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Emma Sleep UK Limited

Registered number: 13080848
Annual report
For the year ended 31 December 2022

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
REGISTERED NUMBER: 13080848

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Restated 2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,155
10,620

  
16,155
10,620

Current assets
  

Stocks
 5 
-
43,044

Debtors: amounts falling due within one year
 6 
5,784,892
2,711,709

Cash at bank and in hand
  
924
44

  
5,785,816
2,754,797

Creditors: amounts falling due within one year
 7 
(5,388,834)
(2,476,544)

Net current assets
  
 
 
396,982
 
 
278,253

Total assets less current liabilities
  
413,137
288,873

Provisions for liabilities
  

Deferred tax
 8 
(4,039)
(2,655)

  
 
 
(4,039)
 
 
(2,655)

Net assets
  
409,098
286,218


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
408,998
286,118

Total equity
  
409,098
286,218


- 1 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
REGISTERED NUMBER: 13080848
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Mueller
Director

Date: 4 October 2023

The notes on pages 3 to 12 form part of these financial statements.
- 2 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Emma Sleep UK Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 13080848. The address of the company's registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. 
Emma Sleep UK Limited (registered office in London) is a subsidiary undertaking of Emma Sleep GmbH (registered office in Frankfurt, Germany), which represents the Emma Group as a holding company. Emma Sleep UK Limited is engaged in providing sales support services in regard to stationary retail market for the Emma Group. Furthermore it is involved in the direct sale and distribution of mattresses, beds and bedding accessories to stationary retail business partners within the UK.
The prior period covers more than twelve months therefore the results are not directly comparable. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the  company to  continue  as  a  going  concern.  Accordingly the  director  has  a  reasonable  expectation  that  the company will continue in operational existence and therefore he continues to adopt the going concern basis of accounting to prepare the financial statements. 

- 3 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

- 4 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably. 

Turnover from intercompany sales represents the movement on expenses plus an associated mark-up.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest receivable and similar income

Interest receivable and similar income is recognised in profit or loss using the effective interest method.

- 5 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Interest payable and similar expenses

Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 6 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line
Office equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 7 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.16

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
- 8 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.16
Financial instruments (continued)


  
2.17

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 


3.


Employees

The average monthly number of employees, including the director, during the year was 5 (2021: 4). 


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2022
11,343
3,197
14,540


Additions
10,780
-
10,780



At 31 December 2022

22,123
3,197
25,320



Depreciation


At 1 January 2022
3,004
916
3,920


Charge for the year 
4,240
1,005
5,245



At 31 December 2022

7,244
1,921
9,165



Net book value



At 31 December 2022
14,879
1,276
16,155



At 31 December 2021
8,339
2,281
10,620

- 9 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
-
43,044



6.


Debtors

2022
Restated 2021
£
£


Trade debtors
2,579,466
1,794,201

Amounts owed by group undertakings
3,188,561
915,295

Other debtors
14,927
1,379

Prepayments
1,938
834

5,784,892
2,711,709


Amounts owed by group undertakings are unsecured, payable within 21 days from the date of notice and interest bearing at 5.5% per annum. 


7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
6,617
13,882

Amounts owed to group undertakings
5,214,081
2,316,284

Corporation tax
27,749
65,266

Other taxation and social security
122,998
68,242

Other creditors
66
2,179

Accruals and deferred income
17,323
10,691

5,388,834
2,476,544


Amounts owed to group undertakings are unsecured, repayable within 21 days from the date of notice and interest bearing at 5.5% per annum. 

- 10 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Deferred taxation




2022


£






At beginning of year
(2,655)


Charged to profit or loss
(1,384)



At end of year
(4,039)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(4,039)
(2,655)

(4,039)
(2,655)


9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021: 100) ordinary shares of £1 each
100
100

The company has one class of ordinary shares; each share carries full voting, dividend and capital distribution rights.



10.


Prior year adjustment

During the year the director reclassified an amount of £37,793 to amounts owed by group undertakings which was previously recognised in cash at bank and in hand. This has not impacted the results of the company in the prior year. 


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the fund at the year end amounted to £nil (2021: £2,179). This is included in other creditors. 

- 11 -

 
 13080848
31 December 2022
EMMA SLEEP UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
8,017
8,017

Later than 1 year and not later than 5 years
6,012
14,209

14,029
22,226


13.


Related party transactions

The company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions.


14.


Post balance sheet events

There have been no significant events affecting the company since the year end.


15.


Controlling party

The immediate and ultimate parent undertaking is Emma Sleep GmbH, a company incorporated in Germany. The address of its registered office is Wilhelm-Leuschner-Strasse 78, 60329 Frankfurt AM, Main, Germany. 
The largest and smallest group in which the results of the company are consolidated is that headed by Emma Sleep GmbH. The consolidated accounts of Emma Sleep GmbH are available to the public and may be obtained from Wilhelm-Leuschner-Strasse 78, 60329 Frankfurt AM, Main, Germany.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 4 October 2023 by Imran Farooq (Senior statutory auditor) on behalf of Rödl & Partner Limited.

- 12 -