Silverfin false 31/03/2024 01/04/2023 31/03/2024 David Garley 09/06/2021 LB Sleep Limited 01/02/2023 06 October 2024 OC437823 2024-03-31 OC437823 bus:Director1 2024-03-31 OC437823 bus:Director2 2024-03-31 OC437823 2023-03-31 OC437823 core:CurrentFinancialInstruments 2024-03-31 OC437823 core:CurrentFinancialInstruments 2023-03-31 OC437823 2023-04-01 2024-03-31 OC437823 bus:FullAccounts 2023-04-01 2024-03-31 OC437823 bus:SmallEntities 2023-04-01 2024-03-31 OC437823 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC437823 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC437823 bus:Director1 2023-04-01 2024-03-31 OC437823 bus:Director2 2023-04-01 2024-03-31 OC437823 2022-04-01 2023-03-31 OC437823 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC437823 (England and Wales)

THE BETTER SLEEP CLINIC LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE BETTER SLEEP CLINIC LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE BETTER SLEEP CLINIC LLP

BALANCE SHEET

As at 31 March 2024
THE BETTER SLEEP CLINIC LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Stocks 7,056 0
Debtors 3 25,059 2,262
Cash at bank and in hand 33,485 30,861
65,600 33,123
Creditors: amounts falling due within one year 4 ( 10,005) ( 7,724)
Net current assets 55,595 25,399
Total assets less current liabilities 55,595 25,399
Net assets attributable to members 55,595 25,399
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 15,615 336
Other amounts 29,980 15,063
45,595 15,399
Members' other interests
Members' capital classified as equity 10,000 10,000
10,000 10,000
55,595 25,399
Total members' interests
Loans and other debts due to members 45,595 15,399
Members' other interests 10,000 10,000
55,595 25,399

For the financial year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of The Better Sleep Clinic LLP (registered number: OC437823) were approved and authorised for issue by the Board of Directors on 06 October 2024. They were signed on its behalf by:

David Garley
Designated member
LB Sleep Limited
Designated member
THE BETTER SLEEP CLINIC LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE BETTER SLEEP CLINIC LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Better Sleep Clinic LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 5th Floor 25 King Street, Bristol, BS1 4PB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 1 2

3. Debtors

2024 2023
£ £
Trade debtors 3,891 2,262
Other debtors 21,168 0
25,059 2,262

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,128 6,284
Other taxation and social security 849 0
Other creditors 4,028 1,440
10,005 7,724

There are no amounts included above in respect of which any security has been given by the small entity.

Capital loans and other debts due to members rank behind creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.