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REGISTERED NUMBER: 03554243 (England and Wales)







Strategic Report, Report of the Directors and

Financial Statements

for the Period

1 September 2023 to 30 April 2024

for

Sweetdreams Limited

Sweetdreams Limited (Registered number: 03554243)






Contents of the Financial Statements
for the Period 1 September 2023 to 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 19


Sweetdreams Limited

Company Information
for the Period 1 September 2023 to 30 April 2024







DIRECTORS: P R Bright
N A Keogh
D S Mackley
A C Newton
M J Stephenson



SECRETARY: C Houghton



REGISTERED OFFICE: 8 Tuscam Way
Camberley
Surrey
GU15 3YY



BUSINESS ADDRESS: Unit 1, Solingen House
Jubilee Ind Estate
Ashington
Northumberland
NE63 8UJ



REGISTERED NUMBER: 03554243 (England and Wales)



SENIOR STATUTORY AUDITOR: Yvonne Miles FCCA



AUDITORS: PKB Accountants Limited
Chartered Certified Accountants
Statutory Auditor
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW

Sweetdreams Limited (Registered number: 03554243)

Strategic Report
for the Period 1 September 2023 to 30 April 2024

The directors present their strategic report for the period 1 September 2023 to 30 April 2024.

REVIEW OF BUSINESS
The business model
Sweetdreams is a manufacturer of confectionery products sourced from other primary food manufacturers. SugaRich Group acquired the Sweetdreams business on 3rd January 2024. Sweetdreams is positioned as the leading repurposer of primary food manufacturers materials into confectionery products.

Key Performance Indicators
" Annual Revenue has reduced by 8% in the 8 month period to 30th April 2024 to £2,019m (2023 £3,301m)
" Operating Losses are £113,970 in the 8 month period to 30th April 2024 following a profit of £209,788 in the year to 31st August 2023.

Sweetdream have moved premises to a new facility to enable the company to grow in line with the forecast projections. As a result a P&L charge of £69,405 is recognised in the P&L in relation to an impairment on the assets of Sweetdreams. This is included in the figures above.

The business is currently trading profitably, and turnover is considerably ahead of 2024 levels.

The Finance Director and his team monitor the cash position on a daily basis and provide regular reports to the board focusing on key performance indicators of the business including the overall level of debt, working capital requirements, cash position and trends, debtors and creditors days, waste levels and waste costs, stock levels and sales levels.

Another Key indicator is the level of bad debts, which remains very low. Sweetdreams credit check every customer annually and allocate different levels accordingly, and hold credit insurance for extra protection.

Future developments & strategy
Sweetdreams is expecting an increase in turnover in the year to 30th April 2025. Since acquisition, Sweetdreams are in discussions with a number of the existing groups suppliers with a view to commence supply into the business. The commercial team have very clear targets in respect of the materials required that will be needed to meet the objectives. The conversion of these targets though is likely to take time to feed into the financial results of the business.

The business has recruited additional staff to deliver the expected growth.

The business will continue to focus on its core competence, providing the highest possible level of service to its food factory customers, and manufacturing a high quality but affordable range of confectionery products for the FMCG sector.


Sweetdreams Limited (Registered number: 03554243)

Strategic Report
for the Period 1 September 2023 to 30 April 2024

PRINCIPAL RISKS AND UNCERTAINTIES
RISK MANAGEMENT APPROACH
The company takes opportunities and risks to enable it to realise its strategic, operational and financial objectives. The company understands the importance of properly functioning internal risk management and control systems in identifying and managing risks. Risk management is actively monitored and steps taken to increase risk awareness throughout the organisation. Key personnel are designated to implement controls and other various measures.

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses various financial instruments including cash and other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to provide finance for all of the company's operations. This exposes the company to a number of financial risks as described below:

Price Risk
The company enters into price fixings for materials, but manages any pricing risk by ensuring all costs are agreed back to back therefore minimising any price risk.

Most fixings are created monthly and reviewed by management, and significant material fixings will be referred to the board to ensure proper scrutiny has been placed on the account.

Credit Risk
When appropriate, relevant credit checks are performed on potential customers services are agreed. The amount of exposure to any individual customer or service provider is controlled by means of a credit limit that is monitored regularly by management and in the case of a financially material value, by the Finance Director.

Liquidity Risk
Sweetdreams uses a number of different short and medium term financing in order to maintain liquidity. This is managed to ensure the business always has sufficient funds to meet its ongoing liabilities and working capital needs, as well as planned capital expenditure and expansion capital. The debt is monitored and reviewed monthly by the Finance Director.

Interest Rate Risk
The business has finance on variable interest rates on its banking and finance facilities. The risk is monitored and reviewed by the Directors at group level. The Directors keep under regular review current market rates and anticipated future market trends, and discuss this regularly at board meetings. The risk is assessed as low currently, due to the relatively low nature of the debt involved.

Health and Safety
The business has a strong and proactive compliance regime, with all accidents and incidents reported to board level and reviewed for any remedial actions. The businesses stated aim is to continue to improve health & safety and working environments for its entire staff.

Standards
The businesses internal focus is to drive up standards in all areas, including in engineering, production, logistics, health & safety, compliance and QA, employee & stakeholder engagement.


Sweetdreams Limited (Registered number: 03554243)

Strategic Report
for the Period 1 September 2023 to 30 April 2024

SECTION 172(1) STATEMENT
Engaging with our stakeholders
Section 172 of the Companies Act 2006 ("the act") requires Directors to take into consideration the interests of stakeholders in their decision-making. A Director of a company must act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, taking into account the factors as listed in section 172 of the Company Act 2006. The short form statement should be read in conjunction with the longer strategic report.

Sweetdreams Limited is a wholly owned subsidiary of SugaRich Limited, engagement with our shareholders and wider stakeholder groups plays a vital role throughout the SugaRich business.

Stakeholders and engagement
As part of the identification of key stakeholders, the directors have identified the following stakeholder groups with whom engagement is fundamental to the Company's ongoing success:
" Employees
" Suppliers
" Customers
" Communities and Environment
" Governments
" Shareholders

Employees
The company employs 32 people. Our people are central to the Company's success and employee engagement is crucial to embedding the Company culture and values, and to helping our people see how their efforts contribute to their Company's strategic objectives. Key issues include, health and safety, diversity and inclusion and engagement and development. During the year, the Company undertook regular surveys, a regular newsletter with quality content, and provided an updated intranet and continued internal communications. A yearly management meeting is held for all the senior managers in the business.

Suppliers
We use a wide variety of suppliers with many complex supply chains. Our supplier code of conduct sets out the values and standards on which we seek to build and maintain relationships, including commitments on ethical, environmental and other relevant matters including on key issues such as payment practices, responsible sourcing, supply chain sustainability, human rights and modern slavery. Most conversations are maintained on a face to face basis, and reported back into the board at regular meetings.

Customers
As well as providing a product that is great value for money. The company engages with its customers on a daily basis mostly by phone or face to face meetings, ensuring their feedback is properly considered. The Board is regularly updated by each business division on key customers and key issues impacting customers and consumers.
Communities and Environment

Supporting our local community is an important part of the Company's approach to spread our values and mission. The Company has an energy reduction initiative and is committed to seeking sustainable solutions to environmental challenges and adapting our operations to respond to changes in the natural environment.

To achieve these goals the Company is always looking for ways to reduce energy use, reduce greenhouse gas emissions, manage waste, improve water management, and push waste up the waste hierarchy.

Sweetdreams Limited (Registered number: 03554243)

Strategic Report
for the Period 1 September 2023 to 30 April 2024


Governments
The Company can be impacted by changes in laws and public policy, and to ensure that the company is represented in discussions, we take a leading role with our industry, liaising with Government on issues affecting our sector.

The Board is briefed on the engagement at regular meetings.

Shareholders
The Company reports up to its shareholders, and ultimately to the board of SugaRich Limited, through the senior management of the business, the Company takes appropriate steps to ensure that its shareholders are kept up to date on key business activities and decisions.

ON BEHALF OF THE BOARD:





P R Bright - Director


29 January 2025

Sweetdreams Limited (Registered number: 03554243)

Report of the Directors
for the Period 1 September 2023 to 30 April 2024

The directors present their report with the financial statements of the company for the period 1 September 2023 to 30 April 2024.

DIVIDENDS
No dividends will be distributed for the period ended 30 April 2024.

DIRECTORS
M J Stephenson has held office during the whole of the period from 1 September 2023 to the date of this report.

Other changes in directors holding office are as follows:

P R Bright - appointed 3 January 2024
N A Keogh - appointed 3 January 2024
D S Mackley - appointed 3 January 2024
A C Newton - appointed 3 January 2024
Mrs C A Stephenson - resigned 3 January 2024

POLITICAL DONATIONS AND EXPENDITURE
Donations during the year total £4,005 and this was made to a charity in Colombia to support water consumption. No political donations were made.

GOING CONCERN
The company has prepared budgets and forecasts that cover the period of 12 months from the date of the financial statements being authorised for issue in order to assess going concern It is anticipated that the company's level of activity will remain fairly constant over that period with similar results being attained in line with the current trading period. The company has also sought comfort from it parent company that they will provide financial support should it be required. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.


Sweetdreams Limited (Registered number: 03554243)

Report of the Directors
for the Period 1 September 2023 to 30 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, PKB Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P R Bright - Director


29 January 2025

Report of the Independent Auditors to the Members of
Sweetdreams Limited

Opinion
We have audited the financial statements of Sweetdreams Limited (the 'company') for the period ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We could not verify the opening stock due to the comparatives not being audited.

Report of the Independent Auditors to the Members of
Sweetdreams Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Sweetdreams Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

. We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the Food Hygiene Regulations, Environmental Act regulations, Health and Safety Regulations, labelling requirement regulations, the reporting framework FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", Companies Act 2006, Bribery Act 2010, Money Laundering regulations and relevant tax compliance regulations in the United Kingdom.
. Other indirect laws and regulations that have an impact on the financial statements are the compliance with relevant employment law, health and safety regulations and the UK General Data Protection Regulation (UK GDPR).
. We understood how SWEETDREAMS Limited is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of the following documentation or completion of the following procedures:
. Review of action points from board meetings held during the period and through to the most recent meeting held prior to the approval of these financial statements;
. Review of accounting policies and completion of a disclosure checklist to assess compliance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Company law requirements;
. Review of any relevant correspondence with local tax authorities; and
. Review of any relevant correspondence received from regulatory bodies
. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by holding a discussion within the audit team which included identification of related parties, understanding the company's business, the control environment and assessing the inherent risk for relevant assertions at the significant account level. We also held discussions with management and those charged with governance to gain an understanding of those areas of the financial statements which are susceptible to fraud, as identified by management. Following these procedures, we identified a risk of management override of control and risk of inappropriate revenue recognition. We gained an understanding of the entity level of controls and policies that the company applies.

Report of the Independent Auditors to the Members of
Sweetdreams Limited

. Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved testing of journal entries, with focus on journals indicating large or unusual transactions, or meeting our defined risk criteria based on our understanding of the business, reviewing accounting estimates for evidence of management bias and enquiries of senior members of the management team regarding their knowledge of any instances of non-compliance with laws and regulations that could impact the financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Yvonne Miles FCCA (Senior Statutory Auditor)
for and on behalf of PKB Accountants Limited
Chartered Certified Accountants
Statutory Auditor
Beechey House
87 Church Street
Crowthorne
Berkshire
RG45 7AW

29 January 2025

Sweetdreams Limited (Registered number: 03554243)

Income Statement
for the Period 1 September 2023 to 30 April 2024

Period
1.9.23
to Year Ended
30.4.24 31.8.23
Notes £    £   

TURNOVER 2,019,232 3,301,376

Cost of sales 1,337,814 1,933,985
GROSS PROFIT 681,418 1,367,391

Administrative expenses 807,619 1,189,287
(126,201 ) 178,104

Other operating income 12,231 31,684
OPERATING (LOSS)/PROFIT 4 (113,970 ) 209,788

Interest receivable and similar income 4,609 6,988
(109,361 ) 216,776

Interest payable and similar expenses 5 36,990 75,873
(LOSS)/PROFIT BEFORE TAXATION (146,351 ) 140,903

Tax on (loss)/profit 6 (15,982 ) 50,563
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(130,369

)

90,340

Sweetdreams Limited (Registered number: 03554243)

Other Comprehensive Income
for the Period 1 September 2023 to 30 April 2024

Period
1.9.23
to Year Ended
30.4.24 31.8.23
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (130,369 ) 90,340


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(130,369

)

90,340

Sweetdreams Limited (Registered number: 03554243)

Balance Sheet
30 April 2024

30.4.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 517,513 576,150
Investments 10 100 100
517,613 576,250

CURRENT ASSETS
Stocks 11 385,779 145,979
Debtors 12 469,856 780,518
Cash at bank 162,806 422,205
1,018,441 1,348,702
CREDITORS
Amounts falling due within one year 13 1,268,051 891,027
NET CURRENT (LIABILITIES)/ASSETS (249,610 ) 457,675
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,003

1,033,925

CREDITORS
Amounts falling due after more than
one year

14

(201,600

)

(821,177

)

PROVISIONS FOR LIABILITIES 17 (53,104 ) (69,086 )
NET ASSETS 13,299 143,662

CAPITAL AND RESERVES
Called up share capital 18 358 352
Retained earnings 19 12,941 143,310
SHAREHOLDERS' FUNDS 13,299 143,662

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:




P R Bright - Director


Sweetdreams Limited (Registered number: 03554243)

Statement of Changes in Equity
for the Period 1 September 2023 to 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 352 160,770 161,122

Changes in equity
Dividends - (107,800 ) (107,800 )
Total comprehensive income - 90,340 90,340
Balance at 31 August 2023 352 143,310 143,662

Changes in equity
Issue of share capital 6 - 6
Total comprehensive income - (130,369 ) (130,369 )
Balance at 30 April 2024 358 12,941 13,299

Sweetdreams Limited (Registered number: 03554243)

Cash Flow Statement
for the Period 1 September 2023 to 30 April 2024

Period
1.9.23
to Year Ended
30.4.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 184,689 248,211
Interest paid (31,251 ) (69,536 )
Interest element of hire purchase
payments paid

(5,739

)

(6,337

)
Tax paid - 18,375
Net cash from operating activities 147,699 190,713

Cash flows from investing activities
Purchase of tangible fixed assets (99,342 ) (48,567 )
Sale of tangible fixed assets 833 1,019
Interest received 4,609 6,988
Net cash from investing activities (93,900 ) (40,560 )

Cash flows from financing activities
Loans from related parties 396,823 77,757
Capital repayments in year (601,491 ) (99,496 )
Amount withdrawn by directors 52,663 (58,837 )
Share issue 6 -
Equity dividends paid - (107,800 )
Net cash from financing activities (151,999 ) (188,376 )

Decrease in cash and cash equivalents (98,200 ) (38,223 )
Cash and cash equivalents at beginning
of period

2

261,006

299,229

Cash and cash equivalents at end of
period

2

162,806

261,006

Sweetdreams Limited (Registered number: 03554243)

Notes to the Cash Flow Statement
for the Period 1 September 2023 to 30 April 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
(Loss)/profit before taxation (146,351 ) 140,903
Depreciation charges 88,575 149,661
Profit on disposal of fixed assets (833 ) (703 )
Impairment losses 69,405 -
Government grants (1 ) -
Finance costs 36,990 75,873
Finance income (4,609 ) (6,988 )
43,176 358,746
(Increase)/decrease in stocks (239,800 ) 70,170
Decrease/(increase) in trade and other debtors 257,999 (211,899 )
Increase in trade and other creditors 123,314 31,194
Cash generated from operations 184,689 248,211

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 April 2024
30.4.24 1.9.23
£    £   
Cash and cash equivalents 162,806 422,205
Bank overdrafts - (161,199 )
162,806 261,006
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 422,205 537,911
Bank overdrafts (161,199 ) (238,682 )
261,006 299,229


Sweetdreams Limited (Registered number: 03554243)

Notes to the Cash Flow Statement
for the Period 1 September 2023 to 30 April 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 422,205 (259,399 ) 162,806
Bank overdrafts (161,199 ) 161,199 -
261,006 (98,200 ) 162,806
Debt
Finance leases (127,527 ) 10,060 (117,467 )
Debts falling due within 1 year (61,940 ) (3,920 ) (65,860 )
Debts falling due after 1 year (661,826 ) 595,351 (66,475 )
(851,293 ) 601,491 (249,802 )
Total (590,287 ) 503,291 (86,996 )

4. MAJOR NON-CASH TRANSACTIONS

Government grant income that has been released to trading profit and loss account for the year from deferred income.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements
for the Period 1 September 2023 to 30 April 2024

1. STATUTORY INFORMATION

Sweetdreams Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company has prepared budgets and forecasts that cover the period of 12 months from the date of the financial statements being authorised for issue in order to assess going concern It is anticipated that the company's level of activity will remain fairly constant over that period with similar results being attained in line with the current trading period. The company has also sought comfort from it parent company that they will provide financial support should it be required. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 10 years
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and any costs of disposal and are recognised in the Profit and Loss Account.

Assets held under finance leases are depreciated in the same manner as owned assets.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined ( net of depreciation ) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income

Gains and losses on disposal are determined by comparing the proceeds with the carrying amounts and are recognised within 'other operating income' in the Income Statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and Cash Equivalents
Cash and cash equivalents are basic financial instruments 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 current liabilities.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and accrued income, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. if an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic Financial liabilities
Basic financial liabilities, including trade and other creditors, amounts due to fellow group companies, accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions for liabilities
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, and it is probable that the company will be required to settle the obligation and that the amount of the obligation can be reliably estimated.

Provisions are charged as an expense to the Income Statement in the year the company becomes aware of the obligation and are measured at the best estimate of the amount required to settle the obligation at the reporting date, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Interest income
Interest income is recognised in the Income Statement using the effective interest method.

Borrowing costs
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.


Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on physical condition and economic utilisation of the assets. See note 11 for the carrying amount of the assets and the accounting policies note Tangible Fixed Assets for the useful economic lives of each class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 12 for the net carrying amount of the debtors.

(iii) Impairment of creditors

The company makes an estimate of the payable value of trade and other creditors including accruals. When assessing impairment of trade and other creditors including accruals, management considers factors including the ageing profile of the balances and historical experience. See note 13 to 16 for the net carrying amount of the creditors.

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

3. EMPLOYEES AND DIRECTORS
Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
Wages and salaries 634,369 736,849
Social security costs 48,654 45,931
Other pension costs 9,847 9,993
692,870 792,773

The average number of employees during the period was as follows:
Period
1.9.23
to Year Ended
30.4.24 31.8.23

Directors 2 2
Admin 4 4
Warehouse/Production 24 17
Sales 2 2
32 25

Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
Directors' remuneration 29,229 17,695
Directors' pension contributions to money purchase schemes 110 -

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
Hire of plant and machinery 7,765 14,153
Other operating leases 48,015 86,255
Depreciation - owned assets 69,376 111,263
Depreciation - assets on hire purchase contracts 19,198 38,398
Profit on disposal of fixed assets (833 ) (703 )
Foreign exchange differences 141 1,557

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
Invoice Finance Charges 6,450 13,291
Other Loan Interest 24,801 56,245
Hire purchase interest 5,739 6,337
36,990 75,873

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the period was as follows:
Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
Current tax:
UK corporation tax - (18,523 )

Deferred tax (15,982 ) 69,086
Tax on (loss)/profit (15,982 ) 50,563

UK corporation tax has been charged at 25% .

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

6. TAXATION - continued

Factors that may affect future tax charges
The UK corporation tax rate has been enacted at 19% effective until 31 March 2023. Additionally, Finance Act 2021 increased the corporation tax rate to 25%, effective from 1 April 2023.

Deferred tax assets and liabilities are measured at the rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and the tax laws) that have been enacted or substantively enacted by the balance sheet date. The deferred tax has been calculated at 25%19% and 25% (2023: 25%)

7. DIVIDENDS
Period
1.9.23
to Year Ended
30.4.24 31.8.23
£    £   
A Ordinary shares of £1 each
Interim - 107,800

8. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 September 2023 26,351 5,751 32,102
Disposals (26,351 ) (5,751 ) (32,102 )
At 30 April 2024 - - -
AMORTISATION
At 1 September 2023 26,351 5,751 32,102
Eliminated on disposal (26,351 ) (5,751 ) (32,102 )
At 30 April 2024 - - -
NET BOOK VALUE
At 30 April 2024 - - -
At 31 August 2023 - - -

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 158,130 892,468 153,590 28,207 1,232,395
Additions - 88,607 - 10,735 99,342
Impairments (158,130 ) - - - (158,130 )
At 30 April 2024 - 981,075 153,590 38,942 1,173,607
DEPRECIATION
At 1 September 2023 79,225 517,414 38,398 21,208 656,245
Charge for period 9,500 57,874 19,198 2,002 88,574
Impairments (88,725 ) - - - (88,725 )
At 30 April 2024 - 575,288 57,596 23,210 656,094
NET BOOK VALUE
At 30 April 2024 - 405,787 95,994 15,732 517,513
At 31 August 2023 78,905 375,054 115,192 6,999 576,150

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023
and 30 April 2024 153,590
DEPRECIATION
At 1 September 2023 38,398
Charge for period 19,198
At 30 April 2024 57,596
NET BOOK VALUE
At 30 April 2024 95,994
At 31 August 2023 115,192

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 September 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 31 August 2023 100

11. STOCKS
30.4.24 31.8.23
£    £   
Raw materials 287,803 109,484
Finished goods 97,976 36,495
385,779 145,979

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.8.23
£    £   
Trade debtors 425,774 684,263
Other debtors 32,673 -
Directors' current accounts - 52,663
Prepayments 11,409 28,346
Accrued income - 15,246
469,856 780,518

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.8.23
£    £   
Bank loans and overdrafts (see note 15) - 161,199
Other loans (see note 15) 65,860 61,940
Hire purchase contracts (see note 16) 17,506 15,572
Trade creditors 635,943 436,693
Amounts owed to group undertakings 396,823 -
Social security and other taxes 25,873 15,946
VAT 73,374 54,751
Other creditors 1,797 5,816
Pensions creditor 6,614 -
Accruals 25,914 120,763
Deferred income 18,347 18,347
1,268,051 891,027

The amounts payable to group undetakings are interest free and are payable on demand.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 31.8.23
£    £   
Other loans (see note 15) 66,475 661,826
Hire purchase contracts (see note 16) 99,961 111,955
Deferred government grants 35,164 47,396
201,600 821,177

15. LOANS

An analysis of the maturity of loans is given below:

30.4.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 161,199
Other loans 65,860 61,940
65,860 223,139

Amounts falling due between one and two years:
Other loans - 1-2 years 66,475 111,826

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

15. LOANS - continued
30.4.24 31.8.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 550,000

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 31.8.23
£    £   
Gross obligations repayable:
Within one year 23,698 23,698
Between one and five years 103,875 119,673
127,573 143,371

Finance charges repayable:
Within one year 6,192 8,126
Between one and five years 3,914 7,718
10,106 15,844

Net obligations repayable:
Within one year 17,506 15,572
Between one and five years 99,961 111,955
117,467 127,527

Non-cancellable operating leases
30.4.24 31.8.23
£    £   
Within one year 78,179 -

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

17. PROVISIONS FOR LIABILITIES
30.4.24 31.8.23
£    £   
Deferred tax
Accelerated capital allowances 96,019 111,053
Tax on losses (42,915 ) (41,967 )
53,104 69,086

Deferred
tax
£   
Balance at 1 September 2023 69,086
On ACA's (15,034 )
On losses (948 )
Balance at 30 April 2024 53,104

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 31.8.23
value: £    £   
105 A Ordinary £1 105 105
13 B Ordinary £1 13 13
12 C Ordinary £1 12 12
50 D Ordinary £1 50 50
20 E Ordinary £1 20 20
60 F Ordinary £1 60 60
980 G Ordinary 10p 98 92
358 352

The following shares were issued during the period for cash at par :

60 G Ordinary shares of 10p

19. RESERVES
Retained
earnings
£   

At 1 September 2023 143,310
Deficit for the period (130,369 )
At 30 April 2024 12,941

Sweetdreams Limited (Registered number: 03554243)

Notes to the Financial Statements - continued
for the Period 1 September 2023 to 30 April 2024

20. CAPITAL COMMITMENTS
30.4.24 31.8.23
£    £   
Contracted but not provided for in the
financial statements 57,444 -