Registered number
05565720
La Romantica Beds Limited
Filleted Accounts
31 December 2022
La Romantica Beds Limited
Registered number: 05565720
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 224,131 180,492
Current assets
Stocks 527,564 552,184
Debtors 4 365,821 322,072
Cash at bank and in hand 325,624 280,016
1,219,009 1,154,272
Creditors: amounts falling due within one year 5 (1,081,380) (1,054,068)
Net current assets 137,629 100,204
Total assets less current liabilities 361,760 280,696
Creditors: amounts falling due after more than one year 6 (124,745) (78,465)
Provisions for liabilities (39,427) (30,443)
Net assets 197,588 171,788
Capital and reserves
Called up share capital 300 300
Profit and loss account 197,288 171,488
Shareholders' funds 197,588 171,788
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.
Mr M S Amin
Director
Approved by the board on 18 October 2023
La Romantica Beds Limited
Notes to the Accounts
for the year ended 31 December 2022
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. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Motor Vehicles 25% 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 67 68
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 367,906 203,205 571,111
Additions 1,471 96,896 98,367
At 31 December 2022 369,377 300,101 669,478
Depreciation
At 1 January 2022 219,507 171,112 390,619
Charge for the year 22,481 32,247 54,728
At 31 December 2022 241,988 203,359 445,347
Net book value
At 31 December 2022 127,389 96,742 224,131
At 31 December 2021 148,399 32,093 180,492
4 Debtors 2022 2021
£ £
Trade debtors 365,821 322,072
5 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts - 3,993
Trade creditors 891,198 792,681
Taxation and social security costs 122,489 203,429
Other creditors 67,693 53,965
1,081,380 1,054,068
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 38,078 47,645
Obligations under finance lease and hire purchase contracts 86,667 30,820
124,745 78,465
7 Other information
La Romantica Beds Limited is a private company limited by shares and incorporated in England. Its registered office is:
Moobank Mills
Artillery Street
Heckmondwike
West Yorkshire
WF6 0NT
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