Teddy Bears Of Witney Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03809042 (England and Wales)

TEDDY BEARS OF WITNEY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

I A Pout

SECRETARY:

Mrs J I Parr

REGISTERED OFFICE:

99 High Street

Witney

Oxfordshire

OX28 6HY

REGISTERED NUMBER:

03809042 (England and Wales)

ACCOUNTANTS:

Mercer Lewin Ltd

Chartered Accountants

6-7 Citibase

New Barclay House

234 Botley Road

Oxford

OX2 0HP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

183,710

230,786

183,710

230,786

CURRENT ASSETS

Stocks

141,263

269,473

Debtors

6

8,331

2,054

Cash at bank and in hand

59,561

18,007

209,155

289,534

CREDITORS

Amounts falling due within one year

7

41,756

42,130

NET CURRENT ASSETS

167,399

247,404

TOTAL ASSETS LESS CURRENT LIABILITIES

351,109

478,190

PROVISIONS FOR LIABILITIES

238

136

NET ASSETS

350,871

478,054

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

350,671

477,854

350,871

478,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 May 2024 and were signed by:

I A Pout - Director

1.	STATUTORY INFORMATION

Teddy Bears Of Witney Limited 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

OLD BEARS AND MEMORABILIA

Old bears and memorabilia are held for display and publicity purposes. No depreciation is charged as, in the opinion of the director, the residual value of these assets is not significantly less than their cost, and any depreciation would not therefore be material.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.

TURNOVER

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

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business has been amortised evenly over its estimated useful life.

INTANGIBLE ASSETS

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.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Computer equipment

-

33% on cost

STOCKS

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

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2023

and 31 January 2024

95,000

AMORTISATION

At 1 February 2023

and 31 January 2024

95,000

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Old bears

Computer

machinery

& memorabilia

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 February 2023

29,995

229,429

14,181

273,605

Revaluations

-

(46,669

)

-

(46,669

)

At 31 January 2024

29,995

182,760

14,181

226,936

DEPRECIATION

At 1 February 2023

28,650

-

14,169

42,819

Charge for year

407

-

-

407

At 31 January 2024

29,057

-

14,169

43,226

NET BOOK VALUE

At 31 January 2024

938

182,760

12

183,710

At 31 January 2023

1,345

229,429

12

230,786

Cost or valuation at 31 January 2024 is represented by:

Plant and

Old bears

Computer

machinery

& memorabilia

equipment

Totals

£

£

£

£

Valuation in 2023

-

(54,000

)

-

(54,000

)

Valuation in 2024

-

(46,669

)

-

(46,669

)

Cost

29,995

283,429

14,181

327,605

29,995

182,760

14,181

226,936

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

8,331

2,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

6,205

Trade creditors

14,202

14,241

Taxation and social security

15,294

19,027

Other creditors

12,260

2,657

41,756

42,130

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Teddy Bears Of Witney Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Teddy Bears Of Witney Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Teddy Bears Of Witney Limited and state those matters that we have agreed to state to the director of Teddy Bears Of Witney Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teddy Bears Of Witney Limited and its director for our work or for this report.

It is your duty to ensure that Teddy Bears Of Witney 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 Teddy Bears Of Witney Limited. You consider that Teddy Bears Of Witney Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Teddy Bears Of Witney 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.

Mercer Lewin Ltd

Chartered Accountants

6-7 Citibase

New Barclay House

234 Botley Road

Oxford

OX2 0HP

10 May 2024