The Cornish Bed Company Limited 09412994 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is bed manufacture and sales. Digita Accounts Production Advanced 6.30.9574.0 true true 09412994 2023-02-01 2024-01-31 09412994 2024-01-31 09412994 core:RetainedEarningsAccumulatedLosses 2024-01-31 09412994 core:ShareCapital 2024-01-31 09412994 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09412994 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09412994 core:Goodwill 2024-01-31 09412994 core:FurnitureFittingsToolsEquipment 2024-01-31 09412994 core:MotorVehicles 2024-01-31 09412994 core:OtherPropertyPlantEquipment 2024-01-31 09412994 bus:SmallEntities 2023-02-01 2024-01-31 09412994 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09412994 bus:FilletedAccounts 2023-02-01 2024-01-31 09412994 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09412994 bus:RegisteredOffice 2023-02-01 2024-01-31 09412994 bus:Director1 2023-02-01 2024-01-31 09412994 bus:Director2 2023-02-01 2024-01-31 09412994 bus:Director3 2023-02-01 2024-01-31 09412994 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09412994 core:Goodwill 2023-02-01 2024-01-31 09412994 core:ComputerEquipment 2023-02-01 2024-01-31 09412994 core:FurnitureFittings 2023-02-01 2024-01-31 09412994 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09412994 core:MotorVehicles 2023-02-01 2024-01-31 09412994 core:OfficeEquipment 2023-02-01 2024-01-31 09412994 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 09412994 countries:EnglandWales 2023-02-01 2024-01-31 09412994 2023-01-31 09412994 core:Goodwill 2023-01-31 09412994 core:FurnitureFittingsToolsEquipment 2023-01-31 09412994 core:MotorVehicles 2023-01-31 09412994 core:OtherPropertyPlantEquipment 2023-01-31 09412994 2022-02-01 2023-01-31 09412994 2023-01-31 09412994 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09412994 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09412994 core:FurnitureFittingsToolsEquipment 2023-01-31 09412994 core:MotorVehicles 2023-01-31 09412994 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 09412994

The Cornish Bed Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

The Cornish Bed Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Cornish Bed Company Limited

Company Information

Directors

MWH Tremlett

G Smith

PRG Tindall

Registered office

Woodbury House Green Lane
Exton
Exeter
Devon
EX3 0PE

Accountants

M J Smith & Co Ltd
Chartered Accountants
11 Yeo Business Park
Axehayes Farm
Clyst St. Mary
Exeter
Devon
EX5 1DP

 

The Cornish Bed Company Limited

(Registration number: 09412994)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

7

17,372

20,212

Current assets

 

stocks

8

115,472

127,201

Debtors

9

10,325

24,667

Cash at bank and in hand

 

187,291

175,901

 

313,088

327,769

Creditors: Amounts falling due within one year

10

(143,048)

(138,169)

Net current assets

 

170,040

189,600

Total assets less current liabilities

 

187,412

209,812

Creditors: Amounts falling due after more than one year

10

(68,765)

(68,765)

Net assets

 

118,647

141,047

capital and reserves

 

Called up share capital

2

2

Profit and loss account

118,645

141,045

Total equity

 

118,647

141,047

For the financial year ending 31 January 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

 

The Cornish Bed Company Limited

(Registration number: 09412994)
Balance Sheet as at 31 January 2024

.........................................
PRG Tindall
Director

 

The Cornish Bed Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Woodbury House Green Lane
Exton
Exeter
Devon
EX3 0PE
England

These financial statements were authorised for issue by the Board on 31 October 2024.

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.

Going concern

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

Revenue recognition

Turnover comprises 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 activities. Turnover is shown net of sales/value added tax, returns, 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 current 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.

 

The Cornish Bed Company Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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

Equipment

20% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Motor vehicles

25% reducing balaance basis

Computer equipment and website

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Cornish Bed Company Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

4

Loss before tax

Arrived at after charging/(crediting)

 

The Cornish Bed Company Limited

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

2024
£

2023
£

Depreciation expense

5,288

6,314

5

Taxation on profits on ordinary activities

Note

2024
£

2023
 £

Tax reconciliation

 

UK corporation tax

 

-

(2,635)

 

The Cornish Bed Company Limited

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

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

(1)

(1)

At 31 January 2024

(1)

(1)

Amortisation

At 1 February 2023

(1)

(1)

At 31 January 2024

(1)

(1)

Carrying amount

At 31 January 2024

-

-

7

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 February 2023

8,342

29,885

30,329

68,556

Additions

-

-

2,448

2,448

At 31 January 2024

8,342

29,885

32,777

71,004

Depreciation

At 1 February 2023

5,780

17,277

25,287

48,344

Charge for the year

638

3,152

1,498

5,288

At 31 January 2024

6,418

20,429

26,785

53,632

Carrying amount

At 31 January 2024

1,924

9,456

5,992

17,372

At 31 January 2023

2,562

12,608

5,042

20,212

8

Stocks

2024
£

2023
£

Other inventories

115,472

127,201

 

The Cornish Bed Company Limited

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

9

Debtors

Current

2024
£

2023
£

Trade debtors

(2)

14,262

Prepayments

7,692

7,770

Other debtors

2,635

2,635

 

10,325

24,667

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

trade creditors

114,170

103,897

Taxation and social security

24,466

31,059

Accruals and deferred income

2,742

2,791

Director's current account

1,670

422

143,048

138,169

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

68,765

68,765