Protect-A-Bed Europe Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 06547217 (England and Wales)
Protect-A-Bed Europe Limited
Company Information
Director
M Pedreira
Company number
06547217
Registered office
Ground Floor, Windsor House
204 Lower High Street
Watford
Hertfordshire
United Kingdom
WD17 2EH
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Business address
Ground Floor, Windsor House
204 Lower High Street
Watford
Hertfordshire
WD17 2EH
Protect-A-Bed Europe Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Protect-A-Bed Europe Limited
Balance Sheet
As at 31 December 2023
31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
52,517
66,707
Current assets
Stock
365,147
787,115
Debtors
5
1,402,161
1,466,408
Cash at bank and in hand
1,001,954
1,093,061
2,769,262
3,346,584
Creditors: amounts falling due within one year
6
(2,235,772)
(3,031,939)
Net current assets
533,490
314,645
Total assets less current liabilities
586,007
381,352
Creditors: amounts falling due after more than one year
7
(298,305)
(310,770)
Net assets
287,702
70,582
Capital and reserves
Called up share capital
8
790,200
790,200
Profit and loss reserves
(502,498)
(719,618)
Total equity
287,702
70,582

The notes on pages 2 to 7 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 30 April 2024
M Pedreira
Director
Company Registration No. 06547217
Protect-A-Bed Europe Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Protect-A-Bed Europe Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Ground Floor, Windsor House, 204 Lower High Street, Watford, WD17 2EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company made a profit of £217,120 (2022: £22,979) for the year ended 31 December 2023 and had net assets at that date of £287,702 (2022: £70,582). The company has traded profitably and generated cash in 2022 and 2023, and the group approved projections forecast the company to generate small profits with improving results anticipated for future years, after excluding any foreign exchange fluctuations which are largely based on intercompany balances and therefore are unrealised until paid.true

 

Hollander Parent Corporation have provided a letter of support. This support includes an agreement not to call in loans which total £ 1,916,435 (2022: £1,876,669) until the company is in a position to repay the debt.

 

Protect-A-Bed Europe company also remains strongly cash positive. Based on the forecasts and confirmation from the parent company that it will continue to support the company, the director has concluded that there is a reasonable expectation that the company has adequate resources to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Consequently, the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when the goods are delivered to the buyer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line basis
Computer equipment
33% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Protect-A-Bed Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.

Basic financial assets

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Protect-A-Bed Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Protect-A-Bed Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
3
Taxation

The company has losses of £724,244 (2022: £1,004,771) that are available to carry forward against future trading profits. A deferred tax asset of £169,737 (2022: £230,514) has been recognised in respect of these losses.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
490,247
Additions
26,352
At 31 December 2023
516,599
Depreciation and impairment
At 1 January 2023
423,540
Depreciation charged in the year
40,542
At 31 December 2023
464,082
Carrying amount
At 31 December 2023
52,517
At 31 December 2022
66,707
Protect-A-Bed Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
134,778
230,685
Amounts owed by group undertakings
1,047,681
826,415
Other debtors
14,735
78,951
Prepayments and accrued income
35,230
99,843
1,232,424
1,235,894
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
169,737
230,514
Total debtors
1,402,161
1,466,408

Trade debtors disclosed above are measured at amortised cost.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
355,102
717,632
Amounts owed to group undertakings
1,632,297
1,973,959
Taxation and social security
24,516
91,171
Other creditors
96,878
125,009
Accruals and deferred income
116,979
114,168
2,235,772
3,031,939
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Amounts due to group undertakings
284,138
286,603
298,305
310,770
Protect-A-Bed Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
790,200 Ordinary shares of £1 each
790,200
790,200
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Land and buildings
82,500
110,000
11
Related party transactions

The company has taken the exemption available in FRS 102 Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking in the group.

 

12
Parent company

The company's immediate parent undertaking and controlling party is Protect-A-Bed LLC, a company based in the United States of America. Its financial statements are available from its registered office at 901 Yamato Road, suite 250, Boca Raton FI, 33431.

 

The ultimate controlling party is Hollander Parent Corporation, a company based in the United States of America. Its financial statements are available from its registered office at 901 Yamato Road, suite 250, Boca Raton FI, 33431.

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