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COMPANY REGISTRATION NUMBER: 05576229
THE BED & MATTRESS CENTRE LIMITED
Filleted Unaudited Financial Statements
30 September 2023
THE BED & MATTRESS CENTRE LIMITED
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
12,942
18,301
Current assets
Stocks
31,809
43,450
Debtors
6
25,155
20,130
Cash at bank and in hand
189,558
155,756
---------
---------
246,522
219,336
Creditors: amounts falling due within one year
7
230,251
88,782
---------
---------
Net current assets
16,271
130,554
--------
---------
Total assets less current liabilities
29,213
148,855
--------
---------
Net assets
29,213
148,855
--------
---------
Capital and reserves
Called up share capital
300
300
Profit and loss account
28,913
148,555
--------
---------
Shareholders funds
29,213
148,855
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
D Hodson
Director
THE BED & MATTRESS CENTRE LIMITED
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A27 West Bound, Chichester Bypass, Stockbridge, Chichester, West Sussex, PO19 8FH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Lease
-
Over 20 years
Storage Units
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Vans
-
25% reducing balance
Office equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022 and 30 Sep 2023
8,381
6,170
6,898
21,495
5,576
48,520
-------
-------
-------
--------
-------
--------
Depreciation
At 1 Oct 2022
7,124
5,714
6,437
6,045
4,899
30,219
Charge for the year
1,257
68
69
3,863
102
5,359
-------
-------
-------
--------
-------
--------
At 30 Sep 2023
8,381
5,782
6,506
9,908
5,001
35,578
-------
-------
-------
--------
-------
--------
Carrying amount
At 30 Sep 2023
388
392
11,587
575
12,942
-------
-------
-------
--------
-------
--------
At 30 Sep 2022
1,257
456
461
15,450
677
18,301
-------
-------
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Amounts due from customers
9,530
8,130
Prepayments and accrued income
15,625
12,000
--------
--------
25,155
20,130
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,955
19,126
Accruals and deferred income
4,113
4,013
Corporation tax
52,286
48,453
Social security and other taxes
20,400
16,933
Director loan accounts
120,497
257
---------
--------
230,251
88,782
---------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
D Hodson
( 85)
( 40,080)
( 40,165)
D Russell
( 85)
( 40,080)
( 40,165)
M Broom
( 87)
( 40,080)
( 40,167)
----
---------
---------
( 257)
( 120,240)
( 120,497)
----
---------
---------
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
D Hodson
( 37)
( 48)
( 85)
D Russell
( 37)
( 48)
( 85)
M Broom
( 38)
( 49)
( 87)
----
----
----
( 112)
( 145)
( 257)
----
----
----