development activities

The group has completed redesign work on packaging support for its products to substantially reduce import plastics.  
The group will continue to develop the stock management and dispatch systems to achieve even greater accuracy in shipping products B2C and B2B efficiently.   

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

The group acquired 100% of the shares of The House of Puzzles Limited on 1 July 2024.

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 March 2025 and signed on its behalf.
 





___________________________
Mrs E Ireland
Director

Page 4

 
BIGJIGS TOYS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIGJIGS TOYS LIMITED
 

Opinion


We have audited the financial statements of Bigjigs Toys Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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.


Page 5

 
BIGJIGS TOYS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIGJIGS TOYS LIMITED (CONTINUED)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BIGJIGS TOYS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIGJIGS TOYS 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 Group 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:

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.  We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
• Discussions with management regarding known or suspected instances of non-compliance with laws and           regulations;
• Evaluation of controls designed to prevent and detect irregularities; and
• Assessing journal entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above, 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.  As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
BIGJIGS TOYS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIGJIGS TOYS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Joshua Conlon FCCA (Senior statutory auditor)
  
for and on behalf of
Magee Gammon Corporate Limited
 
Chartered Accountants
Statutory Auditors
  
Henwood House
Henwood
Ashford
Kent
TN24 8DH

18 March 2025
Page 8

 
BIGJIGS TOYS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note

  

Turnover
 4 
14,943,516
14,686,406

Cost of sales
  
(10,716,296)
(11,145,381)

Gross profit
  
4,227,220
3,541,025

Administrative expenses
  
(3,651,856)
(3,233,568)

Other operating income
 5 
36,170
36,291

Operating profit
 6 
611,534
343,748

Interest receivable and similar income
 10 
2,421
913

Interest payable and similar expenses
 11 
(105,838)
(105,015)

Profit before tax
  
508,117
239,646

Tax on profit
 12 
(146,739)
(17,129)

Profit for the financial year
  
£361,378
£222,517

Profit for the year attributable to:
  

Owners of the parent company
  
(361,378)
(222,517)

  
£(361,378)
£(222,517)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 37 form part of these financial statements.

Page 9

 
BIGJIGS TOYS LIMITED
REGISTERED NUMBER: 04710017

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 14 
45,232
63,481

Tangible assets
 15 
517,115
377,143

  
562,347
440,624

Current assets
  

Inventories
 17 
5,190,738
6,588,861

Debtors: amounts falling due within one year
 18 
2,754,155
2,236,608

Cash at bank and in hand
 19 
186,576
201,001

  
8,131,469
9,026,470

Creditors: amounts falling due within one year
 20 
(4,176,438)
(5,338,958)

Net current assets
  
 
 
3,955,031
 
 
3,687,512

Total assets less current liabilities
  
4,517,378
4,128,136

Creditors: amounts falling due after more than one year
 21 
(504,280)
(257,931)

Provisions for liabilities
  

Deferred tax
 24 
(114,477)
(77,962)

Net assets
  
£3,898,621
£3,792,243


Capital and reserves
  

Called up share capital 
 25 
100
100

Capital redemption reserve
 26 
5
5

Profit and loss account
 26 
3,898,516
3,792,138

  
£3,898,621
£3,792,243


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.




___________________________
Mrs E Ireland
Director

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 
BIGJIGS TOYS LIMITED
REGISTERED NUMBER: 04710017

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 14 
45,232
63,481

Tangible assets
 15 
517,115
377,143

Investments
 16 
85
85

  
562,432
440,709

Current assets
  

Stocks
 17 
5,190,738
6,588,861

Debtors: amounts falling due within one year
 18 
2,751,952
2,284,836

Cash at bank and in hand
 19 
182,082
186,932

  
8,124,772
9,060,629

Creditors: amounts falling due within one year
 20 
(4,177,386)
(5,387,786)

Net current assets
  
 
 
3,947,386
 
 
3,672,843

Total assets less current liabilities
  
4,509,818
4,113,552

  

Creditors: amounts falling due after more than one year
 21 
(504,280)
(257,931)

Provisions for liabilities
  

Deferred taxation
 24 
(114,477)
(77,962)

Net assets
  
£3,891,061
£3,777,659


Capital and reserves
  

Called up share capital 
 25 
100
100

Capital redemption reserve
 26 
5
5

Profit and loss account
 26 
3,890,956
3,777,554

  
£3,891,061
£3,777,659


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.




___________________________
Mrs E Ireland
Director

The notes on pages 17 to 37 form part of these financial statements.

Page 11

 
BIGJIGS TOYS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

At 1 July 2022
100
5
3,875,921
3,876,026
3,876,026


Comprehensive income for the year

Profit for the year
-
-
222,517
222,517
222,517
Total comprehensive income for the year
-
-
222,517
222,517
222,517


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(306,300)
(306,300)
(306,300)


Total transactions with owners
£-
£-
£(306,300)
£(306,300)
£(306,300)


At 1 July 2023
100
5
3,792,138
3,792,243
3,792,243


Comprehensive income for the year

Profit for the year
-
-
361,378
361,378
361,378
Total comprehensive income for the year
-
-
361,378
361,378
361,378


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(255,000)
(255,000)
(255,000)


Total transactions with owners
-
-
(255,000)
(255,000)
(255,000)


At 30 June 2024
£100
£5
£3,898,516
£3,898,621
£3,898,621


The notes on pages 17 - 37 form part of these financial statements.

Page 12

 
BIGJIGS TOYS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

At 1 July 2023
100
5
3,777,554
3,777,659


Comprehensive income for the year

Profit for the year
-
-
368,402
368,402
Total comprehensive income for the year
-
-
368,402
368,402


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(255,000)
(255,000)


Total transactions with owners
-
-
(255,000)
(255,000)


At 30 June 2024
£100
£5
£3,890,956
£3,891,061



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


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

At 1 July 2022
100
5
3,875,500
3,875,605


Comprehensive income for the year

Profit for the year
-
-
208,354
208,354
Total comprehensive income for the year
-
-
208,354
208,354


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(306,300)
(306,300)


Total transactions with owners
-
-
(306,300)
(306,300)


At 30 June 2023
£100
£5
£3,777,554
£3,777,659


The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
BIGJIGS TOYS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023

Cash flows from operating activities

Profit for the financial year
361,378
222,517

Adjustments for:

Amortisation of intangible assets
23,249
18,695

Depreciation of tangible assets
97,939
87,376

Loss on disposal of tangible assets
(1,311)
(1,326)

Interest paid
105,839
105,015

Interest received
(2,421)
(913)

Taxation charge
146,739
17,129

Decrease in stocks
1,398,123
773,375

(Increase)/decrease in debtors
(517,546)
161,664

(Decrease) in creditors
(690,290)
(821,381)

Corporation tax received/(paid)
5,849
(220,919)

Net cash generated from operating activities

927,548
341,232


Cash flows from investing activities

Purchase of intangible fixed assets
(5,000)
(15,038)

Purchase of tangible fixed assets
(237,996)
(84,972)

Sale of tangible fixed assets
1,396
2,576

Interest received
2,421
913

Net cash from investing activities

(239,179)
(96,521)

Cash flows from financing activities

Other new loans
-
244,136

Repayment of other loans
(257,301)
-

Dividends paid
(255,000)
(306,300)

Interest paid
(105,839)
(105,015)

Net cash used in financing activities
(618,140)
(167,179)

Net increase in cash and cash equivalents
70,229
77,532

Cash and cash equivalents at beginning of year
(805,358)
(882,889)

Cash and cash equivalents at the end of year
£(735,129)
£(805,357)
Page 14

 
BIGJIGS TOYS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023




Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
186,576
201,001

Bank overdrafts
(921,705)
(1,006,358)

£(735,129)
£(805,357)


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
BIGJIGS TOYS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024



Cash at bank and in hand

201,001

(14,425)

186,576

Bank overdrafts

(1,006,359)

84,653

(921,706)

Debt due after 1 year

(257,931)

(246,349)

(504,280)

Debt due within 1 year

(2,340,055)

957,606

(1,382,449)


£(3,403,344)
£781,485
£(2,621,859)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Bigjigs Toys Limited is a private company limited by shares and is incorporated in England and Wales. The company registration number is 04710017 and the registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is Unit D, Concept Court, Shearway Business Park, Folkestone, Kent, CT19 4RG.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Page 17

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.4

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 the Group's share 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 Consolidated 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:

Patents
-
2 years
Software
-
2 to 3 years
Goodwill
-
3 years
Trademarks
-
Up to 10 years
Other intangible fixed assets
-
2 to 3 years

Page 18

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Property, plant and equipment

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, unless otherwise stated.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5-20 years, over the term of the lease
Solar panels
-
25 years
Plant and machinery
-
3-10 years
Motor vehicles
-
3-4 years
Fixtures and fittings
-
3-10 years
Office equipment
-
3-5 years
Computer equipment
-
3-5 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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Inventories

Inventories are stated at the lower of cost (using the first in first out method) and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.8

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.

 
2.9

Cash and cash equivalents

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

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

Page 19

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 20

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.11

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.

 
2.12

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 21

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.14

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.

 
2.15

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.

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.17

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.

Page 22

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Borrowing costs

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

 
2.20

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.

 
2.21

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 23

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.22

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, management is required to make judgements,
estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 the accounting estimates are recognised in the period in which the estimate is revised if the revisions affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. 
Carrying value of property, plant and equipment 
As described in note 2.5 to the financial statements, plant and machinery, office equipment and motor vehicles are stated at historical cost less accumulated depreciation and accumulated impairment losses. The management base the useful economical life, residual value and therefore the rate of depreciation of these assets on their historical knowledge of such assets and the market within which the Group operates.
Provision for slow moving inventories
The management review the inventory and make provisions for slow moving inventory. Using their knowledge of their products and the market the management determine the criteria for which inventory is to be treated as slow moving.
Freight costs
Inventories include freight costs for unsold stock at the year end. Management determine the unit cost of freight attributable to each stock item held by allocating import duties, transport costs and other costs directly attributable based on the volume of that item of stock during transport.   

Page 24

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

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


2024
2023

Sale of toys
£14,943,516
£14,686,406


Analysis of turnover by country of destination:

2024
2023

United Kingdom
10,775,710
10,357,084

Rest of Europe
2,494,777
2,406,593

Rest of the world
1,673,029
1,922,729

£14,943,516
£14,686,406



5.


Other operating income

2024
2023

Other operating income
10,339
11,622

Government grants receivable
1,882
1,864

Sundry income
23,949
22,805

£36,170
£36,291



6.


Operating profit

The operating profit is stated after charging:

2024
2023

Exchange differences
£167
£(158,582)


7.


Auditors' remuneration

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


2024
2023

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,000
8,800

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
15,330
10,500

Page 25

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023


Wages and salaries
1,450,678
1,391,204
1,450,678
1,391,204

Social security costs
3,203
3,046
3,203
3,046

Cost of defined contribution scheme
44,427
73,923
44,427
73,923

£1,498,308
£1,468,173
£1,498,308
£1,468,173


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production and warehousing
25
26
25
26



Selling
5
6
5
6



Office and management
18
16
18
16



Directors
4
4
4
4

52
52
52
52


9.


Directors' remuneration

2024
2023

Directors' emoluments
51,104
48,745

Group contributions to defined contribution pension schemes
24,000
42,000

£75,104
£90,745


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023


Other interest receivable
£2,421
£913

Page 26

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and similar expenses

2024
2023


Bank interest payable
72,065
75,906

Other loan interest payable
33,773
29,109

£105,838
£105,015


12.


Taxation


2024
2023

Corporation tax


Current tax on profits for the year
110,224
52,781

Adjustments in respect of previous periods
-
(31,008)


110,224
21,773


Total current tax
£110,224
£21,773

Deferred tax


Origination and reversal of timing differences
36,515
(4,644)

Total deferred tax
£36,515
£(4,644)


Tax on profit
£146,739
£17,129
Page 27

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023


Profit on ordinary activities before tax
£508,117
£239,646


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
127,029
49,127

Effects of:


Non-tax deductible amortisation of goodwill and impairment
5,812
3,832

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
265
252

Capital allowances for year in excess of depreciation
13,112
(3,799)

Differences in overseas rate taxes on overseas earnings
521
(995)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(31,008)

Other differences leading to an increase (decrease) in the tax charge
-
(280)

Total tax charge for the year
£146,739
£17,129


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023


£1,838 (2022: £495) per Ordinary share
97,000
147,000


£7,990 (2022: £3,100) per Ordinary C share
79,000
79,900


£7,940 (2022: £3,100) per Ordinary D share
79,000
79,400

£255,000
£306,300

Page 28

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Intangible assets

Group and Company





Patents
Other intangibles
Trademarks
Software
Goodwill
Total



Cost


At 1 July 2023
50,000
71,166
149,395
26,371
233,091
530,023


Additions
-
5,000
-
-
-
5,000


Disposals
-
-
(6,000)
-
-
(6,000)



At 30 June 2024

50,000
76,166
143,395
26,371
233,091
529,023



Amortisation


At 1 July 2023
50,000
71,166
101,009
12,434
231,933
466,542


Charge for the year on owned assets
-
-
15,368
7,185
696
23,249


On disposals
-
-
(6,000)
-
-
(6,000)



At 30 June 2024

50,000
71,166
110,377
19,619
232,629
483,791



Net book value



At 30 June 2024
£-
£5,000
£33,018
£6,752
£462
£45,232



At 30 June 2023
£-
£-
£48,386
£13,937
£1,158
£63,481



Page 29

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group and Company






Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total



Cost or valuation


At 1 July 2023
23,738
324,571
81,120
510,441
939,870


Additions
-
199,317
4,715
33,964
237,996


Disposals
-
(438)
-
(11,548)
(11,986)



At 30 June 2024

23,738
523,450
85,835
532,857
1,165,880



Depreciation


At 1 July 2023
263
177,439
28,311
356,714
562,727


Charge for the year on owned assets
3,958
33,261
11,733
48,988
97,940


Disposals
-
(438)
-
(11,464)
(11,902)



At 30 June 2024

4,221
210,262
40,044
394,238
648,765



Net book value



At 30 June 2024
£19,517
£313,188
£45,791
£138,619
£517,115



At 30 June 2023
£23,475
£147,132
£52,809
£153,727
£377,143




The net book value of land and buildings may be further analysed as follows:


2024
2023

Long leasehold
19,517
23,475

£19,517
£23,475


Page 30

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies



Cost or valuation


At 1 July 2023
85



At 30 June 2024
£85





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Bigjigs Toys B.V
Filips van Bourgondiestraat 14 3117 SE Schiedam
100%

After the year end Bigjigs Toys B.V. updated its registered address to Overwegwachter 4, 3034 KG, Rotterdam.

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Bigjigs Toys B.V
(8,663)


17.


Inventories

Group

Group
Company

Company
2024
2023
2024
2023

Finished goods and goods for resale
£5,190,738
£6,588,861
£5,190,738
£6,588,861


Page 31

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023


Trade debtors
1,392,272
1,567,917
1,392,272
1,567,917

Amounts owed by group undertakings
-
-
-
48,319

Other debtors
1,074,430
427,566
1,072,227
427,475

Prepayments and accrued income
287,453
241,125
287,453
241,125

£2,754,155
£2,236,608
£2,751,952
£2,284,836


Other debtors includes deposits of £625,000 (2023 - £Nil) for the purchase of fixed assets investments that was completed after the year end. 


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023

Cash at bank and in hand
186,576
201,001
182,082
186,932

Less: bank overdrafts
(921,706)
(1,006,359)
(921,706)
(1,006,359)

£(735,130)
£(805,358)
£(739,624)
£(819,427)



20.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023

Bank overdrafts
921,706
1,006,359
921,706
1,006,359

Other loans
3,400
507,050
3,400
507,050

Trade creditors
1,287,252
1,497,955
1,287,252
1,497,955

Amounts owed to group undertakings
-
-
2,608
-

Corporation tax
116,073
-
116,073
-

Other taxation and social security
88,011
130,102
88,011
181,938

Other creditors
1,432,245
1,887,554
1,432,247
1,887,554

Accruals and deferred income
327,751
309,938
326,089
306,930

£4,176,438
£5,338,958
£4,177,386
£5,387,786


Page 32

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023

Other loans
£504,280
£257,931
£504,280
£257,931


The company received an unsecured interest only loan in 2024 for £250,000. The loan is repayable after 5 years. The interest payable on the loan is 5% per annum. The amount owed at the balance sheet date was £250,000.
The company received an unsecured interest only loan in 2022 for £250,815. The loan is repayable after 5 years. The interest payable on the loan is 4% per annum. The amount owed at the balance sheet date was £254,280 (2023 - £261,380).
The company received an unsecured interest only loan in 2014 for £410,900. The loan was repayable after 10 years. The interest payable on the loan was 4% per annum. The amount owed at the balance sheet date was £Nil (2023 - £259,034).


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023

Amounts falling due within one year

Other loans
3,400
507,050
3,400
507,050


3,400
507,050
3,400
507,050


Amounts falling due 2-5 years

Other loans
250,000
-
250,000
-

Amounts falling due after more than 5 years

Other loans
254,280
257,931
254,280
257,931

254,280
257,931
254,280
257,931

£507,680
£764,981
£507,680
£764,981


Page 33

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023

Financial assets

Financial assets measured at fair value through profit or loss
186,576
201,001
182,082
186,932

Financial assets that are debt instruments measured at amortised cost
1,815,238
1,925,217
1,814,941
1,973,235

£2,001,814
£2,126,218
£1,997,023
£2,160,167


Financial liabilities

Other financial liabilities measured at fair value through profit or loss
1,429,386
1,771,340
1,429,386
1,771,340

Financial liabilities measured at amortised cost
2,719,496
3,385,509
2,722,107
3,385,509

£4,148,882
£5,156,849
£4,151,493
£5,156,849


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise of other loans and bank overdrafts.


Other financial liabilities measured at fair value through profit and loss comprise overdrafts and other loans.


Financial liabilities measured at amortised cost comprise of  trade creditors, amounts owed to group undertakings and other creditors.

Page 34

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Deferred taxation


Group



2024
2023





At beginning of year
77,962
82,606


Charged to profit or loss
36,515
(4,644)



At end of year
£114,477
£77,962

Company


2024
2023









At beginning of year
77,962
82,606


Charged to profit or loss
36,515
(4,644)



At end of year
£114,477
£77,962

Group
Group
Company
Company
2024
2023
2024
2023

Accelerated capital allowances
£114,477
£77,962
£114,477
£77,962


25.


Share capital

2024
2023
Allotted, called up and fully paid



80 (2023 - 80) Ordinary shares of £1.00 each
80
80
10 (2023 - 10) Ordinary C shares of £1.00 each
10
10
10 (2023 - 10) Ordinary D shares of £1.00 each
10
10

£100

£100

The holders of ordinary, ordinary C and D shares are entitled to a vote in all meetings and are entitled to receive dividends from time to time. 


Page 35

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Reserves

Capital redemption reserve

The capital redemption reserve represents the amount kept on the acquisition of its own shares. This is a non-distributable reserve. 

Profit and loss account

The profit and loss account is a reserve of the accumulated profit and loss after tax and dividends. This reserve is fully distributable. 


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £32,427 (2023 - £31,923). Contributions totalling £5,960 (2023 - £5,503) were payable to the fund at the reporting date.


28.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023

Not later than 1 year
424,422
387,459
424,422
387,459

Later than 1 year and not later than 5 years
1,598,918
1,515,330
1,598,918
1,515,330

Later than 5 years
2,778,856
3,126,845
2,778,856
3,126,845

£4,802,196
£5,029,634
£4,802,196
£5,029,634

Operating lease commitments include rent payable for properties owned by Ireland Family SSAS, a trust in which directors of the company are beneficiaries.


29.Directors' personal guarantees

Mrs E Ireland and Mr P Ireland, both directors of the company, have given a supported joint personal guarantee of £200,000 (2023 - £200,000) excluding interest and charges to the bank

Page 36

 
BIGJIGS TOYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

30.


Related party transactions

Bigjigs Toys USA LLP
During the financial year to 30 June 2024, Bigjigs Toys Limited entered into transactions with Bigjigs Toys USA LLP, a company the directors have a material interest in by virtue of their membership. Bigjigs Toys Limited sold goods amounting to £441,196 (2023 - £556,478), provided management services of amounting to £23,198 (2023 - £22,301) and paid expenses on behalf of Bigjigs Toys USA LLP amounting to £181,391 (2023 - £226,536). At the balance sheet date Bigjigs Toys USA LLP owed the company £310,211 (2023 - £317,197) in respect of these transactions.
Bigjigs Toys Limited purchased goods amounting to £16,985 (2023 - £2,655) from Bigjigs Toys USA LLP in the financial year to 30 June 2024. At the balance sheet date, the company owed Bigjigs Toys USA LLP £660 (2023 - £2,655).
At the balance sheet date Bigjigs Toys USA LLP owed the company £2,262 (2023 - £3,849) in respect to amounts advanced in the financial year to 30 June 2024.
The Ireland Family SSAS
In the financial year to 30 June 2024, Bigjigs Toys Limited paid rent to The Ireland Family SSAS, a pension fund in which the directors are beneficiaries, amounting to £242,526 (2023 - £171,363) in respect to property used by the company. The amount owed to The Ireland Family SSAS at the balance sheet date was £6,642 (2023 - £18,806).
Ireland and Ireland Partnership
Ireland and Ireland Partnership is controlled by two of the directors.  In the financial year to 30 June 2024, Bigjigs Toys Limited paid rent charges totalling £Nil (2023 - £41,289) to Ireland and Ireland Partnership in respect to property used by the company. At the balance sheet date was the company owed Ireland and Ireland Partnership £Nil (2023 - £3,834). These charges were for property used by the company.
Ireland & Ireland Property Limited
The company incurred rent charges totalling £144,000 (2023 - £10,150) from Ireland & Ireland Property Limited, a company that shares directors with Bigjigs Toys Limited. At the balance sheet date there was £Nil (2023 - £82,301) outstanding from Bigjigs Toys Limited to Ireland & Ireland Property Limited in respect to amounts advanced during the year. This advance is interest free and due back on demand. 
Transactions with directors
During the year, there were also transactions between the directors and Bigjigs Toys Limited. Within other creditors is an amount due to directors, at the balance sheet date, amounting to  £1,373,089 (2023 - £1,827,502). This is representative of interest free advances from the directors that are unsecured and repayable on demand. 
During the year the company received an unsecured interest only loan of £250,000 from a relative of Mrs E Ireland.  The amount owed at the balance sheet date was £250,000.



31.
Controlling party 

 Mrs E Ireland and Mr P Ireland, directors of the company, have control of the company as a result of holding 80% of the issued voting share capital of the company.



Page 37