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Registration number: 05526410

Bed 14 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Bed 14 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bed 14 Ltd

Company Information

Director

D J Fletcher

Company secretary

S Cobby

Registered office

14 Newland Avenue
Hull
East Yorkshire
HU5 3AF

Bankers

Natwest
Hull (Cottingham Rd) Branch
4 Cottingham Road
Hull
East Yorkshire
HU6 7RE

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Bed 14 Ltd

(Registration number: 05526410)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,026

2,170

Current assets

 

Stocks

5

8,298

8,935

Debtors

6

3,117

1,140

Cash at bank and in hand

 

24,428

24,191

 

35,843

34,266

Creditors: Amounts falling due within one year

7

(24,899)

(14,142)

Net current assets

 

10,944

20,124

Total assets less current liabilities

 

12,970

22,294

Creditors: Amounts falling due after more than one year

7

(11,369)

(21,594)

Provisions for liabilities

(385)

(412)

Net assets

 

1,216

288

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,215

287

Shareholders' funds

 

1,216

288

For the financial 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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2024
 

 

Bed 14 Ltd

(Registration number: 05526410)
Balance Sheet as at 30 September 2024

.........................................
D J Fletcher
Director

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
14 Newland Avenue
Hull
East Yorkshire
HU5 3AF
United Kingdom

These financial statements were authorised for issue by the director on 7 November 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.

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises deferred 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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

Reducing balance at 20%

Furniture and fittings

Reducing balance at 20%

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.

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

6,418

5,064

11,482

Additions

532

-

532

At 30 September 2024

6,950

5,064

12,014

Depreciation

At 1 October 2023

4,963

4,350

9,313

Charge for the year

497

178

675

At 30 September 2024

5,460

4,528

9,988

Carrying amount

At 30 September 2024

1,490

536

2,026

At 30 September 2023

1,456

714

2,170

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

stocks

2024
£

2023
£

Other inventories

8,298

8,935

6

Debtors

Current

2024
£

2023
£

Prepayments

3,117

1,140

 

3,117

1,140

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,225

9,973

Trade creditors

 

4,759

158

Taxation and social security

 

5,263

1,800

Accruals and deferred income

 

4,150

1,600

Other creditors

 

502

611

 

24,899

14,142

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,369

21,594

 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,369

21,594

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,225

9,973

Bank borrowings

Natwest Bounce Back loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 October 2026. The carrying amount at year end is £21,593 (2023 - £31,567).

Unsecured commercial loan under the Bounce Back Loan Scheme.

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £2,500.00 per each Ordinary £1

2,500

2,500

 

 
 

Bed 14 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

D J Fletcher

Directors Loan Account

(611)

2,723

(2,500)

(388)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

D J Fletcher

Directors Loan Account

(132)

2,021

(2,500)

(611)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570

Dividends paid to the director

2024
£

2023
£

D J Fletcher

Ordinary £1

2,500

2,500