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Company registration number: 06516039
Time For Bed Limited
Trading as Time For Limited
Unaudited filleted abridged financial statements
31 May 2024
Time For Bed Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Time For Bed Limited
Directors and other information
Directors Mr Paul Anthony Meehan
Mrs Sara Meehan
Secretary Sara Meehan
Company number 06516039
Registered office 527A Wilmslow Road
Withington
Manchester
M20 4BA
Business address 16 Eastway Sale
Manchester
Sale
M33 4dx
Accountants Lee & Co
527A Wilmslow Road
Withington
Manchester
M20 4BA
Time For Bed Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Time For Bed Limited
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Lee & Co
527A Wilmslow Road
Withington
Manchester
M20 4BA
24 February 2025
Time For Bed Limited
Abridged statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 29,022 25,863
_______ _______
29,022 25,863
Current assets
Stocks 39,585 38,975
Debtors 52,555 68,018
Cash at bank and in hand 195,370 206,879
_______ _______
287,510 313,872
Creditors: amounts falling due
within one year ( 117,014) ( 143,827)
_______ _______
Net current assets 170,496 170,045
_______ _______
Total assets less current liabilities 199,518 195,908
_______ _______
Net assets 199,518 195,908
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 199,418 195,808
_______ _______
Shareholders funds 199,518 195,908
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr Paul Anthony Meehan
Director
Company registration number: 06516039
Time For Bed Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 157,624 157,724
Profit for the year 98,184 98,184
_______ _______ _______
Total comprehensive income for the year - 98,184 98,184
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 195,808 195,908
Profit for the year 43,610 43,610
_______ _______ _______
Total comprehensive income for the year - 43,610 43,610
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 31 May 2024 100 199,418 199,518
_______ _______ _______
Time For Bed Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in U.K. The address of the registered office is Lee & Co, 527A Wilmslow Road, Withington, Manchester, M20 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 10,942 24,841
_______ _______
Tax on profit 10,942 24,841
_______ _______
6. Tangible assets
£
Cost
At 1 June 2023 71,471
Additions 9,530
_______
At 31 May 2024 81,001
_______
Depreciation
At 1 June 2023 45,608
Charge for the year 6,371
_______
At 31 May 2024 51,979
_______
Carrying amount
At 31 May 2024 29,022
_______
At 31 May 2023 25,863
_______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Anthony Meehan ( 19,897) 2,694 ( 10,000) ( 27,203)
Mrs Sara Meehan ( 25,188) - ( 10,000) ( 35,188)
_______ _______ _______ _______
( 45,085) 2,694 ( 20,000) ( 62,391)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Anthony Meehan ( 29,708) 39,811 ( 30,000) ( 19,897)
Mrs Sara Meehan ( 35,000) 39,812 ( 30,000) ( 25,188)
_______ _______ _______ _______
( 64,708) 79,623 ( 60,000) ( 45,085)
_______ _______ _______ _______