IRIS Accounts Production v24.2.0.383 04773416 Board of Directors 1.1.23 31.12.23 31.12.23 8/8/2024 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047734162022-12-31047734162023-12-31047734162023-01-012023-12-31047734162021-12-31047734162022-01-012022-12-31047734162022-12-3104773416ns15:EnglandWales2023-01-012023-12-3104773416ns14:PoundSterling2023-01-012023-12-3104773416ns10:Director12023-01-012023-12-3104773416ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104773416ns10:SmallEntities2023-01-012023-12-3104773416ns10:Audited2023-01-012023-12-3104773416ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104773416ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104773416ns10:FullAccounts2023-01-012023-12-3104773416ns10:OrdinaryShareClass12023-01-012023-12-3104773416ns10:Director22023-01-012023-12-3104773416ns10:CompanySecretary12023-01-012023-12-3104773416ns10:CompanySecretary22023-01-012023-12-3104773416ns10:RegisteredOffice2023-01-012023-12-3104773416ns5:CurrentFinancialInstruments2023-12-3104773416ns5:CurrentFinancialInstruments2022-12-3104773416ns5:Non-currentFinancialInstruments2023-12-3104773416ns5:Non-currentFinancialInstruments2022-12-3104773416ns5:ShareCapital2023-12-3104773416ns5:ShareCapital2022-12-3104773416ns5:RetainedEarningsAccumulatedLosses2023-12-3104773416ns5:RetainedEarningsAccumulatedLosses2022-12-310477341612023-01-012023-12-3104773416ns5:PlantMachinery2023-01-012023-12-3104773416ns5:FurnitureFittings2023-01-012023-12-3104773416ns5:MotorVehicles2023-01-012023-12-3104773416ns5:PlantMachinery2022-12-3104773416ns5:FurnitureFittings2022-12-3104773416ns5:MotorVehicles2022-12-3104773416ns5:PlantMachinery2023-12-3104773416ns5:FurnitureFittings2023-12-3104773416ns5:MotorVehicles2023-12-3104773416ns5:PlantMachinery2022-12-3104773416ns5:FurnitureFittings2022-12-3104773416ns5:MotorVehicles2022-12-3104773416ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3104773416ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3104773416ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3104773416ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3104773416ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104773416ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104773416ns5:DeferredTaxation2022-12-3104773416ns5:DeferredTaxation2023-01-012023-12-3104773416ns5:DeferredTaxation2023-12-3104773416ns10:OrdinaryShareClass12023-12-3104773416ns5:RetainedEarningsAccumulatedLosses2022-12-3104773416ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 04773416 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DREAMWORKS BEDS LIMITED

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DREAMWORKS BEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Maslo
M Last





SECRETARIES: M Maslo
Miss N Atkinson





REGISTERED OFFICE: 7 Brook Lane
Brook Lane Industrial Estate
Westbury
Wiltshire
BA13 4EP





REGISTERED NUMBER: 04773416 (England and Wales)





AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 387,605 433,760

CURRENT ASSETS
Stocks 731,163 669,570
Debtors 5 101,079 130,175
Cash at bank and in hand 50,758 16,483
883,000 816,228
CREDITORS
Amounts falling due within one year 6 798,486 593,676
NET CURRENT ASSETS 84,514 222,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

472,119

656,312

CREDITORS
Amounts falling due after more than one
year

7

(5,635,854

)

(4,575,558

)

PROVISIONS FOR LIABILITIES 9 (53,750 ) (62,576 )
NET LIABILITIES (5,217,485 ) (3,981,822 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 (5,217,487 ) (3,981,824 )
SHAREHOLDERS' FUNDS (5,217,485 ) (3,981,822 )

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 25 July 2024 and were signed on its behalf by:




M Last - Director


DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Dreamworks 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Dreamworks Beds Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Gallery Direct 2013 Limited, C/o Gallery Direct Ltd, Castle Road, Eurolink Commercial Park, Sittingbourne, Kent, ME10 3RN.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

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

Turnover represents the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's principal activity. Turnover excludes value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.
Plant and machinery - 20% per annum on cost and 5% per annum on cost
Fixtures and fittings - 25% per annum on cost
Motor vehicles - 25% per annum on 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.

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.

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.

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Functional currency
The functional currency of the Company is the Great British Pound ("GBP "). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 81 (2022 - 73 ) .

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 668,130 64,732 4,200 737,062
Additions 29,550 8,984 2,500 41,034
Disposals (7,449 ) (45,835 ) - (53,284 )
At 31 December 2023 690,231 27,881 6,700 724,812
DEPRECIATION
At 1 January 2023 253,809 45,293 4,200 303,302
Charge for year 72,697 7,020 - 79,717
Eliminated on disposal (7,200 ) (38,612 ) - (45,812 )
At 31 December 2023 319,306 13,701 4,200 337,207
NET BOOK VALUE
At 31 December 2023 370,925 14,180 2,500 387,605
At 31 December 2022 414,321 19,439 - 433,760



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 115,773
DEPRECIATION
At 1 January 2023 19,296
Charge for year 23,155
At 31 December 2023 42,451
NET BOOK VALUE
At 31 December 2023 73,322
At 31 December 2022 96,477

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 16,876
VAT 339 -
Accrued income - 75,936
Prepayments 100,740 37,363
101,079 130,175

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 33,333 33,334
Trade creditors 651,179 403,324
Social security and other taxes 56,791 49,132
Other creditors 8,426 10,315
Accruals and deferred income 48,757 97,571
798,486 593,676

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 11,111 44,444
Amounts owed to group undertakings 4,790,086 3,696,457
Amounts owed to associates 834,657 834,657
5,635,854 4,575,558

8. SECURED DEBTS

The company uses RBS Invoice Finance Limited who hold fixed and floating charges with a negative pledge over all of the assets of the company.

The National Westminster Bank Plc holds a fixed charge and negative pledge over Units 10-13 Falcon House and 7 Brook Lane Industrial Estate.

The National Westminster Bank Plc also holds fixed and floating charges over all of the assets of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 53,750 62,576

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 62,576
Provided during year (8,826 )
Balance at 31 December 2023 53,750

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (3,981,824 )
Deficit for the year (1,235,663 )
At 31 December 2023 (5,217,487 )

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Sargeant (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

DREAMWORKS BEDS LIMITED (REGISTERED NUMBER: 04773416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. RELATED PARTY DISCLOSURES - continued

NLC Group of Companies Limited

M Maslo a director of Dreamworks Beds Limited is also a director of a company called NLC Group of Companies Limited, previously known as The National Lighting Company Limited, a company incorporated in England and Wales.

At the Balance sheet date Dreamworks Beds Limited owed NLC Group of Companies Limited £468,190 (2022: £468,190).

Oakriver Limited

I Weiler a director of the ultimate parent company Gallery Direct 2013 Limited is also a director of a company called Oakriver Limited, a company incorporated in England and Wales.

At the Balance sheet date Dreamworks Beds Limited owed Oakriver Limited £366,467 (2022: £366,467).

14. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling party is M Maslo by virtue of its shareholding in Gallery 2013 Limited.

The results of Dreamworks Beds Limited are included in the consolidated accounts prepared by it's parent Gallery Direct 2013 Limited for the year ended 31st December 2023 and a copy of the accounts and audit report can be found at Companies House.

15. KEY MANAGEMENT PERSONNEL

M Maslo Director/Chairman
M Last Managing Director/CEO
P Delaney Sales Director
J Hudson Commercial Director
C Aldous Operations Director
N Atkinson Finance Director
P Dodd Group Finance Director

16. GOING CONCERN

During the current year the company undertook a number of actions to restructure its cost base, these actions together with its new product ranges have resulted in a much improved trading result during 2024 and there is an expectation for the company to at least breakeven in 2024 as a whole which is a significant improvement on recent results.

Despite the negative balance sheet, and current position of the company the Shareholders are fully supportive of Dreamworks Beds and on this basis consider the company to be a going concern.