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Company Registration No. 10556191 (England and Wales)
Liverpool Community Launderette Ltd Unaudited accounts for the year ended 31 January 2023
Liverpool Community Launderette Ltd Unaudited accounts Contents
Page
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Liverpool Community Launderette Ltd Company Information for the year ended 31 January 2023
Directors
Grace Rebecca Harrison Sally-Anne Watkiss Bryn Davies Fiona Claire Shaw Kirsty Harris Donna Scott Paula Fagan Suzy O'Brien
Secretary
Grace Rebecca Harrison
Company Number
10556191 (England and Wales)
Registered Office
77 Grasmere Street Liverpool L5 6RH ENGLAND
Accountants
Adding Value Consultancy Ltd Studio 6, Bluecoat Chambers School Lane Liverpool L1 3BX
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Liverpool Community Launderette Ltd Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
62,749 
102,991 
Current assets
Debtors
2,205 
1,583 
Cash at bank and in hand
83,806 
33,262 
86,011 
34,845 
Creditors: amounts falling due within one year
(65,016)
(42,217)
Net current assets/(liabilities)
20,995 
(7,372)
Total assets less current liabilities
83,744 
95,619 
Creditors: amounts falling due after more than one year
(21,481)
(48,821)
Net assets
62,263 
46,798 
Reserves
Profit and loss account
62,263 
46,798 
Members' funds
62,263 
46,798 
For the year ending 31 January 2023 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 11 October 2023 and were signed on its behalf by
Grace Rebecca Harrison Director Company Registration No. 10556191
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Liverpool Community Launderette Ltd Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Liverpool Community Launderette Ltd is a private company, limited by guarantee, registered in England and Wales, registration number 10556191. The registered office is 77 Grasmere Street, Liverpool, L5 6RH, ENGLAND.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The financial statements have been prepared on a going concern basis. The Management Committee have considered the level of funds held and the expected level of income and expenditure for the twelve months ahead from authorising these financial statements and assess the organisation to be a going concern.
Turnover
Turnover represents sales income from the launderette activities.
Government grants
Grant income is recognised under Other Operating Income in the Income Statement. Grants received in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas grants received to support operating activities are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
All fixed assets are stated at cost less accumulated depreciation. Depreciation of fixed assets is calculated to write off their costs less any residual value over their estimated useful lives on a straight-line basis as follows: Building renovation 10% to 20% Laundrette equipment 20% Fixtures and fittings 20%
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Liverpool Community Launderette Ltd Notes to the Accounts for the year ended 31 January 2023
Reserves
The Management Committee have put in place an Operating Reserve Policy to ensure the stability of the mission, programs, employment, and ongoing operations of the organisation. The Operating Reserve is intended to provide an internal source of funds for situations such as a sudden increase in expenses, one- time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The Reserve may also be used for one-time, nonrecurring expenses that will build long-term capacity, such as staff development, research and development, or investment in infrastructure. Operating Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of the company for Operating Reserves to be used and replenished within a reasonably short period of time. The Operating Reserve Policy will be implemented in concert with the other governance and financial policies and is intended to support the goals and strategies contained in these related policies and in strategic and operational plans. The Operating Reserve Fund is defined as a designated fund set aside by action of the Board of Directors. The minimum amount to be designated as Operating Reserve will be established in an amount sufficient to maintain ongoing operations and programs for a set period of time, measured in months. The Operating Reserve serves a dynamic role and will be reviewed and adjusted in response to internal and external changes. The target minimum Operating Reserve Fund is equal to five months of average operating costs. The calculation of average monthly operating costs includes all recurring, predictable expenses such as salaries and benefits, occupancy, office, travel, program, and ongoing professional services. Depreciation, in-kind, and other non-cash expenses are not included in the calculation. The amount of the Operating Reserve Fund target minimum will be calculated each year after approval of the annual budget, reported to the Finance Committee/Board of Directors, and included in the regular financial reports. The directors have designated £25,000 of reserves as a contingency fund to manage future operational risks and to support the reserves policy of maintaining working capital to meet unforeseen needs. At the end of the financial year, the organisation had £65,877 of reserves (2022: £46,798). Taking into account commitments for future depreciation and future release of deferred capital grants, the organisation's Free Reserves were £18,104 (2022: £291).
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2022
1,703 
154,992 
156,695 
Additions
1,138 
150 
1,288 
Revaluations
(73)
(17,159)
(17,232)
At 31 January 2023
2,768 
137,983 
140,751 
Depreciation
At 1 February 2022
772 
52,932 
53,704 
Charge for the year
568 
30,594 
31,162 
Surplus on revaluation
(28)
(6,836)
(6,864)
At 31 January 2023
1,312 
76,690 
78,002 
Net book value
At 31 January 2023
1,456 
61,293 
62,749 
At 31 January 2022
931 
102,060 
102,991 
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Liverpool Community Launderette Ltd Notes to the Accounts for the year ended 31 January 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,036 
- 
Accrued income and prepayments
- 
1,583 
Other debtors
169 
- 
2,205 
1,583 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,026 
- 
Trade creditors
9,846 
115 
Taxes and social security
102 
1,133 
Other creditors
5,187 
- 
Accruals
3,383 
5,123 
Deferred income
41,472 
35,846 
65,016 
42,217 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
21,481 
13,333 
Deferred income
- 
35,488 
21,481 
48,821 
8
Company limited by guarantee
The Company was incorporated on 10 January 2017 as a Company Limited by Guarantee with co-operative articles, with a framework where all profits are invested back into the community. It has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
9
Transactions with related parties
No remuneration was paid to any member of the Management Committee in 2022 (2021: Nil) for their work or time on the Management Committee or as a director. The Committee includes paid members of staff employed by the launderette.
10
Average number of employees
During the year the average number of employees was 8 (2022: 6).
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