REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
COMFORT MATTRESS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
COMFORT MATTRESS LIMITED |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
COMFORT MATTRESS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Comfort Mattress Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. It is calculated at the following rates: |
Freehold properties | - 2% on cost |
Motor vehicles | - 25% on reducing balance |
Plant and machinery | - 15% on reducing balance |
Fixtures and fittings | - 25% on reducing balance |
Office equipment | - 33% on cost |
Computer equipment | - 15% on reducing balance |
Land is not depreciated and the residual value of the freehold property is estimated to be in excess of costs. |
Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 year 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. |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Motor | Plant and |
properties | vehicles | machinery |
£ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Office | Computer |
fittings | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
During the year, the directors reviewed the depreciation policy used to estimate the charge to the profit and loss account as part of their regular review. As a result, the estimate of the residual value for the freehold property was amended. The effect on the result for the year was an increase of £82,390. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
The directors consider the open market value of the investment property owned by the company to be consistent with the above net book value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other Creditors |
Directors' loan account | 19,261 | 19,862 |
Pension | 1,426 | 1,067 |
Accruals |
The bank loan is secured by way of a debenture incorporating a fixed and floating charge held by legal mortgage over the assets and undertakings of the company. In addition, the freehold properties are further secured by way of two additional legal mortgage charges. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
The bank loan is secured by way of a debenture incorporating a fixed and floating charge held by legal mortgage over the assets and undertakings of the company. In addition, the freehold properties are further secured by way of two additional legal mortgage charges. |
During the year, the company undertook a bank loan under the Coronavirus Business Interruption Loan Scheme (CBILS). No interest is payable by the company in year one, being 5% per annum from year two onwards. |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
Bank loan CBILS | 68,697 | 62,868 |
Amounts falling due between one and two years: |
Bank loans |
Bank loan CBILS due > 1 year | 24,286 | 92,983 |
COMFORT MATTRESS LIMITED (REGISTERED NUMBER: 06298357) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
10. | RELATED PARTY DISCLOSURES |
No one entity has control or ultimate control of the company. |
At the year end the company owed an amount of £19,261 (2023: £19,862) to S R O Mundy and J E Roberts-Mundy, directors. No interest has been charged on this balance during the year (2023: £Nil) and there are no set repayment terms in place. |