Registered number
09155811
(Established 1897) Dry Cleaners Limited
Report and Accounts
30 September 2023
(Established 1897) Dry Cleaners Limited
Report to the director on the preparation of the unaudited statutory accounts of (Established 1897) Dry Cleaners Limited for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of (Established 1897) Dry Cleaners Limited for the year ended 30 September 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Coalesco Accountants Ltd
Chartered Certified Accountants
156 Russell Drive
Wollaton
Nottingham
NG8 2BE
18 March 2024
(Established 1897) Dry Cleaners Limited
Registered number: 09155811
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,000 12,000
Tangible assets 4 33,808 39,473
39,808 51,473
Current assets
Stocks 6,000 5,000
Debtors 5 63,689 84,297
Cash at bank and in hand 35,641 27,961
105,330 117,258
Creditors: amounts falling due within one year 6 (65,537) (57,964)
Net current assets 39,793 59,294
Total assets less current liabilities 79,601 110,767
Creditors: amounts falling due after more than one year 7 (26,743) (42,044)
Provisions for liabilities (5,764) (8,064)
Net assets 47,094 60,659
Capital and reserves
Called up share capital 100 100
Profit and loss account 46,994 60,559
Shareholder's funds 47,094 60,659
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.
A Redgate
Director
Approved by the board on 18 March 2024
(Established 1897) Dry Cleaners Limited
Notes to the Accounts
for the year ended 30 September 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being written off evenly over its expected useful life of ten years.
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 20% Straight line
Computer equipment 33% Straight line
Motor vehicles 25% Reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 60,000
At 30 September 2023 60,000
Amortisation
At 1 October 2022 48,000
Provided during the year 6,000
At 30 September 2023 54,000
Net book value
At 30 September 2023 6,000
At 30 September 2022 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 3,131 128,303 22,910 154,344
Additions - 16,680 9,000 25,680
At 30 September 2023 3,131 144,983 31,910 180,024
Depreciation
At 1 October 2022 3,130 92,853 18,888 114,871
Charge for the year - 28,090 3,255 31,345
At 30 September 2023 3,130 120,943 22,143 146,216
Net book value
At 30 September 2023 1 24,040 9,767 33,808
At 30 September 2022 1 35,450 4,022 39,473
5 Debtors 2023 2022
£ £
Trade debtors 39,541 44,149
Other debtors 24,148 40,148
63,689 84,297
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 -
Obligations under finance lease and hire purchase contracts 5,001 4,880
Trade creditors 9,289 2,557
Corporation tax 5,076 13,284
Other taxes and social security costs 26,763 28,131
Other creditors 8,760 9,112
65,537 57,964
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,693 42,044
Obligations under finance lease and hire purchase contracts 5,050 -
26,743 42,044
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 21,693 42,044
The loans are secured on the assets to which they relate.
9 Other information
(Established 1897) Dry Cleaners Limited is a private company limited by shares and incorporated in England. Its registered office is:
Winchester Street
Nottingham
NG5 4DR
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