BUBBLEBUM HOLDINGS LTD 31/12/2024 iXBRL

Company registration number: NI614005

BUBBLEBUM HOLDINGS LTD

Trading as BUBBLEBUM HOLDINGS LIMITED

Unaudited filleted financial statements

31 December 2024

EF McCambridge & Co

Chartered Accountants, Chartered Tax Advisors

&

Registered Auditors

6 Bayview Terrace

Derry

BT48 EE

BUBBLEBUM HOLDINGS LTD

Contents

Balance sheet

Notes to the financial statements

BUBBLEBUM HOLDINGS LTD

Balance sheet

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Investments	5	136,863		136,863
		_______		_______
			136,863		136,863

Current assets
Debtors	6	513,372		525,439
		_______		_______
		513,372		525,439
Net current assets			513,372		525,439
			_______		_______
Total assets less current liabilities			650,235		662,302

Creditors: amounts falling due
after more than one year	7		( 165,653)		( 164,556)
			_______		_______
Net assets			484,582		497,746
			_______		_______

Capital and reserves
Called up share capital			10,666		10,666
Share premium account			626,199		626,199
Profit and loss account			( 152,283)		( 139,119)
			_______		_______
Shareholders funds			484,582		497,746
			_______		_______

For the 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 year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the Profit & Loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

MR DOMHNAIL O'NEILL MS GRAINNE KELLY

Director Director

Company registration number: NI614005

BUBBLEBUM HOLDINGS LTD

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in NORTHERN IRELAND. The address of the registered office is BUBBLEBUM HOLDINGS LTD, UNIT C2 COMMUNITY BUILDING, NORTHSIDE VILLAGE CENTRE, GLENGALLIAGH ROAD, DERRY, BT48 8NN.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2023: Nil).

5. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	136,863	136,863
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	136,863	136,863
	_______	_______
At 31 December 2023	136,863	136,863
	_______	_______

6. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	513,372	525,439
	_______	_______

The amount due from group undertakings above is owed by Bubblebum (UK) Limited, a 100% subsidiary. The debt is repayable upon demand however the company does not intend to request repayment of this debt during the period of 12 months from the balance sheet date

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	165,653	164,556
	_______	_______

The loan notes were secured by the company by way of debentures over the company's rights, undertakings, property and assets in favour of the loan notes. The secured loan notes issued attracted a fixed interest rate of 8%

8. Related party transactions

Mrs G Kelly and Mr F Kelly are directors in Bubblebum Holdings Limited and also directors of all subsidiary companies as listed below: (a) Bubblebum (UK) Limited (b) Bubblebum US LLC (c) Emagination Limited. Bubblebum (UK) Limited During the period 31 December 2024, Bubblebum (UK) Ltd made loan repayments in the sum of £12,067 on behalf of Bubblebum Holdings Ltd. The accountancy fee payable by the UK group companies is paid by Bubblebum (UK) Limited on behalf of Bubblebum Holdings Limited and Emagination Ltd. The amount owed by Bubblebum (UK) Ltd at the year end date was £513,372. This is disclosed in the debtors note in the accounts. No interest is to be charged on the amount due from the subsidiary. The loan balance is repayable on demand, although the directors have confirmed no intention to recall these loans in the foreseeable future.Bubblebum US LLC During the period 31 December 2024, there were no transactions between the holding company and Bubblebum US LLC. Emagination Ltd During the period 31 December 2024, there were no transactions between the holding company and Emagination Limited. Directors In July 2015, a number of the existing investors and shareholders of the company, including the director Mr D O'Neill, subscribed to new loan notes. These funds were utilised to issue loans to Bubblebum (UK) Limited to support the working capital requirements of that trading subsidiary. The secured loan notes issued attracted a fixed interest rate and on 1 January 2019 they were re-financed. At that date all accrued interest was added to the loan amount and interest of 8% was then charged on the total amount being the original loan notes and accrued interest. As at 31 December 2023 the balance owed on the loan notes and accrued interest is £165,653, as disclosed in the note 7 to the accounts.

9. Controlling party

The company is controlled by its directors and by its ordinary shareholders in line with the terms of the shareholders agreement.

10. Group Accounts and subsidiaries

The company is exempt from the requirement to prepare group accounts on the basis that the group is small within the Companies Act 2006. These financial statements refer only to the parent undertaking (Bubblebum Holdings Ltd).

11. Particulars of subsidiaries

On 21 September 2012, the company acquired 100% of the issues ordinary shares of the following subsidiaries:

(a) Bubblebum (UK) Ltd

(b) Bubblebum US LLC (incorporated in United States)

(c) Emagination Ltd

The financial statements of the subsidiaries for the year ended 31 December 2024 include the following:

Net assets / (liabilities) at 31 Dec 2024 Profit or (loss) for year

£ £

Bubblebum (UK) Ltd 37,408 13,807

Bubblebum US LLC ** see note ** (373,484) (39,162)

Emagination Ltd 80,094 (51,871)

** Note**

Profit / (Loss) for the year converted at average rate: £1 = $1.2786

Net liabilities converted at closing rate: £1 = $1.2662

12. Going Concern

At the year-end date, the company is indebted to loan creditors in the sum of £165,653 in respect of loan notes issued in July 2015, and re-financed in January 2019. Interest is accruing on the loan notes at an interest rate of 8%. The loan note creditors are continuing to support the company and there is no intention to recall the debt within the next 12 months. Based on the ongoing support of the loan creditors, the company will continue to operate for the foreseeable future and the financial statements are prepared on a going concern basis.