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
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
Liverpool Community Launderette Ltd
Statement of financial position
as at 31 January 2023
Tangible assets
62,749
102,991
Cash at bank and in hand
83,806
33,262
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)
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
Liverpool Community Launderette Ltd
Notes to the Accounts
for the year ended 31 January 2023
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.
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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.
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 represents sales income from the launderette activities.
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%
Liverpool Community Launderette Ltd
Notes to the Accounts
for the year ended 31 January 2023
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).
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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
Revaluations
(73)
(17,159)
(17,232)
At 31 January 2023
2,768
137,983
140,751
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
At 31 January 2023
1,456
61,293
62,749
At 31 January 2022
931
102,060
102,991
Liverpool Community Launderette Ltd
Notes to the Accounts
for the year ended 31 January 2023
Amounts falling due within one year
Accrued income and prepayments
-
1,583
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
102
1,133
Deferred income
41,472
35,846
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
21,481
13,333
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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.
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Average number of employees
During the year the average number of employees was 8 (2022: 6).