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COMPANY REGISTRATION NUMBER: 05576229
THE BED & MATTRESS CENTRE LIMITED
Unaudited Financial Statements
30 September 2024
THE BED & MATTRESS CENTRE LIMITED
Financial Statements
Year ended 30 September 2024
Contents
Pages
Directors' report
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5 to 8
THE BED & MATTRESS CENTRE LIMITED
Directors' Report
Year ended 30 September 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
D Hodson
S Hodson
D Russell
M Broom
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 October 2024 and signed on behalf of the board by:
D Russell
M Broom
Director
Director
Registered office:
A27 West Bound
Chichester Bypass
Stockbridge
Chichester
West Sussex
PO19 8FH
Company registration number: 05576229
THE BED & MATTRESS CENTRE LIMITED
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of THE BED & MATTRESS CENTRE LIMITED
Year ended 30 September 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
BRADSHAW GOLD LTD Accountants
42 Kenilworth Drive Milton Keynes MK3 6AQ
25 October 2024
THE BED & MATTRESS CENTRE LIMITED
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
957,187
917,324
Cost of sales
482,877
479,815
---------
---------
Gross profit
474,310
437,509
Administrative expenses
220,995
205,889
---------
---------
Operating profit
253,315
231,620
Other interest receivable and similar income
1,640
1,036
---------
---------
Profit before taxation
5
254,955
232,656
Tax on profit
64,369
52,298
---------
---------
Profit for the financial year and total comprehensive income
190,586
180,358
---------
---------
Dividends paid and payable
( 160,000)
( 300,000)
Retained earnings at the start of the year
28,913
148,555
---------
---------
Retained earnings at the end of the year
59,499
28,913
---------
---------
All the activities of the company are from continuing operations.
THE BED & MATTRESS CENTRE LIMITED
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
10,422
12,942
Current assets
Stocks
29,333
31,809
Debtors
7
29,139
25,155
Cash at bank and in hand
116,824
189,558
---------
---------
175,296
246,522
Creditors: amounts falling due within one year
8
125,919
230,251
---------
---------
Net current assets
49,377
16,271
--------
--------
Total assets less current liabilities
59,799
29,213
--------
--------
Net assets
59,799
29,213
--------
--------
Capital and reserves
Called up share capital
300
300
Profit and loss account
59,499
28,913
--------
--------
Shareholders funds
59,799
29,213
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
D Hodson
Director
THE BED & MATTRESS CENTRE LIMITED
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A27 West Bound, Chichester Bypass, Stockbridge, Chichester, West Sussex, PO19 8FH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Lease
-
Over 20 years
Storage Units
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Vans
-
25% reducing balance
Office equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
2,520
5,359
-------
-------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023 and 30 Sep 2024
8,381
6,170
6,898
21,495
5,576
48,520
-------
-------
-------
--------
-------
--------
Depreciation
At 1 Oct 2023
8,381
5,782
6,506
9,908
5,001
35,578
Charge for the year
58
59
2,317
86
2,520
-------
-------
-------
--------
-------
--------
At 30 Sep 2024
8,381
5,840
6,565
12,225
5,087
38,098
-------
-------
-------
--------
-------
--------
Carrying amount
At 30 Sep 2024
330
333
9,270
489
10,422
-------
-------
-------
--------
-------
--------
At 30 Sep 2023
388
392
11,587
575
12,942
-------
-------
-------
--------
-------
--------
7. Debtors
2024
2023
£
£
Amounts due from customers
13,514
9,530
Prepayments and accrued income
15,625
15,625
--------
--------
29,139
25,155
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,361
32,955
Accruals and deferred income
4,234
4,113
Corporation tax
64,369
52,286
Social security and other taxes
24,218
20,400
Director loan accounts
737
120,497
---------
---------
125,919
230,251
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D Hodson
( 40,165)
39,920
( 245)
D Russell
( 40,165)
39,920
( 245)
M Broom
( 40,167)
39,920
( 247)
---------
---------
----
----
( 120,497)
119,760
( 737)
---------
---------
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D Hodson
( 85)
( 40,080)
( 40,165)
D Russell
( 85)
( 40,080)
( 40,165)
M Broom
( 87)
( 40,080)
( 40,167)
----
----
---------
---------
( 257)
( 120,240)
( 120,497)
----
----
---------
---------