The Sleepexchange Limited Filleted accounts for Companies House (small and micro)

The Sleepexchange Limited Filleted accounts for Companies House (small and micro)

THE SLEEPEXCHANGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12125779
The Sleepexchange Limited
Filleted Unaudited Financial Statements
31 March 2022
The Sleepexchange Limited
Financial Statements
Period from 1 October 2021 to 31 March 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Sleepexchange Limited
Statement of Financial Position
31 March 2022
31 Mar 22
30 Sep 21
Note
£
£
Fixed assets
Intangible assets
5
1,102,533
887,870
Tangible assets
6
7,739
4,905
------------
---------
1,110,272
892,775
Current assets
Debtors
7
239,988
252,684
Cash at bank and in hand
399,390
534,038
---------
---------
639,378
786,722
Creditors: amounts falling due within one year
8
640,770
293,485
---------
---------
Net current (liabilities)/assets
( 1,392)
493,237
------------
------------
Total assets less current liabilities
1,108,880
1,386,012
Creditors: amounts falling due after more than one year
9
42,227
40,488
------------
------------
Net assets
1,066,653
1,345,524
------------
------------
Capital and reserves
Called up share capital
217
212
Share premium account
2,547,497
2,100,362
Profit and loss account
( 1,481,061)
( 755,050)
------------
------------
Shareholders funds
1,066,653
1,345,524
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the period ending 31 March 2022 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 period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Sleepexchange Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 26 July 2022 , and are signed on behalf of the board by:
Mr P R T Lewis
Director
Company registration number: 12125779
The Sleepexchange Limited
Notes to the Financial Statements
Period from 1 October 2021 to 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2021: 6 ).
5. Intangible assets
Development costs
£
Cost
At 1 October 2021
887,870
Additions
359,723
------------
At 31 March 2022
1,247,593
------------
Amortisation
Charge for the period
145,060
------------
At 31 March 2022
145,060
------------
Carrying amount
At 31 March 2022
1,102,533
------------
At 30 September 2021
887,870
------------
6. Tangible assets
Equipment
£
Cost
At 1 October 2021
5,758
Additions
3,465
-------
At 31 March 2022
9,223
-------
Depreciation
At 1 October 2021
853
Charge for the period
631
-------
At 31 March 2022
1,484
-------
Carrying amount
At 31 March 2022
7,739
-------
At 30 September 2021
4,905
-------
7. Debtors
31 Mar 22
30 Sep 21
£
£
Trade debtors
22
–
Other debtors
239,966
252,684
---------
---------
239,988
252,684
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 22
30 Sep 21
£
£
Bank loans and overdrafts
8,507
9,512
Trade creditors
197,596
233,049
Social security and other taxes
18,517
15,899
Other creditors
379,842
8
Hotel creditors
4,069
–
Other creditors
32,239
35,017
---------
---------
640,770
293,485
---------
---------
9. Creditors: amounts falling due after more than one year
31 Mar 22
30 Sep 21
£
£
Bank loans and overdrafts
42,227
40,488
--------
--------