Company Registration No. 04575490 (England and Wales)
THE ODD MATTRESS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
31 October 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
THE ODD MATTRESS COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr N A Seed
Mrs E A Seed
Mr A C Seed
Secretary
Mrs EA Seed
Company number
04575490
Registered office
The Print Mill
Rosebery Street
Elland
HX5 0HT
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
THE ODD MATTRESS COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE ODD MATTRESS COMPANY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,703
12,092
Tangible assets
4
111,532
118,112
123,235
130,204
Current assets
Stocks
12,000
3,526
Debtors
5
38,633
77,279
Cash at bank and in hand
161,010
88,584
211,643
169,389
Creditors: amounts falling due within one year
6
(141,684)
(119,560)
Net current assets
69,959
49,829
Total assets less current liabilities
193,194
180,033
Creditors: amounts falling due after more than one year
7
(6,667)
(16,667)
Provisions for liabilities
(30,742)
(32,514)
Net assets
155,785
130,852
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
155,685
130,752
Total equity
155,785
130,852
The notes on pages 3 to 8 form part of these financial statements.
THE ODD MATTRESS COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 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 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Mr A C Seed
Director
Company registration number 04575490 (England and Wales)
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
The Odd Mattress Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Print Mill, Rosebery Street, Elland, HX5 0HT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of ten years.
1.4
Intangible fixed assets other than goodwill
Website costs are being amortised evenly over their estimated useful live of five years.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% reducing balance
Fixtures and fittings
10% reducing balance
IT and office equipment
10% reducing balance
Motor vehicles
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the 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 debtors and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period which they relate to.
1.13
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
6
3
Intangible fixed assets
Goodwill
Website costs
Total
£
£
£
Cost
At 1 November 2023
92,000
39,137
131,137
Additions
3,664
3,664
At 31 October 2024
92,000
42,801
134,801
Amortisation and impairment
At 1 November 2023
92,000
27,045
119,045
Amortisation charged for the year
4,053
4,053
At 31 October 2024
92,000
31,098
123,098
Carrying amount
At 31 October 2024
11,703
11,703
At 31 October 2023
12,092
12,092
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
IT and office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
115,079
10,121
2,498
26,435
154,133
Additions
4,077
2,371
6,448
At 31 October 2024
119,156
10,121
4,869
26,435
160,581
Depreciation and impairment
At 1 November 2023
26,729
2,113
241
6,938
36,021
Depreciation charged in the year
9,036
801
266
2,925
13,028
At 31 October 2024
35,765
2,914
507
9,863
49,049
Carrying amount
At 31 October 2024
83,391
7,207
4,362
16,572
111,532
At 31 October 2023
88,350
8,008
2,257
19,497
118,112
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,135
14,303
Amounts owed by group undertakings
75
Other debtors
14,423
62,976
38,633
77,279
Included within other debtors is an amount due from directors of £163 (2023 - £27,333). The maximum amount overdrawn in the period was £27,496. There is no formal agreement in place over amounts advanced, balances are repayable on demand, and interest is charged at an official rate on balances exceeding £10,000. Interest of £163 has been charged during the reporting period.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,180
Trade creditors
25,573
16,747
Amounts owed to group undertakings
5,756
Taxation and social security
60,733
50,566
Other creditors
39,622
42,067
141,684
119,560
Bank loans is an amount due to Lloyds bank supported by the Bounce Back Loan Scheme (BBLS). The full guarantee is provided by the UK Government.
THE ODD MATTRESS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,667
16,667
Bank loans is an amount due to Lloyds bank supported by the Bounce Back Loan Scheme (BBLS). The full guarantee is provided by the UK Government.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
75
75
75
75
Ordinary B Shares of £1 each
5
5
5
5
Ordinary C Shares of £1 each
20
20
20
20
100
100
100
100
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