Company Registration No. 02813154 (England and Wales)
Hideaway Beds Limited
Unaudited accounts
for the year ended 31 March 2022
Hideaway Beds Limited
Unaudited accounts
Contents
Hideaway Beds Limited
Company Information
for the year ended 31 March 2022
Directors
Gwendoline Florence
Steven Baker
Secretary
Gwendoline Baker
Company Number
02813154 (England and Wales)
Registered Office
Unit 1 Bluewater Estate Bell Close
Newnham Industrial Estate
Plympton
Devon
PL7 4JH
Accountants
Blackwell Bate Ltd
Brunel Court
122 Fore Street
Saltash
Cornwall
PL12 6JW
Hideaway Beds Limited
Statement of financial position
as at 31 March 2022
Cash at bank and in hand
159,317
151,689
Creditors: amounts falling due within one year
(102,498)
(68,673)
Net current assets
183,715
176,996
Total assets less current liabilities
183,914
177,355
Creditors: amounts falling due after more than one year
(32,500)
(43,055)
Provisions for liabilities
Net assets
151,376
134,232
Called up share capital
720
720
Profit and loss account
150,656
133,512
Shareholders' funds
151,376
134,232
For the year ending 31 March 2022 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2022 and were signed on its behalf by
Steven Baker
Director
Company Registration No. 02813154
Hideaway Beds Limited
Notes to the Accounts
for the year ended 31 March 2022
Hideaway Beds Limited is a private company, limited by shares, registered in England and Wales, registration number 02813154. The registered office is Unit 1 Bluewater Estate Bell Close, Newnham Industrial Estate , Plympton, Devon, PL7 4JH.
2
Compliance with accounting standards
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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
3 years straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Costs 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cash and cash equivalents are basic financial assets and include cash in hand.
Hideaway Beds Limited
Notes to the Accounts
for the year ended 31 March 2022
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2021
29,570
1,003
30,573
At 31 March 2022
29,570
1,003
30,573
At 1 April 2021
29,570
644
30,214
Charge for the year
-
160
160
At 31 March 2022
29,570
804
30,374
At 31 March 2022
-
199
199
At 31 March 2021
-
359
359
Hideaway Beds Limited
Notes to the Accounts
for the year ended 31 March 2022
5
Debtors: amounts falling due within one year
2022
2021
Amounts due from group undertakings etc.
-
4,508
Accrued income and prepayments
53,026
-
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
6,944
Trade creditors
25,477
4,289
Taxes and social security
14,207
982
Other creditors
26,752
37,014
Loans from directors
1,456
832
7
Creditors: amounts falling due after more than one year
2022
2021
8
Average number of employees
During the year the average number of employees was 3 (2021: 3).
