ELIZABETH BRADLEY DESIGN (2006) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Company Registration Number: 05936979
ELIZABETH BRADLEY DESIGN (2006) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 12
ELIZABETH BRADLEY DESIGN (2006) LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
Nancy Young
Robert Young
SECRETARY
Edwina Evans
REGISTERED OFFICE
Unit E & F2 Llys-y-Dderwen
Ffordd Gelli Morgan
Parc Menai
Bangor
Wales
LL57 4BL
COMPANY REGISTRATION NUMBER
05936979 England and Wales
ELIZABETH BRADLEY DESIGN (2006) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 71,429 83,552
Tangible assets 6 143,397 161,416
214,826 244,968
CURRENT ASSETS
Stock 762,585 799,466
Debtors 7 65,343 46,887
Cash at bank and in hand 110,707 124,252
938,635 970,605
CREDITORS: Amounts falling due within one year 8 4,089,144 3,808,684
NET CURRENT LIABILITIES (3,150,509) (2,838,079)
NET LIABILITIES (2,935,683) (2,593,111)
CAPITAL AND RESERVES
Called up share capital 1 1
Share premium account 199,999 199,999
Distributable profit and loss account (3,135,683) (2,793,111)
SHAREHOLDER'S DEFICIT (2,935,683) (2,593,111)
ELIZABETH BRADLEY DESIGN (2006) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Robert Young Nancy Young
Director Director
Date approved by the board: 19 September 2025
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 GENERAL INFORMATION
Elizabeth Bradley Design (2006) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit E & F2 Llys-y-Dderwen
Ffordd Gelli Morgan
Parc Menai
Bangor
Wales
LL57 4BL
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its parent company £3,262,304 and the directors £721,982, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the parent company and the directors. The directors do not consider their own support nor the support of the parent company likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of needlework and embroidery kits, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 10 years.
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Leasehold improvements Straight line basis at 20% per annum
Plant and machinery Reducing balance basis at 25% and straight line basis at 33.3% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.
Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.
Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.
Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Research and development
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and recognised in accordance with the company's policy for intangible fixed assets.
Development costs have been capitalised because they relate to trade marks and image rights relating to the company.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determining the useful economic life of intangible assets.
4 EMPLOYEES
The average number of persons employed by the company (including the directors) during the year was:
2024 2023
Average number of employees 15 15
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5 INTANGIBLE FIXED ASSETS
Net goodwill Development costs Total
£ £ £
Cost
At 1 January 2024 128,819 15,415 144,234
At 31 December 2024 128,819 15,415 144,234
Accumulated amounts written off
At 1 January 2024 51,219 9,463 60,682
Charge for year 10,582 1,541 12,123
At 31 December 2024 61,801 11,004 72,805
Net book value
At 1 January 2024 77,600 5,952 83,552
At 31 December 2024 67,018 4,411 71,429
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6 TANGIBLE ASSETS
Leasehold improvements Plant and machinery Total
£ £ £
Cost
At 1 January 2024 21,776 528,232 550,008
Additions - 24,920 24,920
Disposals - (287) (287)
At 31 December 2024 21,776 552,865 574,641
Accumulated depreciation and impairments
At 1 January 2024 10,573 378,019 388,592
Charge for year 4,355 38,550 42,905
Disposals - (253) (253)
At 31 December 2024 14,928 416,316 431,244
Net book value
At 1 January 2024 11,203 150,213 161,416
At 31 December 2024 6,848 136,549 143,397
7 DEBTORS
2024 2023
£ £
Trade debtors 5,787 502
Prepayments and accrued income 46,858 34,924
Other debtors 12,698 11,461
65,343 46,887
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 35,144 32,365
Taxation and social security 24,455 25,313
Accruals and deferred income 39,934 34,167
Other creditors 3,989,611 3,716,839
4,089,144 3,808,684
9 CONTINGENCIES AND COMMITMENTS
Not provided
Deferred Taxation 2024 2023
£ £
Accelerated capital allowances 24,828 27,721
Balance carried forward 24,828 27,721
Not provided
Deferred Tax Assets 2024 2023
£ £
Losses 547,861 488,338
Balance carried forward 547,861 488,338
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 79,103 74,500
In more than one but less than five years 124,977 155,542
204,080 230,042
Amounts receivable under operating leases 2024 2023
£ £
In less than one year 7,746 -
In more than one but less than five years 14,847 -
22,593 -
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Elizabeth Bradley Designs Inc.
ELIZABETH BRADLEY DESIGN (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Parent Company
During the year, the following transactions with related parties took place:
Robert and Nancy Young
Directors 2024 2023
£ £
Advance from directors The directors have made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the directors the following amount: 714,000 714,000
Nancy Young
Director 2024 2023
£ £
Advance from director The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 7,982 7,982
11 ULTIMATE PARENT COMPANY
The largest group in which the results of the company are consolidated is that headed by Elizabeth Bradley Designs Inc., a company incorporated in the United States of America and registered at 160 Mine Lake Ct Ste 200, Raleigh, NC 27615-6417.
Elizabeth Bradley Design (2006) Limited 05936979 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts (tagged by user) July 2024 true true No description of principal activity 05936979 2023-01-01 2023-12-31 05936979 core:WithinOneYear 2023-12-31 05936979 core:ShareCapital 2023-12-31 05936979 core:SharePremium 2023-12-31 05936979 core:RetainedEarningsAccumulatedLosses 2023-12-31 05936979 core:CurrentFinancialInstruments 2023-12-31 05936979 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 05936979 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 05936979 core:WithinOneYear core:LandBuildingsUnderOperatingLeases 2023-12-31 05936979 core:BetweenOneFiveYears core:LandBuildingsUnderOperatingLeases 2023-12-31 05936979 core:KeyManagementIndividualGroup2 2023-12-31 05936979 core:KeyManagementIndividualGroup1 2023-12-31 05936979 2024-01-01 2024-12-31 05936979 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05936979 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 05936979 bus:Director1 2024-01-01 2024-12-31 05936979 bus:Director2 2024-01-01 2024-12-31 05936979 bus:CompanySecretary1 2024-01-01 2024-12-31 05936979 bus:RegisteredOffice 2024-01-01 2024-12-31 05936979 core:LeaseholdImprovements 2024-01-01 2024-12-31 05936979 core:PlantMachinery 2024-01-01 2024-12-31 05936979 core:NetGoodwill 2024-01-01 2024-12-31 05936979 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 05936979 core:UltimateParent 2024-01-01 2024-12-31 05936979 core:KeyManagementIndividualGroup2 2024-01-01 2024-12-31 05936979 core:KeyManagementIndividualGroup1 2024-01-01 2024-12-31 05936979 bus:FRS102 2024-01-01 2024-12-31 05936979 bus:FilletedAccounts 2024-01-01 2024-12-31 05936979 2024-12-31 05936979 core:WithinOneYear 2024-12-31 05936979 core:ShareCapital 2024-12-31 05936979 core:SharePremium 2024-12-31 05936979 core:RetainedEarningsAccumulatedLosses 2024-12-31 05936979 core:NetGoodwill 2024-12-31 05936979 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 05936979 core:LeaseholdImprovements 2024-12-31 05936979 core:PlantMachinery 2024-12-31 05936979 core:CurrentFinancialInstruments 2024-12-31 05936979 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 05936979 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 05936979 core:WithinOneYear core:LandBuildingsUnderOperatingLeases 2024-12-31 05936979 core:BetweenOneFiveYears core:LandBuildingsUnderOperatingLeases 2024-12-31 05936979 core:KeyManagementIndividualGroup2 2024-12-31 05936979 core:KeyManagementIndividualGroup1 2024-12-31 05936979 2023-12-31 05936979 core:NetGoodwill 2023-12-31 05936979 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05936979 core:LeaseholdImprovements 2023-12-31 05936979 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure