Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-310falseNo description of principal activity2024-02-01false0falsefalse 12245283 2024-02-01 2025-01-31 12245283 2023-02-01 2024-01-31 12245283 2025-01-31 12245283 2024-01-31 12245283 2023-02-01 12245283 1 2024-02-01 2025-01-31 12245283 1 2023-02-01 2024-01-31 12245283 4 2024-02-01 2025-01-31 12245283 4 2023-02-01 2024-01-31 12245283 1 2024-02-01 2025-01-31 12245283 e:CompanySecretary1 2024-02-01 2025-01-31 12245283 e:Director1 2024-02-01 2025-01-31 12245283 e:Director2 2024-02-01 2025-01-31 12245283 e:RegisteredOffice 2024-02-01 2025-01-31 12245283 d:CurrentFinancialInstruments 2025-01-31 12245283 d:CurrentFinancialInstruments 2024-01-31 12245283 d:Non-currentFinancialInstruments 2025-01-31 12245283 d:Non-currentFinancialInstruments 2024-01-31 12245283 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 12245283 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 12245283 d:Non-currentFinancialInstruments d:AfterOneYear 2025-01-31 12245283 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 12245283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-01-31 12245283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 12245283 d:ReportableOperatingSegment1 2024-02-01 2025-01-31 12245283 d:ReportableOperatingSegment1 2023-02-01 2024-01-31 12245283 d:UKTax 2024-02-01 2025-01-31 12245283 d:UKTax 2023-02-01 2024-01-31 12245283 d:ShareCapital 2025-01-31 12245283 d:ShareCapital 2024-01-31 12245283 d:ShareCapital 2023-02-01 12245283 d:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 12245283 d:RetainedEarningsAccumulatedLosses 2025-01-31 12245283 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 12245283 d:RetainedEarningsAccumulatedLosses 2024-01-31 12245283 d:RetainedEarningsAccumulatedLosses 2023-02-01 12245283 e:OrdinaryShareClass1 2024-02-01 2025-01-31 12245283 e:OrdinaryShareClass1 2025-01-31 12245283 e:OrdinaryShareClass1 2024-01-31 12245283 e:FRS102 2024-02-01 2025-01-31 12245283 e:Audited 2024-02-01 2025-01-31 12245283 e:FullAccounts 2024-02-01 2025-01-31 12245283 e:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2024-02-01 2025-01-31 12245283 f:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12245283
















CRAFT CLUBS BONDCO PLC




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

































img2e94.png


CRAFT CLUBS BONDCO PLC

 
COMPANY INFORMATION


DIRECTORS
J D Hulme 
G Michel 




COMPANY SECRETARY
J D Hulme



REGISTERED NUMBER
12245283



REGISTERED OFFICE
Devonshire House
60 Goswell Road

London

England

EC1M 7AD




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






CRAFT CLUBS BONDCO PLC


CONTENTS



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19



CRAFT CLUBS BONDCO PLC

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

INTRODUCTION
 
The directors present their strategic report for the period from 1 February 2024 to 31 January 2025.

BUSINESS REVIEW
 
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

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.



J D Hulme
Director

Page 1

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.

RESULTS AND DIVIDENDS

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.

DIRECTORS

The directors who served during the year were:

J D Hulme 
G Michel 

MATTERS COVERED IN THE STRATEGIC REPORT

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

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

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.

AUDITORS

The auditorsBishop Fleming LLPwill 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.
 






J D Hulme
Director

Date: 28 July 2025

Devonshire House
60 Goswell Road
London
England
EC1M 7AD

Page 2


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 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3


CRAFT CLUBS BONDCO PLC

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC
OPINION


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the annual report 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.


Page 4


CRAFT CLUBS BONDCO PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5


CRAFT CLUBS BONDCO PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT CLUBS BONDCO PLC (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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  
Page 6


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.


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.






Matthew Haskell ACA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

29 July 2025
Page 7


CRAFT CLUBS BONDCO PLC

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£
£

  

Turnover
 4 
517,933
559,992

Gross profit
  
517,933
559,992

Administrative expenses
  
(7,500)
(7,193)

Operating profit
  
510,433
552,799

Interest payable and similar expenses
 7 
(396,403)
(408,268)

Profit before tax
  
114,030
144,531

Tax on profit
 8 
-
7,493

Profit for the financial year
  
114,030
152,024

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 19 form part of these financial statements.

Page 8


CRAFT CLUBS BONDCO PLC
REGISTERED NUMBER:12245283

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 9 
4,655,162
4,641,319

Cash at bank and in hand
 10 
19,974
19,974

  
4,675,136
4,661,293

Creditors: amounts falling due within one year
 11 
(1,101,924)
(1,311,604)

Net current assets
  
 
 
3,573,212
 
 
3,349,689

Total assets less current liabilities
  
3,573,212
3,349,689

Creditors: amounts falling due after more than one year
 12 
(3,118,834)
(3,009,341)

  

Net assets
  
454,378
340,348


Capital and reserves
  

Called up share capital 
 14 
50,000
50,000

Profit and loss account
 15 
404,378
290,348

  
454,378
340,348


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





J D Hulme
Director

Date: 28 July 2025

The notes on pages 12 to 19 form part of these financial statements.

Page 9


CRAFT CLUBS BONDCO PLC


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2023
50,000
138,324
188,324


Comprehensive income for the year

Profit for the year
-
152,024
152,024



At 1 February 2024
50,000
290,348
340,348


Comprehensive income for the year

Profit for the year
-
114,030
114,030


At 31 January 2025
50,000
404,378
454,378


The notes on pages 12 to 19 form part of these financial statements.

Page 10


CRAFT CLUBS BONDCO PLC


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
114,030
152,024

Adjustments for:

Interest charge
396,403
408,268

Decrease in debtors
-
173,174

(Increase)/decrease in amounts owed by groups
(13,843)
-

Increase in creditors
6,442
8,258

Net cash generated from operating activities

503,032
741,724



Cash flows from financing activities

Repayment of other loans
(106,629)
(325,963)

Interest paid
(396,403)
(408,268)

Net cash used in financing activities
(503,032)
(734,231)

Net increase in cash and cash equivalents
-
7,493

Cash and cash equivalents at beginning of year
19,974
12,481

Cash and cash equivalents at the end of year
19,974
19,974


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
19,974
19,974

19,974
19,974


Page 11


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

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. 


Page 12


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

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 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:

Revenue comprises interest receivable from the intercompany loan and is recognised when earned using an effective interest method.

 
2.4

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.

 
2.5

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.

 
2.6

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 Company's cash management.

 
2.7

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.

Page 13


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.
 
Recoverability of intercompany debt

The Company determines whether there are indicators of impairment of the intercompany debt. Factors taken into consideration in reaching such decision include the expected future financial performance of Craft Clubs Limited, the parent.



4.


TURNOVER

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


2025
2024
£
£

Interest received
517,933
559,992

517,933
559,992


All turnover arose within the United Kingdom.


5.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2025
2024
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
6,400
6,106

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

Taxation compliance services
1,100
1,000

Page 14


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

6.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration (2024: £NIL).


7.


INTEREST PAYABLE AND SIMILAR EXPENSES

2025
2024
£
£


Other interest payable
396,403
408,268

396,403
408,268


8.


TAXATION


2025
2024
£
£

CORPORATION TAX


Adjustments in respect of previous periods
-
(7,493)


-
(7,493)


TOTAL CURRENT TAX
-
(7,493)

DEFERRED TAX

TOTAL DEFERRED TAX
-
-


-
(7,493)
Page 15


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
8.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2024: the same as) the standard rate of corporation tax in the UK of 24.03% (2024: 24.03%) as set out below:

2025
2024
£
£


Profit on ordinary activities before tax
114,030
144,531


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2024: 24.03%)
27,401
34,731

EFFECTS OF:


Adjustments to tax charge in respect of prior periods
-
(7,493)

Group relief
(27,401)
(34,731)

TOTAL TAX CHARGE FOR THE YEAR
-
(7,493)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors expected to materially affect future tax charges.

Page 16


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


DEBTORS

2025
2024
£
£


Amounts owed by group undertakings
4,655,162
4,641,319

4,655,162
4,641,319


Amounts owed by group undertakings are unsecured and repayable 10 business days prior to the date in which the bonds (see note 13 below) are required to be repaid under the terms of the Bond Instrument. Interest is payable on the debt at a rate of 12% per annum.


10.


CASH AND CASH EQUIVALENTS

2025
2024
£
£

Cash at bank and in hand
19,974
19,974

19,974
19,974



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
2024
£
£

Other loans
989,878
1,206,000

Other creditors
20,485
16,154

Accruals and deferred income
91,561
89,450

1,101,924
1,311,604



12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025
2024
£
£

Other loans
3,118,834
3,009,341

3,118,834
3,009,341


Page 17


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

13.


LOANS


Analysis of the maturity of loans is given below:


2025
2024
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
989,878
1,206,000


989,878
1,206,000


AMOUNTS FALLING DUE 2-5 YEARS

Other loans
3,118,834
3,009,341


3,118,834
3,009,341


4,108,712
4,215,341


Other loans due within one year comprise the first Gin Bond (Gin Bond 1) that was issued in 2019. The bonds are repayable at the holder's request after an initial term of 4 years or repayable at the Company's discretion at any time. The first redemption occurred in December 2023 where £368,167 was redeemed, a further £146,667 was then redemed during December 2024.
The next redemption date is December 2025 and after the balance sheet date, £143,500 was requested for redemption in December 2025. The redemption window closes six months prior to the annual redemption date.
Other loans due after one year comprise the second Gin Bond (Gin Bond 2) that was issued in August 2022. The bonds are repayable at the holder's request after an initial term of 4 years or repayable at the Company's discretion at any time. Repayment of the bonds is due from August 2026.
Interest on both bonds is charged at 8% payable in cash to each subscriber twice yearly, or 13.5% in Gin Box bonds.


14.


SHARE CAPITAL

2025
2024
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,250,000 (2024: 1,250,000) Ordinary shares of £0.01 each
12,500
12,500

ALLOTTED, CALLED UP AND PARTLY PAID



3,750,000 (2024: 3,750,000) Ordinary shares of £0.01 each
37,500
37,500


Page 18


CRAFT CLUBS BONDCO PLC

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

15.


RESERVES

Profit and loss account

Represents accumulated profit and loss reserves to date less any dividends paid.

16.


ANALYSIS OF NET DEBT





At 1 February 2024
Cash flows
Other non-cash changes
At 31 January 2025
£

£

£

£

Cash at bank and in hand

19,974

-

-

19,974

Debt due after 1 year

(3,009,341)

-

(109,493)

(3,118,834)

Debt due within 1 year

(1,206,000)

106,629

109,493

(989,878)



(4,195,367)
106,629
-
(4,088,738)


17.


RELATED PARTY TRANSACTIONS

The company has taken avantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.
The Directors and key management personnel work across the group and are remunerated through the parent company. Total compensation paid to key management personnel for the year was £852,088 (2024: £834,021).


18.


POST BALANCE SHEET EVENTS

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 2024 for the next redemption in December 2025. The total value of redemptions requested was £143,500.


19.


CONTROLLING PARTY

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.

 
Page 19