REGISTERED NUMBER: 04773416 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DREAMWORKS BEDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Maslo

M Last

SECRETARIES:

M Maslo

Miss N Atkinson

REGISTERED OFFICE:

7 Brook Lane

Brook Lane Industrial Estate

Westbury

Wiltshire

BA13 4EP

REGISTERED NUMBER:

04773416 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Tangible assets

4

397,012

387,605

CURRENT ASSETS

Stocks

534,293

731,163

Debtors

5

1,231,558

101,079

Cash at bank and in hand

285,874

50,758

2,051,725

883,000

CREDITORS

Amounts falling due within one year

6

1,371,273

798,486

NET CURRENT ASSETS

680,452

84,514

TOTAL ASSETS LESS CURRENT LIABILITIES

1,077,464

472,119

CREDITORS

Amounts falling due after more than one year

7

(6,491,571

)

(5,635,854

)

PROVISIONS FOR LIABILITIES

9

(56,913

)

(53,750

)

NET LIABILITIES

(5,471,020

)

(5,217,485

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

(5,471,022

)

(5,217,487

)

SHAREHOLDERS' FUNDS

(5,471,020

)

(5,217,485

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M Last - Director

1.	STATUTORY INFORMATION

Dreamworks Beds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Dreamworks Beds Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Gallery Direct 2013 Limited, C/o Gallery Direct Ltd, Castle Road, Eurolink Commercial Park, Sittingbourne, Kent, ME10 3RN.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents 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 principal activity. Turnover excludes value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% per annum on cost

Plant and machinery

-

20% per annum on cost and 5% per annum on cost

Fixtures and fittings

-

25% per annum on cost

Motor vehicles

-

25% per annum on cost

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional currency

The functional currency of the Company is the Great British Pound ("GBP ").

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates.

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.

Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 86 (2023 - 81 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

-

690,231

27,881

6,700

724,812

Additions

42,974

45,708

3,121

-

91,803

Disposals

(92

)

(154,898

)

(4,972

)

(6,700

)

(166,662

)

Reclassification/transfer

239,837

(239,837

)

-

-

-

At 31 December 2024

282,719

341,204

26,030

-

649,953

DEPRECIATION

At 1 January 2024

-

319,306

13,701

4,200

337,207

Charge for year

11,677

60,904

7,315

-

79,896

Eliminated on disposal

(92

)

(154,898

)

(4,972

)

(4,200

)

(164,162

)

Reclassification/transfer

69,747

(69,747

)

-

-

-

At 31 December 2024

81,332

155,565

16,044

-

252,941

NET BOOK VALUE

At 31 December 2024

201,387

185,639

9,986

-

397,012

At 31 December 2023

-

370,925

14,180

2,500

387,605

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

115,773

DEPRECIATION

At 1 January 2024

42,451

Charge for year

21,225

At 31 December 2024

63,676

NET BOOK VALUE

At 31 December 2024

52,097

At 31 December 2023

73,322

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,120,358

-

VAT

-

339

Prepayments

111,200

100,740

1,231,558

101,079

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

11,111

33,333

Trade creditors

436,612

651,179

Social security and other taxes

58,958

56,791

VAT

223,756

-

Other creditors

9,224

8,426

Accruals and deferred income

631,612

48,757

1,371,273

798,486

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

-

11,111

Amounts owed to group undertakings

5,656,914

4,790,086

Amounts owed to associates

834,657

834,657

6,491,571

5,635,854

8.	SECURED DEBTS

The National Westminster Bank Plc holds a fixed charge and negative pledge over Units 10-13 Falcon House and 7 Brook Lane Industrial Estate.

The National Westminster Bank Plc also holds fixed and floating charges over all of the assets of the company.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

56,913

53,750

Deferred

tax

£

Balance at 1 January 2024

53,750

Provided during year

3,163

Balance at 31 December 2024

56,913

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

1

2

2

11.

RESERVES

Retained

earnings

£

At 1 January 2024

(5,217,487

)

Deficit for the year

(253,535

)

At 31 December 2024

(5,471,022

)

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

NLC Group of Companies Limited

M Maslo a director of Dreamworks Beds Limited is also a director of a company called NLC Group of Companies Limited, previously known as The National Lighting Company Limited, a company incorporated in England and Wales.

At the Balance sheet date Dreamworks Beds Limited owed NLC Group of Companies Limited £468,190 (2023: £468,190).

Poole Lighting Limited

Poole Lighting Limited is under common control with Dreamworks Beds Limited. During the year Dreamworks Beds Limited made purchases from Poole Lighting Limited totalling £56,515 (2023: £NIL). At the year end Dreamworks Beds Limited owed Poole Lighting Limited £7,218 (2023: £NIL) by way of a trade creditor balance.

Willow & Hall Limited

Willow & Hall Limited is under common control with Dreamworks Beds Limited. During the year Dreamworks Beds Limited made sales to Willow & Hall Limited totalling £1,822,041 (2023: £NIL). At the year end Willow & Hall Limited owed Dreamworks Beds Limited £242,013 (2023: £NIL) by way of a trade debtor balance.

Oakriver Limited

I Weiler a director of the ultimate parent company Gallery Direct 2013 Limited is also a director of a company called Oakriver Limited, a company incorporated in England and Wales.

At the Balance sheet date Dreamworks Beds Limited owed Oakriver Limited £366,467 (2023: £366,467).

14.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling party is M Maslo by virtue of its shareholding in Gallery 2013 Limited.

The results of Dreamworks Beds Limited are included in the consolidated accounts prepared by it's parent Gallery Direct 2013 Limited for the year ended 31st December 2024 and a copy of the accounts and audit report can be found at Companies House.

15.	KEY MANAGEMENT PERSONNEL

M Maslo

Director/Chairman

M Last

Managing Director/CEO

P Delaney

Sales Director

J Hudson

Commercial Director

C Aldous

Operations Director

N Atkinson

Finance Director

16.	GOING CONCERN

During the prior year the company undertook a number of actions to restructure its cost base, these actions together with its new product ranges have resulted in a much improved trading result during the current year which is a significant improvement on recent results. There is cautious optimism for further improved results in the 2025 financial year.

Despite the negative balance sheet, and current position of the company the Shareholders are fully supportive of Dreamworks Beds and on this basis consider the company to be a going concern.