Silverfin false 30/04/2023 01/05/2022 30/04/2023 R M Hitchins 20/06/2018 M Weir 20/06/2018 12 October 2023 The principal activity of the Company during the financial year is the provision of laundry services. 07191598 2023-04-30 07191598 bus:Director1 2023-04-30 07191598 bus:Director2 2023-04-30 07191598 2022-04-30 07191598 core:CurrentFinancialInstruments 2023-04-30 07191598 core:CurrentFinancialInstruments 2022-04-30 07191598 core:Non-currentFinancialInstruments 2023-04-30 07191598 core:Non-currentFinancialInstruments 2022-04-30 07191598 core:ShareCapital 2023-04-30 07191598 core:ShareCapital 2022-04-30 07191598 core:RetainedEarningsAccumulatedLosses 2023-04-30 07191598 core:RetainedEarningsAccumulatedLosses 2022-04-30 07191598 core:Goodwill 2022-04-30 07191598 core:Goodwill 2023-04-30 07191598 core:LeaseholdImprovements 2022-04-30 07191598 core:PlantMachinery 2022-04-30 07191598 core:LeaseholdImprovements 2023-04-30 07191598 core:PlantMachinery 2023-04-30 07191598 bus:OrdinaryShareClass1 2023-04-30 07191598 2022-05-01 2023-04-30 07191598 bus:FullAccounts 2022-05-01 2023-04-30 07191598 bus:SmallEntities 2022-05-01 2023-04-30 07191598 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07191598 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07191598 bus:Director1 2022-05-01 2023-04-30 07191598 bus:Director2 2022-05-01 2023-04-30 07191598 core:Goodwill core:TopRangeValue 2022-05-01 2023-04-30 07191598 core:Goodwill 2022-05-01 2023-04-30 07191598 core:LeaseholdImprovements core:TopRangeValue 2022-05-01 2023-04-30 07191598 core:PlantMachinery 2022-05-01 2023-04-30 07191598 2021-05-01 2022-04-30 07191598 core:LeaseholdImprovements 2022-05-01 2023-04-30 07191598 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 07191598 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07191598 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07191598 (England and Wales)

PADSTOW LAUNDRY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

PADSTOW LAUNDRY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

PADSTOW LAUNDRY LIMITED

BALANCE SHEET

As at 30 April 2023
PADSTOW LAUNDRY LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 15,000
Tangible assets 4 95,820 98,413
95,820 113,413
Current assets
Stocks 5 3,554 2,544
Debtors 6 95,076 121,494
Cash at bank and in hand 154,010 21,919
252,640 145,957
Creditors: amounts falling due within one year 7 ( 59,418) ( 64,897)
Net current assets 193,222 81,060
Total assets less current liabilities 289,042 194,473
Creditors: amounts falling due after more than one year 8 ( 7,017) 0
Provision for liabilities ( 17,267) ( 17,700)
Net assets 264,758 176,773
Capital and reserves
Called-up share capital 9 4 4
Profit and loss account 264,754 176,769
Total shareholder's funds 264,758 176,773

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Padstow Laundry Limited (registered number: 07191598) were approved and authorised for issue by the Director on 12 October 2023. They were signed on its behalf by:

R M Hitchins
Director
M Weir
Director
PADSTOW LAUNDRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
PADSTOW LAUNDRY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Padstow Laundry Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Laundry, Little Treviscoe, St. Austell, PL26 7QN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 8 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 8 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 125,000 125,000
At 30 April 2023 125,000 125,000
Accumulated amortisation
At 01 May 2022 110,000 110,000
Charge for the financial year 15,000 15,000
At 30 April 2023 125,000 125,000
Net book value
At 30 April 2023 0 0
At 30 April 2022 15,000 15,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 May 2022 61,684 213,409 275,093
Additions 0 38,487 38,487
At 30 April 2023 61,684 251,896 313,580
Accumulated depreciation
At 01 May 2022 26,345 150,335 176,680
Charge for the financial year 12,342 28,738 41,080
At 30 April 2023 38,687 179,073 217,760
Net book value
At 30 April 2023 22,997 72,823 95,820
At 30 April 2022 35,339 63,074 98,413

5. Stocks

2023 2022
£ £
Stocks 3,554 2,544

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2023 2022
£ £
Trade debtors 66,758 69,554
Amounts owed by Group undertakings 16,376 16,376
Other debtors 11,942 35,564
95,076 121,494

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,181 27,594
Taxation and social security 34,735 28,631
Obligations under finance leases and hire purchase contracts 5,613 815
Other creditors 7,889 7,857
59,418 64,897

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 7,017 0

The bank hold a fixed charge over the company's assets.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £147,028 (2022 - £210,778).

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The Company is 100% owned by White Cloud Laundry & Linen Services Limited.