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Registered number: 07532698
The Headboard Workshop Ltd
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07532698
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 210,945 190,149
210,945 190,149
CURRENT ASSETS
Stocks 5 69,564 81,685
Debtors 6 18,239 37,459
Cash at bank and in hand 254,360 297,767
342,163 416,911
Creditors: Amounts Falling Due Within One Year 7 (304,182 ) (342,325 )
NET CURRENT ASSETS (LIABILITIES) 37,981 74,586
TOTAL ASSETS LESS CURRENT LIABILITIES 248,926 264,735
Creditors: Amounts Falling Due After More Than One Year 8 (40,433 ) (62,127 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,240 ) (36,128 )
NET ASSETS 194,253 166,480
CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 64,157 -
Profit and Loss Account 130,094 166,478
SHAREHOLDERS' FUNDS 194,253 166,480
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Euan Kelway-Bamber
Director
21 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Headboard Workshop Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07532698 . The registered office is Unit 10-11, St David's Industrial Estate, Pengam, Blackwood, NP12 3SW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all years presented unless otherwise specified.
2.2. Turnover
Turnover represents the value, net of Value Added Tax and discounts, of goods supplied to customers and work carried out in respect of services provided to customers. 
Turnover from the sale of goods and services is recognised when the significant risks and rewards arising from the ownership of the finished goods have been transferred to the buyer. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight line
Motor Vehicles 25% Reducing balance
Office & Computer Equipment 20% Straight line
Website Not depreciated
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
2.6. Taxation
Tax on profit represents the sum of tax currently payable and tax deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have orignated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. 
Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse based on tax rates and the law enacted or substantively enacted at the balance sheet date. 
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
Sales, marketing and distribution 6 6
Manufacturing 11 10
20 19
4. Tangible Assets
Plant & Machinery Motor Vehicles Office & Computer Equipment Website Total
£ £ £ £ £
Cost or Valuation
As at 1 June 2023 125,882 54,434 36,284 88,508 305,108
Additions 319 - 3,373 47,835 51,527
Disposals - - - (64,500 ) (64,500 )
Revaluation - - - 64,157 64,157
As at 31 May 2024 126,201 54,434 39,657 136,000 356,292
Depreciation
As at 1 June 2023 67,475 13,609 33,875 - 114,959
Provided during the period 18,134 10,206 2,048 - 30,388
As at 31 May 2024 85,609 23,815 35,923 - 145,347
Net Book Value
As at 31 May 2024 40,592 30,619 3,734 136,000 210,945
As at 1 June 2023 58,407 40,825 2,409 88,508 190,149
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 30,619 40,825
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Cost or valuation as at 31 May 2024 represented by:
Plant & Machinery Motor Vehicles Office & Computer Equipment Website Total
£ £ £ £ £
At cost 126,201 54,434 39,657 - 220,292
At valuation - - - 136,000 136,000
126,201 54,434 39,657 136,000 356,292
The e-commerce website is stated at its fair value at the reporting date.  Gains or losses arising from changes in the fair value of the website are included in profit or loss for the period in which they arise.  The website was valued on an open market basis at 31 May 2024 by the directors.
5. Stocks
2024 2023
£ £
Finished goods 69,564 81,685
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,899 18,814
Prepayments and accrued income 7,840 11,030
Other debtors 5,500 7,615
18,239 37,459
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,046 7,605
Trade creditors 89,733 73,702
Bank loans and overdrafts 13,636 14,880
Corporation tax 19,682 17,547
Other taxes and social security 13,111 9,158
VAT 38,202 42,728
Other creditors 121,772 176,705
304,182 342,325
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,783 34,829
Bank loans 13,650 27,298
40,433 62,127
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,046 7,605
Later than one year and not later than five years 26,783 34,829
34,829 42,434
34,829 42,434
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Reserves
Revaluation Reserve
£
Surplus on revaluation 64,157
As at 31 May 2024 64,157
12. Related Party Transactions
The directors, Mr E Kelway-Bamber and Mrs L Kelway-Bamber, are also directors of and shareholders in Turnkey Trading Limited. 
During the year, the company received loans totalling £116,340 (2023: £82,000) from Turnkey Trading Limited and made repayments totalling £22,000 (2023: £17,000) to Turnkey Trading Limited. The company also supplied materials to Turnkey Trading Limited at an arms length cost of £18,500 (2023: £8,000) and received materials from Turnkey Trading Limited at an arms length cost of £Nil (2023: £1,000).  Turnkey Trading Limited paid for motor and travel costs of £109 (2023: £Nil) on behalf of the company.  Website costs of £64,500 (2023: £Nil) were transferred to Turnkey Trading Limited. 
Management charges of £61,000 (2023: £53,350) were charged to Turnkey Trading Limited during the year ended 31 May 2024. 
At the balance sheet date, the company owed £66,859 (2023: £116,410) to Turnkey Trading Limited, and this is shown in other creditors. 
13. Ultimate Controlling Party
The company is controlled by Mr E Kelway-Bamber and Mrs L Kelway-Bamber.
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