Company No: 05380191 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated
Fixed assets
Intangible assets	3	600		1,000
Tangible assets	4	385,488		433,045
Investment property	5	241,639		241,639
		627,727		675,684
Current assets
Debtors	6	44,537		74,811
Cash at bank and in hand		2,985,193		2,774,462
		3,029,730		2,849,273
Creditors: amounts falling due within one year	7	( 3,021,312)		( 2,989,510)
Net current assets/(liabilities)		8,418		(140,237)
Total assets less current liabilities		636,145		535,447
Provision for liabilities		( 13,858)		( 31,161)
Net assets		622,287		504,286
Capital and reserves
Called-up share capital		2,000		2,000
Profit and loss account		620,287		502,286
Total shareholders' funds		622,287		504,286

For the financial year ending 31 March 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Sleeps12 Limited (registered number: 05380191) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

J Vellacott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sleeps12 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

A prior year adjustment has been required in respect of an amount recognised as interest receivable in error. As a result of the prior year adjustment, interest received and profit before tax have both reduced by £40,000, the corporation tax charge has reduced by £10,600 and profit after tax and net assets have reduced by £29,400.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of letting agent 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		16

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	2,000		2,000
At 31 March 2025	2,000		2,000
Accumulated amortisation
At 01 April 2024	1,000		1,000
Charge for the financial year	400		400
At 31 March 2025	1,400		1,400
Net book value
At 31 March 2025	600		600
At 31 March 2024	1,000		1,000

4. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	310,616		165,201		16,779		49,846		542,442
Additions	28,016		0		984		1,748		30,748
Disposals	0		( 90,990)		0		0		( 90,990)
At 31 March 2025	338,632		74,211		17,763		51,594		482,200
Accumulated depreciation
At 01 April 2024	2,575		52,429		12,403		41,990		109,397
Charge for the financial year	6,452		15,834		681		2,741		25,708
Disposals	0		( 38,393)		0		0		( 38,393)
At 31 March 2025	9,027		29,870		13,084		44,731		96,712
Net book value
At 31 March 2025	329,605		44,341		4,679		6,863		385,488
At 31 March 2024	308,041		112,772		4,376		7,856		433,045

5. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	241,639
As at 31 March 2025	241,639

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £241,639 (2024 - £241,639).

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	241,639		241,639

6. Debtors

	2025		2024
	£		£
Trade debtors	22,917		17,726
Other debtors	21,620		57,085
	44,537		74,811

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	19,973		39,654
Taxation and social security	136,600		80,328
Other creditors	2,864,739		2,869,528
	3,021,312		2,989,510

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	9,041		0
between one and five years	3,767		0
Total future minimum lease payments under non-cancellable operating leases	12,807		0