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REGISTERED NUMBER: 07919911 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Get Laid Beds Limited

Get Laid Beds Limited (Registered number: 07919911)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Get Laid Beds Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr J N Haskins
Mr J L R Lombard
Miss H L Gascoyne
Mrs A M Lombard





REGISTERED OFFICE: Barn 3-5, Wharf Way Business Park
Wharf Way
Glen Parva
Leicester
Leicestershire
LE2 9UT





REGISTERED NUMBER: 07919911 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Get Laid Beds Limited (Registered number: 07919911)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company has enjoyed fairly stable turnover this year, after the exceptional growth of previous years, with turnover decreasing slightly from £17.1 million to £16.7 million, a decrease of 2.3%. This is despite the continuing ongoing difficulties in the year caused by the current economic conditions and inflationary pressures.

The directors are very pleased with these results and much credit is due to the management and staff throughout the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have reviewed its principal risks and uncertainties which include financial, commercial, social and environmental risks. The directors consider the potential risks to be similar to those faced by similar companies in the sector, principally to do with the continuity of supply, the maintenance of their customers, foreign exchange variations, and more specifically the current inflationary pressures.

Considerable emphasis is devoted to maintaining service levels and working closely with suppliers on logistical and quality issues to ensure that high levels of performance are achieved.

The directors believe that adequate procedures have been put in place to minimise the impact of any likely risks on the business going forward.

KEY PERFORMANCE INDICATORS
The key performance indicators that the directors monitor the business by are the levels of turnover achieved, gross profit and profit before tax. These numbers are detailed on page 8.

FUTURE DEVELOPMENTS
The directors consider that the company's market place will remain competitive in the near future. However, the directors believe that the company is well placed to take advantage of every opportunity in the coming year.

ON BEHALF OF THE BOARD:





Mr J N Haskins - Director


30 October 2023

Get Laid Beds Limited (Registered number: 07919911)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of beds.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 314,468 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr J N Haskins
Mr J L R Lombard
Miss H L Gascoyne
Mrs A M Lombard

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr J N Haskins - Director


30 October 2023

Report of the Independent Auditors to the Members of
Get Laid Beds Limited

Opinion
We have audited the financial statements of Get Laid Beds Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Get Laid Beds Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Get Laid Beds Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:
- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Report of the Independent Auditors to the Members of
Get Laid Beds Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Morris (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

31 October 2023

Get Laid Beds Limited (Registered number: 07919911)

Statement of Income and
Retained Earnings
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 4 16,680,894 17,091,975

Cost of sales (12,667,219 ) (12,998,187 )
GROSS PROFIT 4,013,675 4,093,788

Administrative expenses (1,202,861 ) (946,177 )
2,810,814 3,147,611

Other operating income 62,500 1,443
OPERATING PROFIT 6 2,873,314 3,149,054

Interest receivable and similar income 20,671 12,473
2,893,985 3,161,527

Interest payable and similar expenses 7 (22,364 ) (6,493 )
PROFIT BEFORE TAXATION 2,871,621 3,155,034

Tax on profit 8 (524,015 ) (582,729 )
PROFIT FOR THE FINANCIAL YEAR 2,347,606 2,572,305

Retained earnings at beginning of year 759,895 372,055

Dividends 9 (314,468 ) (2,184,465 )

RETAINED EARNINGS AT END OF
YEAR

2,793,033

759,895

Get Laid Beds Limited (Registered number: 07919911)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 10 296,883 114,540
Tangible assets 11 951,435 976,040
1,248,318 1,090,580

CURRENT ASSETS
Stocks 12 757,159 663,543
Debtors 13 2,266,920 60,442
Cash at bank 1,313,630 2,551,146
4,337,709 3,275,131
CREDITORS
Amounts falling due within one year 14 (2,521,788 ) (3,358,520 )
NET CURRENT ASSETS/(LIABILITIES) 1,815,921 (83,389 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,064,239

1,007,191

CREDITORS
Amounts falling due after more than one
year

15

(64,619

)

(27,139

)

PROVISIONS FOR LIABILITIES 18 (206,577 ) (220,147 )
NET ASSETS 2,793,043 759,905

CAPITAL AND RESERVES
Called up share capital 19 10 10
Retained earnings 20 2,793,033 759,895
SHAREHOLDERS' FUNDS 2,793,043 759,905

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:




Mr J N Haskins - Director



Mr J L R Lombard - Director


Get Laid Beds Limited (Registered number: 07919911)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,375,839 2,685,799
Interest element of hire purchase
payments paid

(22,364

)

(6,493

)
Tax paid (738,233 ) (317,367 )
Government grant income - 1,443
Net cash from operating activities 1,615,242 2,363,382

Cash flows from investing activities
Purchase of intangible fixed assets (182,343 ) (114,540 )
Purchase of tangible fixed assets (243,313 ) (414,734 )
Sale of tangible fixed assets 11,126 60,000
Interest received 798 12,473
Net cash from investing activities (413,732 ) (456,801 )

Cash flows from financing activities
Capital repayments in year 114,145 (89,716 )
Amount introduced by directors 464,468 186,618
Amount withdrawn by directors (2,703,171 ) -
Equity dividends paid (314,468 ) (2,184,465 )
Net cash from financing activities (2,439,026 ) (2,087,563 )

Decrease in cash and cash equivalents (1,237,516 ) (180,982 )
Cash and cash equivalents at
beginning of year

2

2,551,146

2,732,128

Cash and cash equivalents at end of
year

2

1,313,630

2,551,146

Get Laid Beds Limited (Registered number: 07919911)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 2,871,621 3,155,034
Depreciation charges 257,675 222,759
Profit on disposal of fixed assets (883 ) (9,711 )
Government grants - (1,443 )
Finance costs 22,364 6,493
Finance income (20,671 ) (12,473 )
3,130,106 3,360,659
Increase in stocks (93,616 ) (324,437 )
(Increase)/decrease in trade and other debtors (148,736 ) 112,808
Decrease in trade and other creditors (511,915 ) (463,231 )
Cash generated from operations 2,375,839 2,685,799

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,313,630 2,551,146
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 2,551,146 2,732,128


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 2,551,146 (1,237,516 ) 1,313,630
2,551,146 (1,237,516 ) 1,313,630
Debt
Finance leases (30,547 ) (114,145 ) (144,692 )
(30,547 ) (114,145 ) (144,692 )
Total 2,520,599 (1,351,661 ) 1,168,938

Get Laid Beds Limited (Registered number: 07919911)

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

1. STATUTORY INFORMATION

Get Laid Beds Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Valued Added Tax.

The company recognises turnover when the following criteria have been met:

Sale of goods

Revenue from the sale of goods is recognised when :
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no ongoing involvement or control over the goods;
(c) the revenue can be reliably measured;
(d) it is probable that the Company will receive the consideration due under the transaction; and
(e) the costs incurred in respect of the transaction can be reliably measured.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Tangible assets are stated at 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.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short Leasehold10% on cost
Improvements to property15% on reducing balance
Fixtures and fittings15% on reducing balance
Motor vehicles20% on reducing balance
Computer and office equipment25% on reducing balance
Plant and machinery25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Get Laid Beds Limited (Registered number: 07919911)

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

2. ACCOUNTING POLICIES - continued

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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.

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

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

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 found, an impairment loss is recognised in the profit and loss account.

Get Laid Beds Limited (Registered number: 07919911)

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

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reviewed annually. they are amended when necessary to reflect current accounting estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii) Stock
In determining stock provisions, future demand and selling price is evaluated and appropriate provisions are made to reflect the risk of obsolescence and impairment in carrying value. the provisioning policy is in place to ensure that the carrying value of stock recognised in the financial statements is the lower of cost and estimated selling price, in accordance with the stated accounting policy.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.23 31.3.22
£    £   
United Kingdom 11,677,584 13,569,952
Europe 227,785 -
United States of America 4,775,525 -
Overseas - 3,522,023
16,680,894 17,091,975

5. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,158,840 1,949,363
Social security costs 177,616 142,761
Other pension costs 53,131 81,067
2,389,587 2,173,191

The average number of employees during the year was as follows:
31.3.23 31.3.22

Production 94 95
Directors 4 4
98 99

Get Laid Beds Limited (Registered number: 07919911)

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

5. EMPLOYEES AND DIRECTORS - continued

31.3.23 31.3.22
£    £   
Directors' remuneration 46,880 37,752
Directors' pension contributions to money purchase schemes - 34,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Hire of plant and machinery 1,598 1,347
Depreciation - owned assets 198,581 222,759
Depreciation - assets on hire purchase contracts 59,094 -
Profit on disposal of fixed assets (883 ) (9,711 )
Foreign exchange differences (116,749 ) (3,786 )
Auditors' remuneration 15,000 15,000
Government grant income - revenue in nature - (1,433 )
Rent paid under operating lease 283,381 269,939

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Hire purchase 22,364 6,493

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 559,348 522,286
Corporation tax - prior year (21,763 ) (12,745 )
Total current tax 537,585 509,541

Deferred tax (13,570 ) 73,188
Tax on profit 524,015 582,729

UK corporation tax has been charged at 19% .

Get Laid Beds Limited (Registered number: 07919911)

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

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 2,871,621 3,155,034
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

545,608

599,456

Effects of:
Expenses not deductible for tax purposes 12,868 2,289
Adjustments to tax charge in respect of previous periods (21,763 ) (12,745 )
Research and development - (43,524 )
Differing tax rates applicable (3,256 ) 52,835
Enhanced capital allowances (9,442 ) (15,582 )
Total tax charge 524,015 582,729

The UK corporation tax rate was 19% for the year ended 31 March 2023.

The Finance Bill 2021 provided for an increase in the mainstream corporation tax rate to 25% from 1 April 2023. This law was substantively enacted on 14th May 2021. Deferred taxes at the balance sheet date have been measured using these enacted rates and reflected in these financial statements. Deferred tax has been calculated at 25%.

9. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary 'A' shares of £1 each
Dividend - Ordinary 'A' shares 59,190 1,019,125
Ordinary 'B' shares of £1 each
Dividend - Ordinary 'B' shares 86,278 996,340
Ordinary 'C' share of £1
Dividend - Ordinary 'C' shares 90,000 90,000
Ordinary 'D' share of £1
Dividend - Ordinary 'D' shares 79,000 79,000
314,468 2,184,465

10. INTANGIBLE FIXED ASSETS
Developme
costs
£   
COST
At 1 April 2022 114,540
Additions 182,343
At 31 March 2023 296,883
NET BOOK VALUE
At 31 March 2023 296,883
At 31 March 2022 114,540

Get Laid Beds Limited (Registered number: 07919911)

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

11. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 April 2022 16,297 279,535 819,218
Additions - 11,372 82,472
Disposals - - -
At 31 March 2023 16,297 290,907 901,690
DEPRECIATION
At 1 April 2022 4,015 70,368 306,939
Charge for year 1,645 32,416 143,137
Eliminated on disposal - - -
At 31 March 2023 5,660 102,784 450,076
NET BOOK VALUE
At 31 March 2023 10,637 188,123 451,614
At 31 March 2022 12,282 209,167 512,279

Computer
Fixtures and
and Motor office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 116,842 150,876 40,113 1,422,881
Additions 4,936 136,461 8,072 243,313
Disposals - (11,126 ) - (11,126 )
At 31 March 2023 121,778 276,211 48,185 1,655,068
DEPRECIATION
At 1 April 2022 29,262 18,929 17,328 446,841
Charge for year 13,628 60,104 6,745 257,675
Eliminated on disposal - (883 ) - (883 )
At 31 March 2023 42,890 78,150 24,073 703,633
NET BOOK VALUE
At 31 March 2023 78,888 198,061 24,112 951,435
At 31 March 2022 87,580 131,947 22,785 976,040

Included within the tangible fixed assets are assets held under hire purchase agreements with a net book value of £189,902 (2022: £37,584).

Get Laid Beds Limited (Registered number: 07919911)

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

12. STOCKS
31.3.23 31.3.22
£    £   
Raw materials 369,342 493,357
Work-in-progress 195,095 15,874
Finished goods 192,722 154,312
757,159 663,543

Stock recognised in cost of sales during the year as an expense was £3,636,977 (2022: £4,268,982).

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 88,704 26,273
Other debtors 9,707 15,045
Directors' current accounts 2,057,742 -
Prepayments 110,767 19,124
2,266,920 60,442

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 16) 80,073 3,408
Trade creditors 428,404 904,903
Corporation tax 267,693 468,341
Social security and other taxes 182,460 144,924
Other creditors 445,093 448,466
Directors' current accounts - 200,834
Deferred income 821,993 959,425
Accrued expenses 296,072 228,219
2,521,788 3,358,520

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 16) 64,619 27,139

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 80,073 3,408
Between one and five years 64,619 27,139
144,692 30,547

Get Laid Beds Limited (Registered number: 07919911)

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

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 273,000 284,638
Between one and five years 1,092,000 1,101,609
In more than five years 358,429 632,014
1,723,429 2,018,261

17. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 144,692 30,547

The above balance is secured on the assets being so acquired.

18. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 206,577 220,147

Deferred
tax
£   
Balance at 1 April 2022 220,147
Credit to Income Statement during year (13,570 )
Balance at 31 March 2023 206,577

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
4 Ordinary 'A' £1 4 4
4 Ordinary 'B' £1 4 4
1 Ordinary 'C' £1 1 1
1 Ordinary 'D' £1 1 1
10 10

20. RESERVES

Retained Earnings

Retained earnings represents cumulative profits or losses, net of dividends paid in the current and previous periods.

Get Laid Beds Limited (Registered number: 07919911)

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

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors had loan accounts with the company. Advances of £2,703,171 (2022 - £2,581,619) were made by the company to the directors during the year. This was partly repaid through dividends of £314,468 (2022 - £2,184,465) and other repayments of £150,000 (2022 - £610,382) made by the directors. Interest of £19,873 (2022 - £12,394) was charged on the loans given to the directors at HM Revenue & Customs official rate of interest.

As at 31 March 2023, the loan balances outstanding were a debtor of £2,057,742 (2022 - creditor of £200,834).

22. RELATED PARTY DISCLOSURES

Entities that provide key management personnel services to the entity

Key management personnel are considered to be the directors of the company. Remuneration is taken by the directors as stated in Note 5.

23. ULTIMATE CONTROLLING PARTY

The controlling party are the directors.