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SPEEDY IRONING SERVICES LIMITED

Registered Number
SC267304
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2023

SPEEDY IRONING SERVICES LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

HIGGINS, Jillian Agnes

Registered Address

Afm House
6 Crofthead Road
Prestwick
KA9 1HW

Registered Number

SC267304 (Scotland)
SPEEDY IRONING SERVICES LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets35,3205,756
5,3205,756
Current assets
Debtors-6,545
Cash at bank and on hand20,30820,091
20,30826,636
Creditors amounts falling due within one year(27,943)(28,660)
Net current assets (liabilities)(7,635)(2,024)
Total assets less current liabilities(2,315)3,732
Creditors amounts falling due after one year(5,662)(9,900)
Accruals and deferred income-(272)
Net assets(7,977)(6,440)
Capital and reserves
Called up share capital100100
Profit and loss account(8,077)(6,540)
Shareholders' funds(7,977)(6,440)
The financial statements were approved and authorised for issue by the Director on 2 February 2024, and are signed on its behalf by:
HIGGINS, Jillian Agnes
Director
Registered Company No. SC267304
SPEEDY IRONING SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Trade and other 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.
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2222,302
Additions1,280
At 31 May 2323,582
Depreciation and impairment
At 01 June 2216,546
Charge for year1,716
At 31 May 2318,262
Net book value
At 31 May 235,320
At 31 May 225,756
4.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts835-
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.