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REGISTERED NUMBER: 09511033 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2023

for

SLEEPY HOLLOW BEDROOM CENTRE LTD

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SLEEPY HOLLOW BEDROOM CENTRE LTD

Company Information
for the Year Ended 31st March 2023







DIRECTORS: Mr S Godfrey
Mrs J Godfrey
Mr L Godfrey





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 09511033 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Balance Sheet
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43,615 31,333
43,615 31,333

CURRENT ASSETS
Stocks 63,500 58,000
Debtors 6 23,176 18,508
Cash at bank and in hand 68,060 111,473
154,736 187,981
CREDITORS
Amounts falling due within one year 7 105,334 75,412
NET CURRENT ASSETS 49,402 112,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,017

143,902

CREDITORS
Amounts falling due after more than one
year

8

(51,513

)

(52,161

)

PROVISIONS FOR LIABILITIES (8,287 ) (5,953 )
NET ASSETS 33,217 85,788

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 33,117 85,688
SHAREHOLDERS' FUNDS 33,217 85,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th October 2023 and were signed on its behalf by:




Mr S Godfrey - Director Mrs J Godfrey - Director




Mr L Godfrey - Director


SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

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

1. STATUTORY INFORMATION

Sleepy Hollow Bedroom Centre Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures, Fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 53,000
AMORTISATION
At 1st April 2022
and 31st March 2023 53,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 -

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

5. TANGIBLE FIXED ASSETS
Fixtures,
Fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1st April 2022 3,512 39,481 42,993
Additions 275 30,295 30,570
Disposals - (13,491 ) (13,491 )
At 31st March 2023 3,787 56,285 60,072
DEPRECIATION
At 1st April 2022 373 11,287 11,660
Charge for year 836 11,997 12,833
Eliminated on disposal - (8,036 ) (8,036 )
At 31st March 2023 1,209 15,248 16,457
NET BOOK VALUE
At 31st March 2023 2,578 41,037 43,615
At 31st March 2022 3,139 28,194 31,333

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st April 2022 39,481
Additions 30,295
Disposals (13,491 )
At 31st March 2023 56,285
DEPRECIATION
At 1st April 2022 11,287
Charge for year 11,997
Eliminated on disposal (8,036 )
At 31st March 2023 15,248
NET BOOK VALUE
At 31st March 2023 41,037
At 31st March 2022 28,194

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 21,852 16,401
Prepayments 1,324 2,107
23,176 18,508

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 9,750 9,509
Hire purchase contracts 10,276 7,318
Trade creditors 48,292 9,268
Tax 6,950 14,754
Social security and other taxes 15,112 16,044
Other creditors 959 1,208
Directors' current accounts 12,040 16,277
Accrued expenses 1,955 1,034
105,334 75,412

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 9,996 9,750
Bank loans - 2-5 years 11,979 21,975
Hire purchase contracts 29,538 20,436
51,513 52,161

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 31,725 41,234
Hire purchase contracts 39,814 27,754
71,539 68,988

The hire purchase is secured on the asset to which it relates.

The bank loan relates to the government backed Bounce Back Loan.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

The premises used by the company for its business operations are owned by Mr & Mrs Godfrey, directors. The company was charged rent totalling £25,000 for the use of these premises during the year (2022 - £25,000).

At the 31 March 2023 the directors were owed £12,040 by the company (2022: £16,277). No interest has been charged to the company in respect of this loan and there is no formal repayment date for this loan.

SLEEPY HOLLOW BEDROOM CENTRE LTD (REGISTERED NUMBER: 09511033)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

12. ULTIMATE CONTROLLING PARTY

Throughout the year, Mr S & Mrs J Godfrey, directors, have controlled the company by virtue of their majority shareholding of the issued ordinary share capital.