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Registration number: 09264153

Spotless Mobile Valeting (SW) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Spotless Mobile Valeting (SW) Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

Detailed Profit and Loss Account

12 to 13

 

Spotless Mobile Valeting (SW) Ltd

Company Information

Director

Mr Michael William Goldsworthy

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Spotless Mobile Valeting (SW) Ltd

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mr Michael William Goldsworthy

Principal activity

The principal activity of the company is Valeting

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr Michael William Goldsworthy
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Spotless Mobile Valeting (SW) Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spotless Mobile Valeting (SW) Ltd for the year ended 31 October 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Spotless Mobile Valeting (SW) Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Spotless Mobile Valeting (SW) Ltd and state those matters that we have agreed to state to the Board of Directors of Spotless Mobile Valeting (SW) Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spotless Mobile Valeting (SW) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Spotless Mobile Valeting (SW) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Spotless Mobile Valeting (SW) Ltd. You consider that Spotless Mobile Valeting (SW) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Spotless Mobile Valeting (SW) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

11 March 2024

 

Spotless Mobile Valeting (SW) Ltd

(Registration number: 09264153)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,076

1,076

Tangible assets

6

10,374

13,546

 

11,450

14,622

Current assets

 

Cash at bank and in hand

 

41,717

33,225

Creditors: Amounts falling due within one year

8

(8,120)

(11,514)

Net current assets

 

33,597

21,711

Net assets

 

45,047

36,333

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

44,947

36,233

Shareholders' funds

 

45,047

36,333

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr Michael William Goldsworthy
Director

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is not provided on intangible assets.

Asset class

Amortisation method and rate

Goodwill

not charged

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,458

4,514

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

15,000

1,076

16,076

At 31 October 2023

15,000

1,076

16,076

Amortisation

At 1 November 2022

15,000

-

15,000

At 31 October 2023

15,000

-

15,000

Carrying amount

At 31 October 2023

-

1,076

1,076

At 31 October 2022

-

1,076

1,076

6

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

48,996

1,987

50,983

Additions

-

286

286

At 31 October 2023

48,996

2,273

51,269

Depreciation

At 1 November 2022

36,432

1,005

37,437

Charge for the year

3,141

317

3,458

At 31 October 2023

39,573

1,322

40,895

Carrying amount

At 31 October 2023

9,423

951

10,374

At 31 October 2022

12,564

982

13,546

7

Debtors

Current

2023
£

2022
£

 

-

-

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

36

249

Trade creditors

 

2,037

1,365

Taxation and social security

 

325

107

Accruals and deferred income

 

1,272

1,044

Other creditors

 

4,450

8,749

 

8,120

11,514

Creditors: amounts falling due after more than one year

2023
£

2022
£

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

36

249

11

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary

 

-

 

-

         

Interim dividends paid

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

   

2023
£

 

2022
£

Interim dividend of £51.00 (2022 - £50.00) per each Ordinary

 

5,100

 

5,000

         

12

Related party transactions

 

Spotless Mobile Valeting (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,599

11,000

 

Spotless Mobile Valeting (SW) Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

50,312

40,647

Cost of sales

Purchases

4,130

1,251

Water rates

339

-

4,469

1,251

Employment costs

Directors remuneration

(12,599)

(11,000)

Directors NIC (Employers)

(486)

(296)

Subcontract cost

(1,050)

-

(14,135)

(11,296)

Establishment costs

Use of home as office

(312)

-

General administrative expenses

Insurance

-

(1,006)

Telephone and fax

(603)

(938)

Mobile

(1,698)

(1,233)

Computer software and maintenance costs

(26)

-

Website

(130)

-

Printing, postage and stationery

-

(161)

Health & Safety

-

(23)

Motor expenses

(4,908)

(4,443)

Advertising

(67)

(231)

Promotional expenses

-

(315)

Payroll

(489)

(490)

Accountancy fees

(1,440)

(840)

Legal and professional fees

(300)

(300)

(9,661)

(9,980)

Finance charges

Bank charges

(89)

(145)

Depreciation costs

Depreciation of plant and machinery (owned)

(317)

(327)

Depreciation of motor vehicles (owned)

(3,141)

(4,187)

(3,458)

(4,514)

Operating profit

18,188

13,461

Interest payable and similar charges

Other interest payable

389

97

 

Spotless Mobile Valeting (SW) Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
 £

2022
 £

Profit before tax

17,799

13,364