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REGISTERED NUMBER: 07882820 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Mansion House Bedding Group Limited

Mansion House Bedding Group Limited (Registered number: 07882820)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Mansion House Bedding Group Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr S D Eccles
Miss E Leach





REGISTERED OFFICE: 6 Whittle Road
Hadleigh Road Industrial Estate
Ipswich
Suffolk
IP2 0UH





REGISTERED NUMBER: 07882820 (England and Wales)





AUDITORS: Cunninghams Statutory Auditors
Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL

Mansion House Bedding Group Limited (Registered number: 07882820)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the group remains the sale of beds and mattresses, along with associated products to the contract, domestic and bespoke markets primarily within the United Kingdom as well as internationally.

Turnover declined year-over-year, with decreased trading across all active sectors, driven by the slowdown in the UK economy in response to rising cost-of-living pressures. The contraction was most notable within retail sales during the reporting period.

Gross profit margins were adversely impacted, primarily due to rising raw material and labour costs, with the increased reliance on outsourced labour exacerbating the effect. The group continues to face challenges in recruiting and retaining a skilled workforce, leading to a reduced headcount during the financial year.

Despite stable overheads relative to the prior financial year, net profit margins declined due to reduced trading volumes. Notably, energy costs increased significantly as a result of new, higher energy prices, while financing costs decreased following the commencement of the phased wind-down of the group's invoice financing facility.

The group continues to invest heavily into new automated machinery and is continuing to look at ways to bring in new machinery to help reduce costs and maximise productivity. A newly completed showroom, finalized early in the financial year, has provided expanded capacity to showcase the company's product range to both contract and retail markets.

The group, in line with broader economic trends, has encountered substantial price increases across goods and services, particularly in energy contracts. While some of these costs have been absorbed, necessary price adjustments have been implemented across the customer base to offset the impact.

Monthly management accounts are prepared and reviewed by the Board, enabling prompt decision-making to address trends in operations, logistics, and resource allocation.

PRINCIPAL RISKS AND UNCERTAINTIES
All risks are monitored on an on-going basis by the directors and improvements/ strategies are implemented as required to mitigate against such risks occurring and minimising their impact. The principle risks and uncertainties are set out below:

Credit Risk

The group mitigates credit risk through comprehensive debtor insurance and the enforcement of strict customer credit terms. Credit insurance has historically been provided through the group's invoice finance provider. However, in the final quarter, the group initiated a transition towards a standalone credit insurance product in line with the winding down of the invoice financing facility.

The credit control processes are rigorously monitored to ensure they evolve in line with the group's growth in both domestic and international markets. As a result, bad debts have remained consistently low despite healthy turnover levels.


Cashflow Risk

The group operates a detailed cash flow forecast and is currently working on growing different sales avenues and areas to keep the cash being generated quickly enabling the business to keep on top of its outgoings and meet future projects, demands and ambitions.

Price Risk

The group is continually working and communicating hard with all its suppliers to reduce the amount of price increases to reduce the effect on the businesses margins as well as minimising any potential price increases for its customers.


Mansion House Bedding Group Limited (Registered number: 07882820)

Group Strategic Report
for the Year Ended 31 March 2024

KEY PERFORMANCE INDICATORS
The groups board of directors use a variety of measures to analyse the performance of the business including gross & net profit margins, current ratios, analysis against prior year accounts and labour cost percentages.

ENVIRONMENT & HEALTH AND SAFETY
The group is committed to supporting the environment and co-operates fully with relevant authorities to ensure that legal obligations are met. The company recycles the majority of its raw materials used in production via a third party and also employs a third party to make sure that we are up-to-date with all the health and safety regulations regarding the businesses workplace and employees.A new fire prevention system has been fitted throughout the factory and the office, alongside a new security system.

ON BEHALF OF THE BOARD:





Mr S D Eccles - Director


30 September 2024

Mansion House Bedding Group Limited (Registered number: 07882820)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
Mr S D Eccles has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

Miss E Leach was appointed as a director after 31 March 2024 but prior to the date of this report.

Mr C Payne ceased to be a director after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cunninghams Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S D Eccles - Director


30 September 2024

Report of the Independent Auditors to the Members of
Mansion House Bedding Group Limited

Opinion
We have audited the financial statements of Mansion House Bedding Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
Mansion House Bedding Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Performing audit work reviewing relevant documentation for any evidence of non-compliance, including health and safety files, invoices/correspondence in respect of legal fees and correspondence with regulatory authorities.

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.

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.

Report of the Independent Auditors to the Members of
Mansion House Bedding Group Limited


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.




Benjamin Lynes (Senior Statutory Auditor)
for and on behalf of Cunninghams Statutory Auditors
Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL

3 October 2024

Mansion House Bedding Group Limited (Registered number: 07882820)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 8,055,683 8,409,200

Cost of sales 4,607,387 4,688,419
GROSS PROFIT 3,448,296 3,720,781

Distribution costs 484,249 517,906
Administrative expenses 3,018,700 3,041,684
3,502,949 3,559,590
OPERATING (LOSS)/PROFIT 4 (54,653 ) 161,191

Interest receivable and similar income 15,464 280
(39,189 ) 161,471

Interest payable and similar expenses 5 7,309 2,936
(LOSS)/PROFIT BEFORE TAXATION (46,498 ) 158,535

Tax on (loss)/profit 6 49,186 74,839
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(95,684

)

83,696

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(95,684

)

83,696

(Loss)/profit attributable to:
Owners of the parent (95,684 ) 83,696

Total comprehensive income attributable to:
Owners of the parent (95,684 ) 83,696

Mansion House Bedding Group Limited (Registered number: 07882820)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,388,735 1,527,608
Tangible assets 9 2,230,989 2,315,257
Investments 10 - -
3,619,724 3,842,865

CURRENT ASSETS
Stocks 11 817,769 742,118
Debtors 12 1,319,474 1,194,375
Cash at bank and in hand 985,995 893,079
3,123,238 2,829,572
CREDITORS
Amounts falling due within one year 13 1,484,962 1,388,111
NET CURRENT ASSETS 1,638,276 1,441,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,258,000

5,284,326

CREDITORS
Amounts falling due after more than one
year

14

(79,982

)

(15,413

)

PROVISIONS FOR LIABILITIES 17 (165,865 ) (161,076 )
NET ASSETS 5,012,153 5,107,837

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Share premium 19 1,479,000 1,479,000
Retained earnings 19 3,532,153 3,627,837
SHAREHOLDERS' FUNDS 5,012,153 5,107,837

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




Mr S D Eccles - Director



Miss E Leach - Director


Mansion House Bedding Group Limited (Registered number: 07882820)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 3,014,905 3,014,905
3,014,905 3,014,905

CURRENT ASSETS
Debtors 12 1,049,416 1,049,416
NET CURRENT ASSETS 1,049,416 1,049,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,064,321

4,064,321

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Share premium 19 1,479,000 1,479,000
Retained earnings 19 2,584,321 2,584,321
SHAREHOLDERS' FUNDS 4,064,321 4,064,321

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




Mr S D Eccles - Director



Miss E Leach - Director


Mansion House Bedding Group Limited (Registered number: 07882820)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 1,000 3,544,141 1,479,000 5,024,141

Changes in equity
Total comprehensive income - 83,696 - 83,696
Balance at 31 March 2023 1,000 3,627,837 1,479,000 5,107,837

Changes in equity
Total comprehensive income - (95,684 ) - (95,684 )
Balance at 31 March 2024 1,000 3,532,153 1,479,000 5,012,153

Mansion House Bedding Group Limited (Registered number: 07882820)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 1,000 2,584,321 1,479,000 4,064,321

Changes in equity
Balance at 31 March 2023 1,000 2,584,321 1,479,000 4,064,321

Changes in equity
Balance at 31 March 2024 1,000 2,584,321 1,479,000 4,064,321

Mansion House Bedding Group Limited (Registered number: 07882820)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 220,628 330,360
Interest element of hire purchase payments
paid

(7,309

)

(2,936

)
Tax paid (19,161 ) (84,735 )
Net cash from operating activities 194,158 242,689

Cash flows from investing activities
Purchase of tangible fixed assets (261,570 ) (502,249 )
Sale of tangible fixed assets 35,000 106,598
Interest received 15,464 280
Net cash from investing activities (211,106 ) (395,371 )

Cash flows from financing activities
New hire purchase in year 182,124 -
Capital repayments in year (72,260 ) (61,430 )
Net cash from financing activities 109,864 (61,430 )

Increase/(decrease) in cash and cash equivalents 92,916 (214,112 )
Cash and cash equivalents at beginning of
year

2

893,079

1,107,191

Cash and cash equivalents at end of year 2 985,995 893,079

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
(Loss)/profit before taxation (46,498 ) 158,535
Depreciation charges 464,757 424,479
Profit on disposal of fixed assets (15,045 ) (3,427 )
Finance costs 7,309 2,936
Finance income (15,464 ) (280 )
395,059 582,243
(Increase)/decrease in stocks (75,651 ) 75,932
(Increase)/decrease in trade and other debtors (125,099 ) 37,396
Increase/(decrease) in trade and other creditors 26,319 (365,211 )
Cash generated from operations 220,628 330,360

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 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 985,995 893,079
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 893,079 1,107,191


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 893,079 92,916 985,995
893,079 92,916 985,995
Debt
Finance leases (46,248 ) (109,864 ) (156,112 )
(46,248 ) (109,864 ) (156,112 )
Total 846,831 (16,948 ) 829,883

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Mansion House Bedding Group 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 General 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
Group goodwill is amortised over its estimated useful life of 20 years.

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

Revenue is recognised when the goods are delivered to the customer.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

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.
Freehold property - 2% on cost
Improvements to property - 20% on cost and 10% on cost
Plant and machinery - 25% on reducing balance, 20% on cost and 20% on reducing balance
Motor vehicles - 33% on cost and 20% on cost
Computer equipment - 33% on cost and 20% on cost

STOCKS
Stocks are stated at the lower of cost and net realisable value. The cost of finished goods and work in progress includes direct labour and an attributable proportion of appropriate production overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.


Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

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.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

INVOICE DISCOUNTING
Where debts are invoice discounted the separate presentation treatment has been adopted. In accordance with this treatment the gross amount of the debts is included within trade debtors with the advances received from invoice discounting being shown as a liability.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,620,512 2,794,902
Social security costs 278,550 303,436
Other pension costs 94,639 111,397
2,993,701 3,209,735

The average number of employees during the year was as follows:
31.3.24 31.3.23

Administration 11 11
Sales 11 10
Manufacture 63 67
85 88

31.3.24 31.3.23
£    £   
Directors' remuneration 394,447 514,123
Directors' pension contributions to money purchase schemes 42,640 44,129

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 262,169 334,659
Pension contributions to money purchase schemes 10,000 10,000

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 248,584 229,837
Depreciation - assets on hire purchase contracts 77,299 55,769
Profit on disposal of fixed assets (15,045 ) (3,427 )
Goodwill amortisation 138,873 138,873
Auditors' remuneration 17,310 16,485

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Hire purchase 7,309 2,936

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 44,397 19,160

Deferred tax:
Timing differences 4,789 55,679
Tax on (loss)/profit 49,186 74,839

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
(Loss)/profit before tax (46,498 ) 158,535
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(11,625

)

30,122

Effects of:
Expenses not deductible for tax purposes 341 250
Depreciation in excess of capital allowances - 5,554
contributions
Group goodwill amortisation not deductible 34,718 26,386
Enhanced expenditure - (26,130 )
Change in tax rate - 38,657
Depreciation of assets not allowable for tax 25,752 -
Total tax charge 49,186 74,839

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 2,777,465
AMORTISATION
At 1 April 2023 1,249,857
Amortisation for year 138,873
At 31 March 2024 1,388,730
NET BOOK VALUE
At 31 March 2024 1,388,735
At 31 March 2023 1,527,608

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 1,289,981 1,097,021 1,100,355
Additions - - 5,950
Disposals - - -
At 31 March 2024 1,289,981 1,097,021 1,106,305
DEPRECIATION
At 1 April 2023 132,438 593,587 653,684
Charge for year 18,060 85,743 89,930
Eliminated on disposal - - -
At 31 March 2024 150,498 679,330 743,614
NET BOOK VALUE
At 31 March 2024 1,139,483 417,691 362,691
At 31 March 2023 1,157,543 503,434 446,671

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 721,902 59,182 4,268,441
Additions 242,845 12,775 261,570
Disposals (199,555 ) - (199,555 )
At 31 March 2024 765,192 71,957 4,330,456
DEPRECIATION
At 1 April 2023 527,438 46,037 1,953,184
Charge for year 121,415 10,735 325,883
Eliminated on disposal (179,600 ) - (179,600 )
At 31 March 2024 469,253 56,772 2,099,467
NET BOOK VALUE
At 31 March 2024 295,939 15,185 2,230,989
At 31 March 2023 194,464 13,145 2,315,257

Included in cost of land and buildings is freehold land of £386,994 (2023 - £386,994) which is not depreciated.

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 102,755
Additions 202,265
At 31 March 2024 305,020
DEPRECIATION
At 1 April 2023 48,809
Charge for year 77,299
At 31 March 2024 126,108
NET BOOK VALUE
At 31 March 2024 178,912
At 31 March 2023 53,946

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 3,014,905
NET BOOK VALUE
At 31 March 2024 3,014,905
At 31 March 2023 3,014,905

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Mansion House Holdings Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,813,461 1,813,461

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS - continued

Mansion House Property Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Rental properties
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 90,069 108,128
Loss for the year (18,059 ) (18,059 )

Mansion House Bedding Company Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Bedding manufacturer
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 2,483,932 2,422,685
Profit for the year 61,247 240,627

The Old English Bed Company Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 2 2

Glanmar Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1 1

Beds Direct 2U Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1 1

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS - continued

J Mattison Limited
Registered office: 6 Whittle Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1 1


11. STOCKS

Group
31.3.24 31.3.23
£    £   
Consumables 948 5,962
Raw materials 695,511 601,385
Finished goods 121,310 134,771
817,769 742,118

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 783,154 959,673 - -
Amounts owed by group undertakings - - 1,049,416 1,049,416
Other debtors 412,149 90,409 - -
Accrued income 10,660 14,890 - -
Prepayments 113,511 129,403 - -
1,319,474 1,194,375 1,049,416 1,049,416

Trade debtors are discounted with limited recourse.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 15) 76,130 30,835
Trade creditors 532,761 548,460
Tax 44,397 19,160
Social security and other taxes 80,927 80,380
VAT 222,550 204,949
Other creditors 331,590 253,725
Accruals and deferred income 196,607 250,602
1,484,962 1,388,111

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 15) 79,982 15,413

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 76,130 30,835
Between one and five years 79,982 15,413
156,112 46,248

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 23,983 25,449
Between one and five years 29,196 9,892
53,179 35,341

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts 156,112 46,248

The company's banking facilities are secured by charge on the assets of the company. The hire purchase liabilities are secured on the underlying assets.

17. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 165,865 161,076

Mansion House Bedding Group Limited (Registered number: 07882820)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2023 161,076
Accelerated capital allowances 4,685
Movement in accrued pensions 104
Change in tax rate
Balance at 31 March 2024 165,865

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 3,627,837 1,479,000 5,106,837
Deficit for the year (95,684 ) (95,684 )
At 31 March 2024 3,532,153 1,479,000 5,011,153

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 2,584,321 1,479,000 4,063,321
Profit for the year - -
At 31 March 2024 2,584,321 1,479,000 4,063,321


20. PENSION COMMITMENTS

The group has commitments to defined contribution pension schemes of £12,874 (2023: £20,170) at the year end.

21. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 503,137 (2023 - £ 722,060 ) was paid.

22. INVENTORIES RECOGNISED AS AN EXPENSE

During the year, total inventories recognised as an expense amounted to £3,185,951 (2023: £3,322,287).