REGISTERED NUMBER: 07882820 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2022 |
for |
Mansion House Bedding Group Limited |
REGISTERED NUMBER: 07882820 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2022 |
for |
Mansion House Bedding Group Limited |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Mansion House Bedding Group Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Number Sixty One |
Alexandra Road |
Lowestoft |
Suffolk |
NR32 1PL |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Group Strategic Report |
for the Year Ended 31 March 2022 |
The directors present their strategic report of the company and the group for the year ended 31 March 2022. |
REVIEW OF BUSINESS |
The principal activity of the group remains the sale of beds and mattresses, along with associated products to the contract, domestic and bespoke markets primarily within the United Kingdom as well as internationally. |
The COVID-19 pandemic remained an ongoing presence. Measures such as social distancing, erection of hand sanitisers, and COVID tests were maintained for all employees. Any employee who either tested positive or came in contact with anyone who has tested positive for COVID-19 were made to self-isolate following the Government guidelines at the time. |
Turnover increased substantially from the previous financial year across all sectors, as the group and the country as a whole began to emerge from the COVID-19 pandemic, and the group closes the year with a strong order book. Gross profit percentage remained strong. Due to the reduction in overheads instigated in the previous financial year, net profit percentage was maintained. |
The group continued to look at overheads as a whole and lots of other savings took place either by cancelling/ negotiating current contracts, and stripping out unnecessary expense. A full review of the financial processes of the group was made in the final quarter of the financial year, and further process changes to improve efficiency and profitability are planned for the next financial year. |
The group continues to invest heavily into new automated machinery and is continuing to look at ways to bring in new machinery to help reduce costs and maximise productivity. Investment was also made on the factory property, by the removal of the old roof and replacement with a more thermally efficient roof. This new roof will reduce the group's heating overheads and also provides the factory with more natural light. |
The group has experienced extremely high price increases in its raw materials with the biggest ones coming from timber, pocket paper, wire, cardboard and foam. Price increases have been put in place with customers to dampen the effect on our margins. These increases on raw materials are expected to continue into the new financial year alongside extra expense on gas and electricity. This is an area that the group is monitoring closely. |
Monthly management accounts are produced for the directors which after reviewing we are able to provide immediate resolutions on trends in operations, logistics and resources. |
PRINCIPAL RISKS AND UNCERTAINTIES |
All risks are monitored on an on-going basis by the directors and improvements/ strategies are implemented as required to mitigate against such risks occurring and minimising their impact. The principle risks and uncertainties are set out below: |
Credit Risk |
The group has been able to minimise the risk of credit issues by insuring all of its debtors along with having strict credit terms with its customers which have been adhered to. |
The businesses credit control department procedures are monitored regularly as the business developed both in the domestic and international markets and this can be seen as bad debts have remained low for yet another consecutive year despite another good year's turnover. |
Cashflow Risk |
The group operates a detailed cash flow forecast and is currently working on growing different sales avenues and areas to keep the cash being generated quickly enabling the business to keep on top of its outgoings and meet future projects, demands and ambitions. |
Price Risk |
The group is continually working and communicating hard with all its suppliers to reduce the amount of price increases to reduce the effect on the businesses margins as well as minimising any potential price increases for its customers. |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Group Strategic Report |
for the Year Ended 31 March 2022 |
KEY PERFORMANCE INDICATORS |
The groups board of directors use a variety of measures to analyse the performance of the business including gross & net profit margins, current ratios, analysis against prior year accounts and labour cost percentages. |
ENVIRONMENT & HEALTH AND SAFETY |
The group is committed to supporting the environment and co-operates fully with relevant authorities to ensure that legal obligations are met. The company recycles the majority of its raw materials used in production via a third party and also employs a third party to make sure that we are up-to-date with all the health and safety regulations regarding the businesses workplace and employees.A new fire prevention system has been fitted throughout the factory and the office, alongside a new security system. |
ON BEHALF OF THE BOARD: |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Report of the Directors |
for the Year Ended 31 March 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Cunninghams Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Mansion House Bedding Group Limited |
Opinion |
We have audited the financial statements of Mansion House Bedding Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Mansion House Bedding Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management around actual and potential litigation and claims; |
- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Mansion House Bedding Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Number Sixty One |
Alexandra Road |
Lowestoft |
Suffolk |
NR32 1PL |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
TURNOVER | 8,059,864 | 5,234,929 |
Cost of sales | 4,314,340 | 2,965,423 |
GROSS PROFIT | 3,745,524 | 2,269,506 |
Distribution costs | 404,771 | 208,734 |
Administrative expenses | 2,857,371 | 2,269,269 |
3,262,142 | 2,478,003 |
483,382 | (208,497 | ) |
Other operating income | 59,498 | 531,166 |
OPERATING PROFIT | 4 | 542,880 | 322,669 |
Interest payable and similar expenses | 5 | 4,190 | 6,153 |
PROFIT BEFORE TAXATION | 538,690 | 316,516 |
Tax on profit | 6 | 101,298 | 97,556 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
437,392 |
218,960 |
Profit attributable to: |
Owners of the parent | 437,392 | 218,960 |
Total comprehensive income attributable to: |
Owners of the parent | 437,392 | 218,960 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Consolidated Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 1,666,481 | 1,805,354 |
Tangible assets | 9 | 2,201,785 | 1,995,825 |
Investments | 10 | - | - |
3,868,266 | 3,801,179 |
CURRENT ASSETS |
Stocks | 11 | 818,050 | 736,958 |
Debtors | 12 | 1,231,771 | 860,805 |
Cash at bank and in hand | 1,107,191 | 1,132,863 |
3,157,012 | 2,730,626 |
CREDITORS |
Amounts falling due within one year | 13 | 1,849,502 | 1,783,129 |
NET CURRENT ASSETS | 1,307,510 | 947,497 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,175,776 |
4,748,676 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(46,238 |
) |
(73,093 |
) |
PROVISIONS FOR LIABILITIES | 18 | (105,397 | ) | (88,834 | ) |
NET ASSETS | 5,024,141 | 4,586,749 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 1,000 | 1,000 |
Share premium | 20 | 1,479,000 | 1,479,000 |
Retained earnings | 20 | 3,544,141 | 3,106,749 |
SHAREHOLDERS' FUNDS | 5,024,141 | 4,586,749 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by: |
Mr S D Eccles - Director |
Mr C Payne - Director |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Company Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 11,701 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2020 | 1,000 | 2,887,789 | 1,479,000 | 4,367,789 |
Changes in equity |
Total comprehensive income | - | 218,960 | - | 218,960 |
Balance at 31 March 2021 | 1,000 | 3,106,749 | 1,479,000 | 4,586,749 |
Changes in equity |
Total comprehensive income | - | 437,392 | - | 437,392 |
Balance at 31 March 2022 | 1,000 | 3,544,141 | 1,479,000 | 5,024,141 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2020 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2021 |
Changes in equity |
Balance at 31 March 2022 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 530,145 | 555,179 |
Interest paid | (355 | ) | (938 | ) |
Interest element of hire purchase payments paid |
(3,836 |
) |
(5,215 |
) |
Tax paid | (122,408 | ) | (60,482 | ) |
Net cash from operating activities | 403,546 | 488,544 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (442,521 | ) | (12,924 | ) |
Sale of tangible fixed assets | 46,600 | 15,799 |
Net cash from investing activities | (395,921 | ) | 2,875 |
Cash flows from financing activities |
Bounce back loan obtained | - | 50,000 |
Loan repayments in year | (50,000 | ) | - |
New hire purchase in year | 92,485 | - |
Capital repayments in year | (75,782 | ) | (60,038 | ) |
Net cash from financing activities | (33,297 | ) | (10,038 | ) |
(Decrease)/increase in cash and cash equivalents | (25,672 | ) | 481,381 |
Cash and cash equivalents at beginning of year |
2 |
1,132,863 |
651,482 |
Cash and cash equivalents at end of year | 2 | 1,107,191 | 1,132,863 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.22 | 31.3.21 |
£ | £ |
Profit before taxation | 538,690 | 316,516 |
Depreciation charges | 368,735 | 370,748 |
Profit on disposal of fixed assets | (39,900 | ) | (11,923 | ) |
Finance costs | 4,190 | 6,153 |
871,715 | 681,494 |
Increase in stocks | (81,092 | ) | (21,083 | ) |
(Increase)/decrease in trade and other debtors | (370,966 | ) | 345,329 |
Increase/(decrease) in trade and other creditors | 110,488 | (450,561 | ) |
Cash generated from operations | 530,145 | 555,179 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,107,191 | 1,132,863 |
Year ended 31 March 2021 |
31.3.21 | 1.4.20 |
£ | £ |
Cash and cash equivalents | 1,132,863 | 651,482 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.21 | Cash flow | At 31.3.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,132,863 | (25,672 | ) | 1,107,191 |
1,132,863 | (25,672 | ) | 1,107,191 |
Debt |
Finance leases | (90,975 | ) | (16,703 | ) | (107,678 | ) |
Debts falling due within 1 year | (7,500 | ) | 7,500 | - |
Debts falling due after 1 year | (42,500 | ) | 42,500 | - |
(140,975 | ) | 33,297 | (107,678 | ) |
Total | 991,888 | 7,625 | 999,513 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Mansion House Bedding Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Group goodwill is amortised over its estimated useful life of 20 years. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when the goods are delivered to the customer. |
GOODWILL |
TANGIBLE FIXED ASSETS |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
STOCKS |
Stocks are stated at the lower of cost and net realisable value. The cost of finished goods and work in progress includes direct labour and an attributable proportion of appropriate production overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
INVOICE DISCOUNTING |
Where debts are invoice discounted the separate presentation treatment has been adopted. In accordance with this treatment the gross amount of the debts is included within trade debtors with the advances received from invoice discounting being shown as a liability. |
3. | EMPLOYEES AND DIRECTORS |
31.3.22 | 31.3.21 |
£ | £ |
Wages and salaries | 2,621,796 | 2,075,625 |
Social security costs | 278,993 | 205,863 |
Other pension costs | 142,463 | 64,689 |
3,043,252 | 2,346,177 |
The average number of employees during the year was as follows: |
31.3.22 | 31.3.21 |
Administration | 11 | 11 |
Sales | 9 | 9 |
Manufacture | 66 | 73 |
31.3.22 | 31.3.21 |
£ | £ |
Directors' remuneration | 574,110 | 260,244 |
Directors' pension contributions to money purchase schemes | 70,740 | 18,520 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 3 |
Information regarding the highest paid director is as follows: |
31.3.22 | 31.3.21 |
£ | £ |
Emoluments etc | 313,345 | 131,975 |
Pension contributions to money purchase schemes | 10,000 | 10,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.22 | 31.3.21 |
£ | £ |
Depreciation - owned assets | 169,339 | 175,566 |
Depreciation - assets on hire purchase contracts | 60,522 | 56,309 |
Profit on disposal of fixed assets | (39,900 | ) | (11,923 | ) |
Goodwill amortisation | 138,873 | 138,873 |
Auditors' remuneration | 15,700 | 15,250 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.22 | 31.3.21 |
£ | £ |
Bank loan interest | 355 | 938 |
Hire purchase | 3,835 | 5,215 |
4,190 | 6,153 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.22 | 31.3.21 |
£ | £ |
Current tax: |
UK corporation tax | 84,735 | 122,408 |
Deferred tax: |
Timing differences | 16,563 | (24,852 | ) |
Tax on profit | 101,298 | 97,556 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
6. | TAXATION - continued |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.22 | 31.3.21 |
£ | £ |
Profit before tax | 538,690 | 316,516 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
102,351 |
60,138 |
Effects of: |
Expenses not deductible for tax purposes | 692 | 1,128 |
Capital allowances in excess of depreciation | (5 | ) | - |
Depreciation in excess of capital allowances | - | 7,908 |
Movement in accrued pension contributions | (1,996 | ) | 1,996 |
Group goodwill amortisation not deductible | 26,386 | 26,386 |
Enhanced expenditure | (26,130 | ) | - |
Total tax charge | 101,298 | 97,556 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 | 2,777,465 |
AMORTISATION |
At 1 April 2021 | 972,111 |
Amortisation for year | 138,873 |
At 31 March 2022 | 1,110,984 |
NET BOOK VALUE |
At 31 March 2022 | 1,666,481 |
At 31 March 2021 | 1,805,354 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2021 | 1,289,981 | 714,432 | 1,348,852 |
Additions | - | 219,000 | 75,866 |
Disposals | - | - | - |
At 31 March 2022 | 1,289,981 | 933,432 | 1,424,718 |
DEPRECIATION |
At 1 April 2021 | 96,319 | 463,585 | 902,879 |
Charge for year | 18,059 | 48,975 | 96,457 |
Eliminated on disposal | - | - | - |
At 31 March 2022 | 114,378 | 512,560 | 999,336 |
NET BOOK VALUE |
At 31 March 2022 | 1,175,603 | 420,872 | 425,382 |
At 31 March 2021 | 1,193,662 | 250,847 | 445,973 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 | 645,784 | 38,177 | 4,037,226 |
Additions | 130,768 | 16,887 | 442,521 |
Disposals | (153,400 | ) | - | (153,400 | ) |
At 31 March 2022 | 623,152 | 55,064 | 4,326,347 |
DEPRECIATION |
At 1 April 2021 | 544,833 | 33,785 | 2,041,401 |
Charge for year | 61,744 | 4,626 | 229,861 |
Eliminated on disposal | (146,700 | ) | - | (146,700 | ) |
At 31 March 2022 | 459,877 | 38,411 | 2,124,562 |
NET BOOK VALUE |
At 31 March 2022 | 163,275 | 16,653 | 2,201,785 |
At 31 March 2021 | 100,951 | 4,392 | 1,995,825 |
Included in cost of land and buildings is freehold land of £386,994 (2021 - £386,994) which is not depreciated. |
Included within improvements to property is assets in the course of construction of £219,000 (2021: Nil). |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 | 85,000 | 101,001 | 186,001 |
Additions | - | 102,755 | 102,755 |
At 31 March 2022 | 85,000 | 203,756 | 288,756 |
DEPRECIATION |
At 1 April 2021 | 23,800 | 45,450 | 69,250 |
Charge for year | 12,240 | 48,282 | 60,522 |
At 31 March 2022 | 36,040 | 93,732 | 129,772 |
NET BOOK VALUE |
At 31 March 2022 | 48,960 | 110,024 | 158,984 |
At 31 March 2021 | 61,200 | 55,551 | 116,751 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: |
% |
Class of shares: | holding |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: |
% |
Class of shares: | holding |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Mansion House Bedding Company Limited |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: Bedding manufacturer |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves | 2,182,058 | 1,587,735 |
Profit for the year | 594,323 | 375,896 |
The Old English Bed Company Limited |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves | 2 | 2 |
Glanmar Limited |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
Beds Direct 2U Limited |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
J Mattison Limited |
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.3.22 | 31.3.21 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
11. | STOCKS |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Consumables | 13,205 | 3,664 |
Raw materials | 674,153 | 659,032 |
Finished goods | 130,692 | 74,262 |
818,050 | 736,958 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
£ | £ | £ | £ |
Trade debtors | 958,532 | 683,365 |
Amounts owed by group undertakings | - | - |
Other debtors | 241,712 | 152,330 |
Prepayments | 31,527 | 25,110 |
1,231,771 | 860,805 |
Trade debtors are discounted with limited recourse. |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts (see note 15) | - | 7,500 |
Hire purchase contracts (see note 16) | 61,440 | 60,382 |
Trade creditors | 544,016 | 287,032 |
Tax | 84,735 | 122,408 |
Social security and other taxes | 83,859 | 46,211 |
VAT | 217,379 | 344,306 |
Other creditors | 646,583 | 718,551 |
Accruals and deferred income | 211,490 | 196,739 |
1,849,502 | 1,783,129 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans (see note 15) | - | 42,500 |
Hire purchase contracts (see note 16) | 46,238 | 30,593 |
46,238 | 73,093 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 7,500 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 42,500 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.22 | 31.3.21 |
£ | £ |
Net obligations repayable: |
Within one year | 61,440 | 60,382 |
Between one and five years | 46,238 | 30,593 |
107,678 | 90,975 |
Group |
Non-cancellable operating | leases |
31.3.22 | 31.3.21 |
£ | £ |
Within one year | 27,998 | 23,078 |
Between one and five years | 33,871 | 8,780 |
61,869 | 31,858 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans | - | 50,000 |
Hire purchase contracts | 107,678 | 90,975 |
107,678 | 140,975 |
The company's banking facilities are secured by charge on the assets of the company. The hire purchase liabilities are secured on the underlying assets. |
Other creditors include an amount of £59,434 (2021: £358,571) which relates to amounts advanced under invoice discounting. The balance is secured by fixed and floating charges on the assets of the company. |
18. | PROVISIONS FOR LIABILITIES |
Group |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax | 105,397 | 88,834 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2021 | 88,834 |
Accelerated capital allowances | 20,384 |
Movement in accrued pensions | (3,821 | ) |
Balance at 31 March 2022 | 105,397 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
20. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2021 | 3,106,749 | 1,479,000 | 4,585,749 |
Profit for the year | 437,392 | 437,392 |
At 31 March 2022 | 3,544,141 | 1,479,000 | 5,023,141 |
Mansion House Bedding Group Limited (Registered number: 07882820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2022 |
20. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2021 | 4,063,321 |
Profit for the year |
At 31 March 2022 | 4,063,321 |
21. | PENSION COMMITMENTS |
The group has commitments to defined contribution pension schemes of £26,337 (2021: £10,507) at the year end. |
22. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 794,225 (2021 - £ 386,384 ) was paid. |
23. | INVENTORIES RECOGNISED AS AN EXPENSE |
During the year, total inventories recognised as an expense amounted to £3,076,828 (2021 - £1,895,689). |