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FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
COMPANY INFORMATION
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CRAFT CLUBS BONDCO PLC
CONTENTS
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CRAFT CLUBS BONDCO PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors present their strategic report for the period from 1 February 2024 to 31 January 2025.
The directors consider the development and performance of the Company during the year ended 31 January 2025 to be positive.
The Company's key financial indicators during the period were as follows: 2025 2024 £ £ Turnover 517,933 559,992 Net profit after tax 114,030 152,024 Net assets 454,378 340,348
As a financing company the Company has exposure to one main risk being liquidity risk.
The objective of the Company in managing liquidity risk is to ensure that it can meets its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. The Company falls under the large regime for strategic report requirements, however due to the limited activity going through the Company, it is consdered immaterial to include these disclosures.
This report was approved by the board on 28 July 2025 and signed on its behalf.
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1
CRAFT CLUBS BONDCO PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
The profit for the year, after taxation, amounted to £114,030 (2024: £152,024).
The Directors have paid and declared dividends of £Nil (2023: £Nil) in the year.
The directors who served during the year were:
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance, these are addressed in the Strategic Report.Enter text here - user input
Investments in Gin Bond 1 are available for redemption annually since December 2023. As per the terms and conditions, redemption requests were required by June 2025 for the next redemption in December 2025. The total value of redemptions requested was £143,500.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CRAFT CLUBS BONDCO PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CRAFT CLUBS BONDCO PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC
We have audited the financial statements of Craft Clubs Bondco Plc (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 report. Our 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.
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CRAFT CLUBS BONDCO PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CRAFT CLUBS BONDCO PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including key management personnel, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential areas for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation, FRS 102. Audit response to risks identified We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:
∙Performing various substantive tests of detail related to the recognition of revenue;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
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CRAFT CLUBS BONDCO PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC (CONTINUED)
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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CRAFT CLUBS BONDCO PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
REGISTERED NUMBER:12245283
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 19 form part of these financial statements.
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CRAFT CLUBS BONDCO PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The Company is a public company limited by share capital, incorporated in England and Wales. The principal activity of the Company is that of a financing company for the Craft Clubs Limited group.
The address of its registered office and the principal place of business is Devonshire House, 60 Goswell Road, London, EC1M 7AD.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors assess whether the use of the going concern basis of preparation of the financial statements is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The Directors make this assessment in respect of a period of 12 months from the date of approval of the financial statements.
The Company is a 100% owned subsidiary of Craft Clubs Limited, and therefore the going concern position of the company is intrinsically linked to the Group headed by Craft Clubs Limited. During the year ended 31 January 2025 the Group headed by Craft Clubs Limited made a loss of £698,730 and as at 31 January 2025 has net current liabilities of £507,609 and net liabilities of £3,386,220. The Directors have prepared forecasts that show the Group and Company is able to realise its assets and settle its liabilities as they fall due in the normal course of business, within its available facilities, for a period of at least 12 months from the date of approval of these financial statements. In the event of any significant adverse events that may arise in the 12 months after approving these financial statements the Directors are of the opinion the Group and Company has sufficient options at its disposal to ensure it has sufficient working capital to settle its liabilities as they fall due in the normal course of business. Therefore, the Directors consider that the Group and Company remains a going concern and that there are no factors reasonably foreseen that are expected to materially impact that assessment, as such the financial statements have been prepared on a going concern basis.
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.ACCOUNTING POLICIES (CONTINUED)
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affect both current and future periods. The critical judgments made by management that have significant effect on the amounts recognised in the financial statements are described below.
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
8.TAXATION (CONTINUED)
There were no factors expected to materially affect future tax charges.
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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CRAFT CLUBS BONDCO PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Profit and loss account
The Company's immediate parent is Craft Clubs Limited, incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD. By virtue of the spread of shareholdings the directors are of the view that there is no single controlling party.
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