Company No: 00538579 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	F Beare
	P C Beare
	P R Beare

Secretary

F Beare

Registered office	9 Donnington Park
	85 Birdham Road
	Chichester
	PO20 7AJ
	United Kingdom

Company number

00538579 (England and Wales)

Chartered accountants	Kreston Reeves LLP
	Nile House
	Nile Street
	Brighton
	BN1 1HW
	East Sussex

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beare Violins Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 10 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Beare Violins Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Beare Violins Limited. You consider that Beare Violins Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Beare Violins Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Beare Violins Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Beare Violins Limited and state those matters that we have agreed to state to the Board of Directors of Beare Violins Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beare Violins Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

Nile House
Nile Street
Brighton
BN1 1HW
East Sussex

29 September 2025

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,739,130		1,761,528
		1,739,130		1,761,528
Current assets
Stocks	4	5,331,242		5,318,089
Debtors	5	596,667		271,666
Cash at bank and in hand	6	1,005,203		2,242,570
		6,933,112		7,832,325
Creditors: amounts falling due within one year	7	( 120,849)		( 209,569)
Net current assets		6,812,263		7,622,756
Total assets less current liabilities		8,551,393		9,384,284
Provision for liabilities		0		( 74,595)
Net assets		8,551,393		9,309,689
Capital and reserves
Called-up share capital	8	9,600		10,000
Capital redemption reserve		400		0
Profit and loss account		8,541,393		9,299,689
Total shareholders' funds		8,551,393		9,309,689

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Beare Violins Limited (registered number: 00538579) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

P R Beare Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Beare Violins Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Donnington Park, 85 Birdham Road, Chichester, PO20 7AJ, United Kingdom.

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.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets (including freehold property) other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	not depreciated
Computer equipment	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided on a Stradivarius violin included in Plant and machinery as required by FRS 102. It is the company's policy to maintain its violin to a high standard. In the opinion of the directors the asset maintains a residual value that is greater than book value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		8

3. Tangible assets

	Land and buildings		Plant and machinery		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	1,087,710		750,000		272,630		2,110,340
Additions	0		0		3,748		3,748
At 31 December 2024	1,087,710		750,000		276,378		2,114,088
Accumulated depreciation
At 01 January 2024	116,975		0		231,837		348,812
Charge for the financial year	21,754		0		4,392		26,146
At 31 December 2024	138,729		0		236,229		374,958
Net book value
At 31 December 2024	948,981		750,000		40,149		1,739,130
At 31 December 2023	970,735		750,000		40,793		1,761,528

Included in Plant and Machinery is a Stradivarius violin on which no depreciation is provided.

4. Stocks

	2024		2023
	£		£
Stocks	5,331,242		5,318,089

5. Debtors

	2024		2023
	£		£
Trade debtors	377		37,798
Deferred tax asset	353,072		0
Corporation tax	132,201		132,201
Other debtors	111,017		101,667
	596,667		271,666

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	1,005,203		2,242,570

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	69,583		110,469
Accruals	4,800		56,847
Other taxation and social security	43,432		40,833
Other creditors	3,034		1,420
	120,849		209,569

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
9,600 Ordinary shares of £ 1.00 each (2023: 10,000 shares of £ 1.00 each)	9,600		10,000

During the year ended 31 December 2024, the company repurchased 400 of its own ordinary shares at a total cost of £1,075 per share.

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,045 (2023: £47,173). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

10. Related party transactions

At the year end, one of the directors of the Company owed £Nil (2023: £58,340) in respect of a loan which was repayable on demand and interest charged at market rate.