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Registration number: 02014498

Eastern Retailing Limited

trading as World of Beds

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Eastern Retailing Limited
trading as World of Beds

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Eastern Retailing Limited
trading as World of Beds

Registration number: 02014498

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

107,025

132,879

Current assets

 

Stocks

6

221,511

206,926

Debtors

7

147,876

194,649

Cash at bank and in hand

 

150,636

205,835

 

520,023

607,410

Creditors: Amounts falling due within one year

8

(313,625)

(402,693)

Net current assets

 

206,398

204,717

Total assets less current liabilities

 

313,423

337,596

Creditors: Amounts falling due after more than one year

8

(67,036)

(79,177)

Provisions for liabilities

(20,105)

(24,967)

Net assets

 

226,282

233,452

Capital and reserves

 

Called up share capital

10

10

Capital redemption reserve

95

95

Profit and loss account

226,177

233,347

Total equity

 

226,282

233,452



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Eastern Retailing Limited
trading as World of Beds

Registration number: 02014498

Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 


P D Darcy
Director

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2
Roundtree Way
Norwich
Norfolk
NR7 8SG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets. Government grants in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Short leasehold improvements

15 years over the life of the lease

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 22).

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

26,586

33,319

5

Tangible assets

Short leasehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

173,424

168,782

265,319

607,525

Additions

-

732

-

732

At 31 March 2023

173,424

169,514

265,319

608,257

Depreciation

At 1 April 2022

173,423

141,768

159,455

474,646

Charge for the year

-

4,162

22,424

26,586

At 31 March 2023

173,423

145,930

181,879

501,232

Carrying amount

At 31 March 2023

1

23,584

83,440

107,025

At 31 March 2022

1

27,014

105,864

132,879

6

Stocks

2023
£

2022
£

Other inventories

221,511

206,926

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Debtors

Current

2023
£

2022
£

Trade debtors

124,376

149,004

Prepayments

23,500

45,645

 

147,876

194,649

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

10

12,141

9,321

Trade creditors

 

80,829

115,115

Taxation and social security

 

57,745

66,185

Other creditors

 

162,910

212,072

 

313,625

402,693


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £12,141 (2022 - £9,321).

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

67,036

79,177

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £67,036 (2022 - £79,177).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

5

5

5

5

Ordinary B Shares of £1 each

5

5

5

5

 

10

10

10

10

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

67,036

79,177

 

Eastern Retailing Limited
trading as World of Beds

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

12,141

9,321