Company Registration No. SC384445 (Scotland)
Prestige The Laundry Limited
Unaudited accounts
for the year ended 30 November 2021
Prestige The Laundry Limited
Unaudited accounts
Contents
Prestige The Laundry Limited
Company Information
for the year ended 30 November 2021
Directors
BIRNIE, Sydney James
WALLEN, George Anthony
WALLEN, Marilyn Millicent
Company Number
SC384445 (Scotland)
Registered Office
569 Great Western Road
Aberdeen
Aberdeen
AB10 6PA
United Kingdom
Accountants
Bergen Associates
68 Carden Place, West End
Aberdeen
AB10 1UL
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Prestige The Laundry Limited
for the year ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Prestige The Laundry Limited for the year ended
30 November 2021 as set out on pages
5 -
9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Bergen Associates
Chartered Certified Accountants
68 Carden Place, West End
Aberdeen
AB10 1UL
1 September 2022
Prestige The Laundry Limited
Statement of financial position
as at 30 November 2021
Tangible assets
8,411
15,953
Cash at bank and in hand
3,143
15,350
Creditors: amounts falling due within one year
(71,001)
(57,272)
Net current liabilities
(47,413)
(24,023)
Total assets less current liabilities
(39,002)
(8,070)
Creditors: amounts falling due after more than one year
(47,935)
(51,328)
Provisions for liabilities
Deferred tax
(1,344)
(1,728)
Net liabilities
(88,281)
(61,126)
Called up share capital
3
3
Profit and loss account
(88,284)
(61,129)
Shareholders' funds
(88,281)
(61,126)
For the year ending 30 November 2021 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 5 September 2022 and were signed on its behalf by
WALLEN, Marilyn Millicent
Director
Company Registration No. SC384445
Prestige The Laundry Limited
Notes to the Accounts
for the year ended 30 November 2021
Prestige The Laundry Limited is a private company, limited by shares, registered in Scotland, registration number SC384445. The registered office is 569 Great Western Road, Aberdeen, Aberdeen, AB10 6PA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
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% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover is measured at the fair value of the consideration received or receivable, 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Prestige The Laundry Limited
Notes to the Accounts
for the year ended 30 November 2021
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
4
Intangible fixed assets
Other
Prestige The Laundry Limited
Notes to the Accounts
for the year ended 30 November 2021
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2020
8,566
23,758
4,598
3,920
40,842
At 30 November 2021
8,566
23,758
4,598
3,920
40,842
At 1 December 2020
8,566
10,172
2,364
3,787
24,889
Charge for the year
-
5,940
1,532
70
7,542
At 30 November 2021
8,566
16,112
3,896
3,857
32,431
At 30 November 2021
-
7,646
702
63
8,411
At 30 November 2020
-
13,586
2,234
133
15,953
6
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
12,118
10,128
7
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
8,979
3,620
Trade creditors
40,414
35,109
Taxes and social security
3,290
203
Loans from directors
4,019
4,185
8
Creditors: amounts falling due after more than one year
2021
2020
Prestige The Laundry Limited
Notes to the Accounts
for the year ended 30 November 2021
9
Deferred taxation
2021
2020
Accelerated capital allowances
1,344
1,728
Provision at start of year
1,728
1,728
Credited to the profit and loss account
(384)
-
Provision at end of year
1,344
1,728
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
11
Average number of employees
During the year the average number of employees was 5 (2020: 5).