Registered number
01678444
Sleepcraft Limited
Filleted Accounts
31 December 2023
Sleepcraft Limited
Registered number: 01678444
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,209,882 1,157,255
Current assets
Debtors 4 19,146 158,802
Cash at bank and in hand 42,466 16,944
61,612 175,746
Creditors: amounts falling due within one year 5 (60,645) (66,904)
Net current assets 967 108,842
Total assets less current liabilities 1,210,849 1,266,097
Provisions for liabilities (58,118) (58,118)
Net assets 1,152,731 1,207,979
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 168,419 168,419
Profit and loss account 984,212 1,039,460
Shareholders' funds 1,152,731 1,207,979
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D S Curry
Director
Approved by the board on 28 October 2024
Sleepcraft Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - 7
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 1,157,255
Additions 52,627
At 31 December 2023 1,209,882
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 1,209,882
At 31 December 2022 1,157,255
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,133,595 1,133,595
Cumulative depreciation based on historical cost - -
1,133,595 1,133,595
4 Debtors 2023 2022
£ £
Trade debtors 11,000 10,225
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,064 145,735
Other debtors 2,082 2,842
19,146 158,802
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,890 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,831 8
Taxation and social security costs 34,762 30,757
Other creditors 14,141 36,139
60,645 66,904
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 433,503 433,503
Secured bank loans 650,308 650,308
The loan is secured by mortgage charge over the company's freehold properties
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 168,419 586,032
Loss on revaluation of land and buildings - (417,613)
At 31 December 2023 168,419 168,419
8 Related party transactions
The company leases premises owned by a company to another company which is 100% owned by two of the directors. No rent is charged in respect of these premises.
9 Controlling party
The company is controlled by its directors who are the shareholders and directors of Purity Holdings Limited (Company Number 04375990) which owns 100% of the issued share capital.
10 Other information
Sleepcraft Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Brook Lane
Brook Lane Industrial Estate
Westbury
Wiltshire
BA13 4EP
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