L J & S J Sleep Builders Ltd 09020618 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of general building services. Digita Accounts Production Advanced 6.30.9574.0 true true 09020618 2023-04-01 2024-03-31 09020618 2024-03-31 09020618 core:FinanceLeases core:CurrentFinancialInstruments 2024-03-31 09020618 core:FinanceLeases core:Non-currentFinancialInstruments 2024-03-31 09020618 core:CurrentFinancialInstruments 2024-03-31 09020618 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09020618 core:Non-currentFinancialInstruments 2024-03-31 09020618 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09020618 core:FurnitureFittings 2024-03-31 09020618 core:MotorVehicles 2024-03-31 09020618 core:OfficeEquipment 2024-03-31 09020618 core:PlantMachinery 2024-03-31 09020618 1 2024-03-31 09020618 bus:SmallEntities 2023-04-01 2024-03-31 09020618 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09020618 bus:FilletedAccounts 2023-04-01 2024-03-31 09020618 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09020618 bus:RegisteredOffice 2023-04-01 2024-03-31 09020618 bus:Director1 2023-04-01 2024-03-31 09020618 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09020618 core:Buildings 2023-04-01 2024-03-31 09020618 core:FurnitureFittings 2023-04-01 2024-03-31 09020618 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09020618 core:MotorVehicles 2023-04-01 2024-03-31 09020618 core:OfficeEquipment 2023-04-01 2024-03-31 09020618 core:PlantMachinery 2023-04-01 2024-03-31 09020618 core:Vehicles 2023-04-01 2024-03-31 09020618 countries:EnglandWales 2023-04-01 2024-03-31 09020618 1 2023-04-01 2024-03-31 09020618 2023-03-31 09020618 core:FurnitureFittings 2023-03-31 09020618 core:MotorVehicles 2023-03-31 09020618 core:OfficeEquipment 2023-03-31 09020618 core:PlantMachinery 2023-03-31 09020618 1 2023-03-31 09020618 2022-04-01 2023-03-31 09020618 2023-03-31 09020618 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 09020618 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 09020618 core:CurrentFinancialInstruments 2023-03-31 09020618 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09020618 core:Non-currentFinancialInstruments 2023-03-31 09020618 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09020618 core:FurnitureFittings 2023-03-31 09020618 core:MotorVehicles 2023-03-31 09020618 core:OfficeEquipment 2023-03-31 09020618 core:PlantMachinery 2023-03-31 09020618 1 2023-03-31 09020618 1 2022-04-01 2023-03-31 09020618 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09020618

L J & S J Sleep Builders Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

L J & S J Sleep Builders Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

L J & S J Sleep Builders Ltd

(Registration number: 09020618)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,771

25,322

Current assets

 

Stocks

5

600

600

Debtors

6

1,730

1,463

Cash at bank and in hand

 

8,825

13,785

 

11,155

15,848

Creditors: Amounts falling due within one year

7

(25,819)

(29,206)

Net current liabilities

 

(14,664)

(13,358)

Total assets less current liabilities

 

21,107

11,964

Creditors: Amounts falling due after more than one year

7

(9,977)

(8,722)

Provisions for liabilities

(3,119)

(1,234)

Net assets

 

8,011

2,008

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

7,911

1,908

Shareholders' funds

 

8,011

2,008

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

L J & S J Sleep Builders Ltd

(Registration number: 09020618)
Statement of Financial Position as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 


Mr L J Sleep
Director

 

L J & S J Sleep Builders Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hendra Down
South Petherwin
Launceston
Cornwall
PL15 7LE

Principal activity

The principal activity of the company is that of general building services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Plant and machinery

20% reducing balance

Motor vehicles

10% reducing balance

Shed

10% straight line

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,576

617

4,750

38,753

45,696

Additions

-

202

1,202

13,199

14,603

Disposals

-

(125)

-

-

(125)

At 31 March 2024

1,576

694

5,952

51,952

60,174

Depreciation

At 1 April 2023

641

617

475

18,641

20,374

Charge for the year

187

40

596

3,331

4,154

Eliminated on disposal

-

(125)

-

-

(125)

At 31 March 2024

828

532

1,071

21,972

24,403

Carrying amount

At 31 March 2024

748

162

4,881

29,980

35,771

At 31 March 2023

935

-

4,275

20,112

25,322

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

600

600

6

Debtors

2024
£

2023
£

Other debtors

-

79

Prepayments

1,730

1,384

1,730

1,463

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,606

15,155

Taxation and social security

 

1,320

432

Accruals and deferred income

 

1,525

1,578

Other creditors

 

13,368

12,041

 

25,819

29,206

Creditors include hire purchase contracts which are secured of £2,613 (2023 - £3,483).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

9,977

8,722

Creditors include hire purchase contracts which are secured of £5,226 (2023 - £Nil).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

L J & S J Sleep Builders Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,751

8,722

Finance lease liabilities

5,226

-

9,977

8,722

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,973

3,874

Bank overdrafts

3,020

7,798

Finance lease liabilities

2,613

3,483

9,606

15,155

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

(11,832)

1,633

(3,032)

(13,231)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Directors

(971)

1,070

(11,931)

(11,832)