Registered number
00565960
Sleepwell Ltd
Unaudited Filleted Accounts
31 January 2023
Sleepwell Ltd
Registered number: 00565960
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,338 4,165
Current assets
Stocks 7,250 6,792
Debtors 4 1,813 3,789
Cash at bank and in hand 141 211
9,204 10,792
Creditors: amounts falling due within one year 5 (12,240) (14,689)
Net current liabilities (3,036) (3,897)
Net assets 302 268
Capital and reserves
Called up share capital 260 260
Profit and loss account 42 8
Shareholders' funds 302 268
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Macieira
Director
Approved by the board on 21 March 2023
Sleepwell Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 6,535 15,438 21,973
At 31 January 2023 6,535 15,438 21,973
Depreciation
At 1 February 2022 6,416 11,392 17,808
Charge for the year 18 809 827
At 31 January 2023 6,434 12,201 18,635
Net book value
At 31 January 2023 101 3,237 3,338
At 31 January 2022 119 4,046 4,165
4 Debtors 2023 2022
£ £
Other debtors 1,813 3,789
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,683 3,595
Trade creditors 2,794 6,987
Taxation and social security costs 2,789 2,185
Other creditors 1,974 1,922
12,240 14,689
6 Related party transactions
During the year Mrs J Macieira, a director and shareholder, received £800 in dividends (2022: £2,800). During the year Mr P A Macieira, a director and shareholder, received £800 in dividends (2022: £2,800).
7 Controlling party
The ultimate controlling parties are Mrs J Macieira and Mr P A Macieira who jointly own the whole of the share capital of the company and are directors.
8 Other information
Sleepwell Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Church Street
Seaham
Co Durham
SR7 7HQ
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