Registered number
10638224
Downham Express Dry Cleaners Limited
Unaudited Filleted Accounts
28 February 2023
Downham Express Dry Cleaners Limited
Registered number: 10638224
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 26,400 26,000
Tangible assets 4 70,944 48,419
97,344 74,419
Current assets
Stocks 1,364 140
Debtors 5 24,354 25,835
Cash at bank and in hand 18,528 9,885
44,246 35,860
Creditors: amounts falling due within one year 6 (109,805) (57,046)
Net current liabilities (65,559) (21,186)
Total assets less current liabilities 31,785 53,233
Creditors: amounts falling due after more than one year 7 (30,856) (32,741)
Net assets 929 20,492
Capital and reserves
Called up share capital 100 100
Profit and loss account 829 20,392
Shareholder's funds 929 20,492
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Irfan Turali
Director
Approved by the board on 27 November 2023
Downham Express Dry Cleaners Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 26,000
Additions 400
At 28 February 2023 26,400
Amortisation
At 28 February 2023 -
Net book value
At 28 February 2023 26,400
At 28 February 2022 26,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 26,178 20,381 11,995 58,554
Additions - 29,000 - 29,000
At 28 February 2023 26,178 49,381 11,995 87,554
Depreciation
At 1 March 2022 - 7,736 2,399 10,135
Charge for the year - 6,475 - 6,475
At 28 February 2023 - 14,211 2,399 16,610
Net book value
At 28 February 2023 26,178 35,170 9,596 70,944
At 28 February 2022 26,178 12,645 9,596 48,419
5 Debtors 2023 2022
£ £
Trade debtors 596 3,577
Other debtors 23,758 22,258
24,354 25,835
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,561 15,435
Trade creditors 66,578 13,293
Taxation and social security costs 9,413 9,819
Other creditors 22,253 18,499
109,805 57,046
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,921 32,741
Other creditors 10,935 -
30,856 32,741
8 Other information
Downham Express Dry Cleaners Limited is a private company limited by shares and incorporated in England. Its registered office is:
214 Lower Addiscombe Road
Croydon
CR0 7AB
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