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Registration number: 11368854

Bedmed Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Bedmed Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Bedmed Ltd

Company Information

Directors

D M Swanson

U Yurek

Registered office

Unit 14 Darrow Wood Farm
Shelfanger Road
Diss
Norfolk
IP22 4XY

Accountants

Redshield Business Solutions Limited
Chartered AccountantsSuite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

 

Bedmed Ltd

(Registration number: 11368854)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

17,180

18,135

Tangible assets

5

145,728

118,555

Investments

24,100

-

 

187,008

136,690

Current assets

 

Stocks

6

229,500

221,276

Debtors

7

223,326

375,108

Cash at bank and in hand

 

61,227

244,583

 

514,053

840,967

Creditors: Amounts falling due within one year

8

(576,408)

(622,553)

Net current (liabilities)/assets

 

(62,355)

218,414

Total assets less current liabilities

 

124,653

355,104

Creditors: Amounts falling due after more than one year

8

(247,344)

(428,059)

Net liabilities

 

(122,691)

(72,955)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(122,791)

(73,055)

Shareholders' deficit

 

(122,691)

(72,955)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Bedmed Ltd

(Registration number: 11368854)
Balance Sheet as at 31 May 2024 (continued)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

D M Swanson
Director

   
     
 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14 Darrow Wood Farm
Shelfanger Road
Diss
Norfolk
IP22 4XY

These financial statements were authorised for issue by the Board on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture fittings and equipment

20% reducing balance

Vehicles

20% reducing balance

Freehold Property

10% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Lease premium

straight line over life of lease

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

21,000

21,000

At 31 May 2024

21,000

21,000

Amortisation

At 1 June 2023

2,865

2,865

Amortisation charge

955

955

At 31 May 2024

3,820

3,820

Carrying amount

At 31 May 2024

17,180

17,180

At 31 May 2023

18,135

18,135

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

7,117

12,268

91,928

51,806

163,119

Additions

47,827

472

3,000

350

51,649

At 31 May 2024

54,944

12,740

94,928

52,156

214,768

Depreciation

At 1 June 2023

3,558

5,992

30,976

4,038

44,564

Charge for the year

712

1,350

12,790

9,624

24,476

At 31 May 2024

4,270

7,342

43,766

13,662

69,040

Carrying amount

At 31 May 2024

50,674

5,398

51,162

38,494

145,728

At 31 May 2023

3,559

6,276

60,952

47,768

118,555

Included within the net book value of land and buildings above is £50,674 (2023 - £3,558) in respect of freehold land and buildings.
 

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

222,000

213,776

Other inventories

7,500

7,500

229,500

221,276

7

Debtors

Current

2024
£

2023
£

Trade debtors

100,671

244,253

Prepayments

122,549

115,414

Other debtors

106

15,441

 

223,326

375,108

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

211,813

154,395

Trade creditors

 

282,666

338,100

Taxation and social security

 

67,531

129,242

Other creditors

 

14,398

816

 

576,408

622,553

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

247,344

428,059

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

308,180

Hire purchase contracts

11,044

19,879

Other borrowings

226,300

100,000

247,344

428,059

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

10

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

8,835

8,835

Other borrowings

192,978

135,560

211,813

154,395

Bank borrowings

Bounce back loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 21 May 2026. The carrying amount at year end is £20,000 (2023 - £30,000).

Lending Crowd Loan is denominated in sterling with a nominal interest rate of 11.4%, and the final instalment is due on 25 April 2028. The carrying amount at year end is £288,180 (2023 - £347,750).

11

Related party transactions

 

Bedmed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

100,068

86,843

Loans from related parties

2024

Key management
£

Total
£

At start of period

180,318

180,318

Repaid

(51,020)

(51,020)

At end of period

129,298

129,298

2023

Key management
£

Total
£

At start of period

239,000

239,000

Repaid

(58,682)

(58,682)

At end of period

180,318

180,318

Terms of loans from related parties

The Directors Dan Swanson & Ugur Yurek have made long term loans to the company. The loans are interest free.