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REGISTERED NUMBER: 07076425 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Somerset Beds & Mattresses Ltd

Somerset Beds & Mattresses Ltd (Registered number: 07076425)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Somerset Beds & Mattresses Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Z C Whiting
Mrs M J Whiting
C I T Whiting





REGISTERED OFFICE: Unit 9a Marchfields Way
Weston-Super-Mare
Avon
BS23 3YY





REGISTERED NUMBER: 07076425 (England and Wales)





ACCOUNTANTS: Nigelmarks Ltd
North Lodge
South Horrington
Wells
Somerset
BA5 3DZ

Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,809 41,635
Investments 5 116,725 116,725
194,534 158,360

CURRENT ASSETS
Stocks 205,037 158,155
Debtors 6 104,634 110,392
Cash at bank and in hand 113,363 171,864
423,034 440,411
CREDITORS
Amounts falling due within one year 7 235,891 229,745
NET CURRENT ASSETS 187,143 210,666
TOTAL ASSETS LESS CURRENT
LIABILITIES

381,677

369,026

CREDITORS
Amounts falling due after more than
one year

8

(57,048

)

(17,500

)

PROVISIONS FOR LIABILITIES (14,629 ) (6,199 )
NET ASSETS 310,000 345,327

Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Balance Sheet - continued
31 December 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 309,900 345,227
310,000 345,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 3 November 2023 and were signed on its behalf by:




Mrs M J Whiting - Director



C I T Whiting - Director


Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Somerset Beds & Mattresses 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 80,142 31,895 48,150 28,049 188,236
Additions - - 65,117 3,822 68,939
At 31 December 2022 80,142 31,895 113,267 31,871 257,175
DEPRECIATION
At 1 January 2022 72,126 23,003 29,929 21,543 146,601
Charge for year 8,014 1,334 20,835 2,582 32,765
At 31 December 2022 80,140 24,337 50,764 24,125 179,366
NET BOOK VALUE
At 31 December 2022 2 7,558 62,503 7,746 77,809
At 31 December 2021 8,016 8,892 18,221 6,506 41,635

Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaki
£   
COST
At 1 January 2022
and 31 December 2022 116,725
NET BOOK VALUE
At 31 December 2022 116,725
At 31 December 2021 116,725

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 10,799 15,750
Other debtors 93,835 94,642
104,634 110,392

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 26,667
Hire purchase contracts 11,362 2,107
Trade creditors 48,788 19,684
Taxation and social security 44,844 52,841
Other creditors 120,897 128,446
235,891 229,745

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 24,061 17,500
Hire purchase contracts 32,987 -
57,048 17,500

Somerset Beds & Mattresses Ltd (Registered number: 07076425)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
Mrs M J Whiting
Balance outstanding at start of year 20,124 9,651
Amounts advanced 1,607 20,124
Amounts repaid (10,253 ) (9,651 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,478 20,124

Z C Whiting
Balance outstanding at start of year 20,124 10,000
Amounts advanced 1,607 20,124
Amounts repaid (10,253 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,478 20,124

C I T Whiting
Balance outstanding at start of year 20,124 9,651
Amounts advanced 1,607 20,124
Amounts repaid (10,253 ) (9,651 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,478 20,124