Company registration number 08494629 (England and Wales)
SOAK & SLEEP HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SOAK & SLEEP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SOAK & SLEEP HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
2,814,089
2,814,089
Current assets
Debtors
6
473,983
629,274
Creditors: amounts falling due within one year
7
(222,891)
(235,607)
Net current assets
251,092
393,667
Total assets less current liabilities
3,065,181
3,207,756
Creditors: amounts falling due after more than one year
8
(675,697)
(723,474)
Net assets
2,389,484
2,484,282
Capital and reserves
Called up share capital
9
142
142
Share premium account
2,541,614
2,541,614
Profit and loss reserves
(152,272)
(57,474)
Total equity
2,389,484
2,484,282
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
S A G Smith
Director
Company Registration No. 08494629
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Soak & Sleep Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 78 York Street, London, United Kingdom, W1H 1DP.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.true
1.3
Reporting period
The prior period financial statements were prepared for the period from 1 August 2021 to 31 December 2022 in order for the year end to be in line with that of the Group. As a result the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
1.4
Turnover
Turnover relates to management charges to the company's subsidiary. It is recognised over the period to which the income relates.
1.5
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
1.6
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 when the company becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled and financial liabilities when the liability is extinguished.
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.
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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. Basic financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Any fees paid on the establishment of loan facilities recognised as transaction costs of the loan.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by 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 only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Share-based payments
The company participates in a share-based payment arrangement granted to employees of its subsidiaries.
The expense in relation to options over the company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
1.11
Leases
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.
1.12
Finance costs are charged to the Statement of Comprehensive Income 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.
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
3
Interest payable and similar expenses
2023
2022
£
£
Interest payable and similar expenses includes the following:
Interest payable on loans
56,889
132,189
4
Fixed asset investments
2023
2022
£
£
Investments
2,814,089
2,814,089
Movements in fixed asset investments
Investments in subsidiary undertaking
£
Cost or valuation
At 1 January 2023 & 31 December 2023
2,814,089
Carrying amount
At 31 December 2023
2,814,089
At 31 December 2022
2,814,089
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Soak & Sleep Limited
UK
Retailing of luxury bed and bath products
Ordinary Shares
100.00
0
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
473,883
629,174
Other debtors
100
100
473,983
629,274
Amounts due from the Group are recoverable on demand and are non interest bearing.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
193,891
205,892
Amounts owed to group undertakings
19,000
19,000
Accruals and deferred income
10,000
10,715
222,891
235,607
Amounts due to the Group are recoverable on demand and are non interest bearing.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
675,697
723,474
Other creditors includes loans which are repayable over five years. The loans are secured by a guarantee from shares in the parent undertaking.
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 0.1p each
91,667
91,667
92
92
B Ordinary Shares of 0.1p each
240
240
C Ordinary Shares of 0.1p each
12,293
12,293
12
12
Z Ordinary Shares of 0.1p each
100
100
104,300
104,300
104
104
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.1p each
38,416
38,416
38
38
Preference shares classified as equity
38
38
Total equity share capital
142
142
The preference shares are entitled to one vote per share and rank pari-passu in respect of any dividend or in any other distribution declared on the preference shares.
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
13,005
24.86
Forfeited
24.86
Exercised
24.86
Outstanding at 31 December 2023
-
Exercisable at 31 December 2023
The options outstanding at 31 July 2021 had an exercise price of £24.86 and a remaining contractual life of 10 years. All options were exercised or forfeit in the prior period.
Soak & Sleep Holdings Limited entered into an Enterprise Management Incentive Scheme ('EMI Scheme') for one of its employees on 1 June 2021. Under the Option Rules, options may be granted in favour of the employee of the Company pursuant to the Option Plan. The options could be exercised by the option holder serving notice upon the company, upon sale of the business or the company is floated on a stock exchange. The options lapsed in the event the option holder ceases to be an employee for any reason, but only to the extent the option remains unvested at the date of termination.
Inputs were as follows:
2023
2022
Weighted average share price (pence)
-
41.44
Weighted average exercise price (pence)
-
0.10
Expected volatility (percent)
-
40.00
Expected life (years)
-
10.00
Risk free rate (percent)
-
3.00
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Leigh
Statutory Auditor:
Azets Audit Services
SOAK & SLEEP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
15,732
13
Related party transactions
Transactions with related parties
In 2018 the family of a director and shareholder made a loan to the company of £305,551. The balance outstanding as at the period end is £875,097 (2022: £929,366). Interest of £56,889 (2022 - £61,095) has been charged on this loan at a rate of 10% per annum up to 31 March 2022 and 7% subsequently. The loan is disclosed within creditors falling due within one year.
During the period the company was invoiced management charges of £Nil (2022 - £19,000) by Husky Oak Limited, a company owning 99.9% of the share capital in the company. At period end the outstanding balance owed by Husky Oak Limited was £19,000 (2022 - £19,000).
14
Parent company
The immediate parent undertaking is Husky Oak Limited, a company registered in England & Wales with the same registered office as the company. The ultimate controlling party is CVB, INC, a Utah benefit corporation with a registered office of 1525 W 2960 S, Nibley, UT 84321, USA.
Husky Oak Limited prepares publicly available financial statements. These financial statements are available upon request from 78, York Street, London, England, W1H 1DP.
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