Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31The principal activity of the company was that of provision of dry cleaning and laundry services.1truefalsetrue12022-02-01 03033215 2022-02-01 2023-01-31 03033215 2021-02-01 2022-01-31 03033215 2023-01-31 03033215 2022-01-31 03033215 c:Director1 2022-02-01 2023-01-31 03033215 d:CurrentFinancialInstruments 2023-01-31 03033215 d:CurrentFinancialInstruments 2022-01-31 03033215 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03033215 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03033215 d:ShareCapital 2023-01-31 03033215 d:ShareCapital 2022-01-31 03033215 d:SharePremium 2023-01-31 03033215 d:SharePremium 2022-01-31 03033215 d:RetainedEarningsAccumulatedLosses 2023-01-31 03033215 d:RetainedEarningsAccumulatedLosses 2022-01-31 03033215 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 03033215 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 03033215 c:EntityNoLongerTradingButTradedInPast 2022-02-01 2023-01-31 03033215 c:FRS102 2022-02-01 2023-01-31 03033215 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 03033215 c:FullAccounts 2022-02-01 2023-01-31 03033215 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 03033215









DRY CLEANING DIRECT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
DRY CLEANING DIRECT LIMITED
REGISTERED NUMBER: 03033215

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
100,379
100,379

Cash at bank and in hand
 4 
1,567,000
1,857,122

  
1,667,379
1,957,501

Creditors: amounts falling due within one year
 5 
(1,593,291)
(1,883,413)

Net current assets
  
 
 
74,088
 
 
74,088

Total assets less current liabilities
  
74,088
74,088

  

Net assets
  
74,088
74,088


Capital and reserves
  

Called up share capital 
  
1,200
1,200

Share premium account
  
19,900
19,900

Profit and loss account
  
52,988
52,988

  
74,088
74,088


For the year ended 31 January 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.




Page 1

 
DRY CLEANING DIRECT LIMITED
REGISTERED NUMBER: 03033215
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023



Ejaz Osmani
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
DRY CLEANING DIRECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Dry Cleaning Direct Limited is a private company limited by shares incorporated in England and Wales and its registered office is 16 Hinde Street, London W1U 2BB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.3

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.



 
2.4

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 3

 
DRY CLEANING DIRECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 4

 
DRY CLEANING DIRECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Debtors

2023
2022
£
£


Other debtors
100,379
100,379

100,379
100,379



4.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,567,000
1,857,122

1,567,000
1,857,122



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,584,831
1,874,953

Other creditors
7,500
7,500

Accruals and deferred income
960
960

1,593,291
1,883,413


Page 5

 
DRY CLEANING DIRECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,567,000
1,857,122




7.


Related party transactions

At the balance sheet date an amount of £1,584,831 was owed to White Rose Laundries Limited, a company under common control.

Page 6