Build your Bears Wardrobe Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08873594 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Build your Bears Wardrobe Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J V Russell

REGISTERED OFFICE:

Airport House

Suite 43-45

Purley Way

Croydon

Surrey

CR0 0XZ

REGISTERED NUMBER:

08873594 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Intangible assets

4

6,616

13,061

Tangible assets

5

850

1,134

7,466

14,195

CURRENT ASSETS

Stocks

30,000

50,000

Debtors

6

335

291

Cash at bank

13,900

15,164

44,235

65,455

CREDITORS

Amounts falling due within one year

7

(86,927

)

(83,986

)

NET CURRENT LIABILITIES

(42,692

)

(18,531

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,226

)

(4,336

)

CREDITORS

Amounts falling due after more than one year

8

(203,686

)

(205,383

)

PROVISIONS FOR LIABILITIES

(162

)

(216

)

NET LIABILITIES

(239,074

)

(209,935

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

(239,174

)

(210,035

)

(239,074

)

(209,935

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2023 and were signed by:

J V Russell - Director

1.	STATUTORY INFORMATION

Build your Bears Wardrobe Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company is that of the online supply of teddy bear clothes and accessories.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE FIXED ASSETS - GOODWILL

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% on reducing balance

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.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

FINANCIAL INSTRUMENTS

Financial instruments The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

GOING CONCERN

The accounts are prepared on the basis that the director of the company has agreed that they will not withdraw funds until the company has the available profits and cash flow and continue to support the company for the foreseeable future.

At the balance sheet date, liabilities exceed assets by £239,074 (2022 - £209,935). However the financial statements have been prepared on a going concern basis as the company has the continuing support from its director and majority shareholder, Jane Vivien Russell. The director is therefore satisfied that the financial statements have been correctly prepared on the going concern basis.

PROVISION FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

PENSION

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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

64,455

170

64,625

AMORTISATION

At 1 April 2022

51,564

-

51,564

Amortisation for year

6,445

-

6,445

At 31 March 2023

58,009

-

58,009

NET BOOK VALUE

At 31 March 2023

6,446

170

6,616

At 31 March 2022

12,891

170

13,061

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

and 31 March 2023

6,710

DEPRECIATION

At 1 April 2022

5,576

Charge for year

284

At 31 March 2023

5,860

NET BOOK VALUE

At 31 March 2023

850

At 31 March 2022

1,134

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

311

291

Other debtors

24

-

335

291

The director considers the carrying value of trade and other receivables approximate to their fair values.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

1,700

1,700

Taxation and social security

1,919

2,256

Other creditors

83,308

80,030

86,927

83,986

The director considers the carrying amounts of current liabilities approximate to their fair values.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

3,686

5,383

Other creditors

200,000

200,000

203,686

205,383

The director considers the carrying amounts of long term liabilities approximate to their fair values.

9.

RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date included in other creditors were the following amounts due to J V Russell :-

Current liabilities - £80,633 (2022 - £72,794)

Long term liabilities - £200,000 (2022 - £200,000)