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Registered number: 06763257
CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
REGISTERED NUMBER: 06763257
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
REGISTERED NUMBER: 06763257
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 14 form part of these financial statements.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
The principal activity of The Cambridge Satchel Company Limited ('the Company') is the manufacture and retail of leather goods and accessories under the The Cambridge Satchel Company brand.
The company is a private company limited by shares and is incorporated in England and Wales. The address of its Registered Office is 1a Avery Row, 1a Avery Row Mayfair, London, W1K 4AJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern status, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
On the basis of the working capital available over the next 12 months, the detailed cash forecasting and budgeting, together with the ongoing support of Directors and shareholders, the Directors are confident of the Company's ability to continue trading as a going concern for at least 12 months from the date of signing these financial statements.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Cash and cash equivalents
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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.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Classification of financial instruments issued by the company
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In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:
1) they include no contractual obligations upon the parent Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
2) where the instrument will or may be settled in the parent Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the parent Company's own equity instruments or is a derivative that will be settled by the companies exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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fair value through the Consolidated Statement of Comprehensive Income. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in the Consolidated Statement of Comprehensive Income. Other investments are measured at cost less impairment in the Consolidated Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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The average monthly number of employees, including directors, during the 12 month period was 71 (2023 - 77).
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Charge for the 12 month period on owned assets
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
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Long-term leasehold property
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Computer equipment and software
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Charge for the 12 month period on owned assets
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Investments in subsidiary companies
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
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The following was a subsidiary undertaking of the Company:
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British Cambridge Bag Limited
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Sale of leather goods and accessories under the The Cambridge Satchel Company brand
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the 12 month period ended on that date for the subsidiary undertaking was as follows:
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British Cambridge Bag Limited
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Due after more than one year
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Prepayments and accrued income
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
8.Debtors (continued)
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Provision for Distance VAT
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Charged to profit or loss
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Arising on business combinations
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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50,832,597 (2023 - 50,832,600) Ordinary shares of £0.0001 each
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The Company operates defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the Company in independently administered funds. The unpaid contributions at the year end, included in other creditors are £10,450 (2023: £10,878).
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Related party transactions
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The company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with other wholly owned group undertakings.
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The ultimate controlling party of the Company at the reporting date is Chargetex 39 S.A.R.L, a company incorporated in France.
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CAMBRIDGE SATCHEL LTD (THE CAMBRIDGE SATCHEL COMPANY LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the 12 month period ended 31 December 2024 was unqualified.
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The qualification in the audit report was as follows:
Disclaimer of Opinion
We were engaged to audit the financial statements of Cambridge Satchel Limited (the 'Company') for the period ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 do not express an opinion on the accompanying financial statements of the Company. Because of the significance of the matters described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
This entity has no requirement to produce consolidated accounts and intends to present only its standalone results and position. However, the information the entity has prepared presents results combined with a separate entity in the group. This issue arose at the stage of data entry of the financial records of the entity and the directors did not consider it possible to undertake an exercise to accurately separate the financial data between the relevant entities and to thereby prepare the information required for the standalone company intended for these financial statements. As a result, it was not possible to confirm or verify through alternative means what the financial results for Cambridge Satchel Limited were on a single entity basis. As this matter directly impacts every aspect of the financial statements, it has a pervasive impact on the financial statements, and we were unable to obtain sufficient audit evidence to provide a basis for an audit opinion.
Arising from the limitation of work referred to above:
the auditor has not obtained all the information and explanations considered necessary for the purpose of the audit; and
the auditor was unable to determine whether adequate accounting records have been kept.
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The audit report was signed on 23 December 2025 by Myfanwy Beynon-Pollitt FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
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