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28 October 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
37,970
37,970
19,461
19,461
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xbrli:shares
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10105739
2023-01-01
2023-12-31
10105739
2023-12-31
10105739
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10105739
2022-12-31
10105739
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10105739
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COMPANY REGISTRATION NUMBER:
10105739
Casper Sleep (UK) Limited |
|
Filleted Financial Statements |
|
Casper Sleep (UK) Limited |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year were as follows:
Peter Herpich |
|
David Gosling |
|
Emilie Arel |
|
|
|
Other matters
On 21 April 2020, The Company announced the wind-down of its European operations, which is expected to be largely completed by the end of 2020.
The cost associated with the Company's winddown of its European operations is still being assessed.
The effect of COVID-19 impacted the Company in a significant manner which included store closures and a furlough of retail employees.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report 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). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
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
28 October 2024
and signed on behalf of the board by:
Registered office: |
5 New Street Square |
London |
United Kingdom |
EC4A 3TW |
|
Casper Sleep (UK) Limited |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
6 |
4,276,517 |
4,434,935 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
– |
9,029,333 |
|
------------ |
------------ |
Net current assets/(liabilities) |
4,276,517 |
(
4,594,398) |
|
------------ |
------------ |
Total assets less current liabilities |
4,276,517 |
(
4,594,398) |
|
|
|
|
Provisions |
4,276,517 |
4,276,517 |
|
------------ |
------------ |
Net liabilities |
– |
(
8,870,915) |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
1,000 |
1,000 |
Capital contribution reserve |
8,297,473 |
8,297,473 |
Profit and loss account |
(
8,298,473) |
(
17,169,388) |
|
------------ |
------------- |
Shareholders deficit |
– |
(
8,870,915) |
|
------------ |
------------- |
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 October 2024
, and are signed on behalf of the board by:
Company registration number:
10105739
Casper Sleep (UK) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 New Street Square, London, EC4A 3TW, United Kingdom.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant and machinery |
- |
5% straight line |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
|
Patents, trademarks and licences |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
37,970 |
|
-------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
37,970 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
-------- |
At 31 December 2022 |
– |
|
-------- |
|
|
5.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
19,461 |
|
-------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
19,461 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
-------- |
At 31 December 2022 |
– |
|
-------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
31,055 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
27,559 |
Other debtors |
4,276,517 |
4,376,321 |
|
------------ |
------------ |
|
4,276,517 |
4,434,935 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
9,509 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
8,813,370 |
Social security and other taxes |
– |
97,910 |
Other creditors |
– |
108,544 |
|
---- |
------------ |
|
– |
9,029,333 |
|
---- |
------------ |
|
|
|
8.
Summary audit opinion
The auditor's report dated
28 October 2024
was
unqualified
.
The senior statutory auditor was
P Smulovitch
, for and on behalf of
GK & Co. LLP
.
9.
Controlling party
The immediate parent company of
Casper Sleep (UK) Limited
is Casper Sleep Limited. The parent undertaking is Casper Sleep Inc. The registered address of Casper Sleep Inc. is 3 World Trade Center, 175 Greenwich Street, 39th Floor, New York, United States.