A young Russian Designer, Elena Sidorova, offers up an interesting piece of simple, contemporary furniture called Flop. Its basically an armchair that folds open to become a single bed.
As she describes it,
Flop is an armchair which folds out to a sleeping place for 1 person. It has construction made of veneer and upholstery made of 100% sheep wool material. The sleeping place has elastic straps as a base. Matras and pillow storage is inside.