The Headboard Workshop Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 07532698

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		186,215		210,945

			186,215		210,945
CURRENT ASSETS
Stocks	5	64,281		69,564
Debtors	6	16,411		18,239
Cash at bank and in hand		314,064		254,360

		394,756		342,163
Creditors: Amounts Falling Due Within One Year	7	(327,406 )		(304,182 )

NET CURRENT ASSETS (LIABILITIES)			67,350		37,981

TOTAL ASSETS LESS CURRENT LIABILITIES			253,565		248,926

Creditors: Amounts Falling Due After More Than One Year	8		(18,296 )		(40,433 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,541 )		(14,240 )

NET ASSETS			225,728		194,253

CAPITAL AND RESERVES
Called up share capital	10		2		2
Revaluation reserve	11		64,157		64,157
Profit and Loss Account			161,569		130,094

SHAREHOLDERS' FUNDS			225,728		194,253

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The Headboard Workshop Ltd

Balance Sheet (continued)

As At 31 May 2025

For the year ending 31 May 2025 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 in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Euan Kelway-Bamber

Director

26 October 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

The Headboard Workshop Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07532698 . The registered office is Unit 10-11, St David's Industrial Estate, Pengam, Blackwood, NP12 3SW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

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

2.2. Turnover

Turnover represents the value, net of Value Added Tax and discounts, of goods supplied to customers and work carried out in respect of services provided to customers.

Turnover from the sale of goods and services is recognised when the significant risks and rewards arising from the ownership of the finished goods have been transferred to the buyer.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% Straight line
Motor Vehicles	25% Reducing balance
Office & Computer Equipment	20% Straight line
Website	Not depreciated

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.6. Taxation

Tax on profit represents the sum of tax currently payable and tax deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have orignated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse based on tax rates and the law enacted or substantively enacted at the balance sheet date.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

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The Headboard Workshop Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	3	3
Sales, marketing and distribution	6	6
Manufacturing	12	11

	21	20

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Office & Computer Equipment	Website	Total
	£	£	£	£	£
Cost
As at 1 June 2024	126,201	54,434	39,657	136,000	356,292
Additions	313	-	2,791	-	3,104

As at 31 May 2025	126,514	54,434	42,448	136,000	359,396

Depreciation
As at 1 June 2024	85,609	23,815	35,923	-	145,347
Provided during the period	18,263	7,655	1,916	-	27,834

As at 31 May 2025	103,872	31,470	37,839	-	173,181

Net Book Value
As at 31 May 2025	22,642	22,964	4,609	136,000	186,215

As at 1 June 2024	40,592	30,619	3,734	136,000	210,945

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	22,964	30,619

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The Headboard Workshop Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

Cost or valuation as at 31 May 2025 represented by:

	Plant & Machinery	Motor Vehicles	Office & Computer Equipment	Website	Total
	£	£	£	£	£
At cost	126,514	54,434	42,448	136,000	359,396

	126,514	54,434	42,448	136,000	359,396

The e-commerce website is stated at its fair value at the reporting date. Gains or losses arising from changes in the fair value of the website are included in profit or loss for the period in which they arise. The website was valued on an open market basis at 31 May 2025 by the directors.

5. Stocks

	2025	2024
	£	£
Finished goods	64,281	69,564

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	5,183	4,899
Prepayments and accrued income	7,328	7,840
Other debtors	3,900	5,500

	16,411	18,239

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	8,486	8,046
Trade creditors	40,591	89,733
Bank loans and overdrafts	13,643	13,636
Corporation tax	70,911	19,682
Other taxes and social security	10,586	13,111
VAT	69,313	38,202
Other creditors	113,876	121,772

	327,406	304,182

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	18,296	26,783
Bank loans	-	13,650

	18,296	40,433

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The Headboard Workshop Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	8,486	8,046
Later than one year and not later than five years	18,296	26,783

	26,782	34,829

	26,782	34,829

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

11. Reserves

	Revaluation Reserve
	£
As at 1 June 2024	64,157

As at 31 May 2025	64,157

12. Related Party Transactions

The directors, Mr E Kelway-Bamber and Mrs L Kelway-Bamber, are also directors of and shareholders in Turnkey Trading Limited.

During the year, the company received loans totalling £114,000 (2024: £116,340) from Turnkey Trading Limited and made repayments totalling £40,000 (2024: £22,000) to Turnkey Trading Limited. The company also supplied materials to Turnkey Trading Limited at an arms length cost of £14,000 (2024: £18,500). Turnkey Trading Limited paid for motor and travel costs of £Nil (2024: £109) on behalf of the company. Website costs of £Nil (2024: £64,500) were transferred to Turnkey Trading Limited.

Management charges of £66,750 (2024: £61,000) were charged to Turnkey Trading Limited during the year ended 31 May 2025.

At the balance sheet date, the company owed £60,109 (2024: £66,859) to Turnkey Trading Limited, and this is shown in other creditors.

13. Ultimate Controlling Party

The company is controlled by Mr E Kelway-Bamber and Mrs L Kelway-Bamber.

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