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Registration number: 08154790

L J Laundry Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

L J Laundry Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

L J Laundry Services Limited

Company Information

Director

Mrs Hayley Louise Richards

Registered office

3 Chapel Street
Redruth
Cornwall
TR15 2BY

 

L J Laundry Services Limited

(Registration number: 08154790)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

109,980

75,953

Current assets

 

Debtors

6

53,928

49,334

Cash at bank and in hand

 

103,095

82,379

 

157,023

131,713

Creditors: Amounts falling due within one year

7

(93,225)

(97,156)

Net current assets

 

63,798

34,557

Total assets less current liabilities

 

173,778

110,510

Creditors: Amounts falling due after more than one year

7

(15,177)

(30,139)

Provisions for liabilities

(26,450)

(12,615)

Net assets

 

132,151

67,756

Capital and reserves

 

Called up share capital

20

20

Retained earnings

132,131

67,736

Shareholders' funds

 

132,151

67,756

For the financial year ending 31 August 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 her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2024
 

.........................................
Mrs Hayley Louise Richards
Director

 

L J Laundry Services Limited

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

1

General information

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

The address of its registered office is:
3 Chapel Street
Redruth
Cornwall
TR15 2BY

The principal place of business is:
Building 2 - Pool Industrial Park
Wilson Way
Redruth
Cornwall
TR15 3RX
ENGLAND

These financial statements were authorised for issue by the director on 16 April 2024.

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. The results in the financial statements are presented to the nearest pound sterling.

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.

Government grants

Revenue grants, including government grants, are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate, under the accrual model permitted by FRS 102.

Capital grants, including government grants, are recognised in income on a systematic basis over the expected useful economic life of the asset.

Tax

The tax expense for the period comprises current and deferred 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.

 

L J Laundry Services Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Motor Vehicles

25% Reducing Balance

Office Equipment

20%/50% 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 provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

L J Laundry Services Limited

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

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 16).

 

L J Laundry Services Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

20,343

20,343

At 31 August 2023

20,343

20,343

Amortisation

At 1 September 2022

20,343

20,343

At 31 August 2023

20,343

20,343

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

-

156,837

16,198

173,035

Additions

1,110

41,200

11,495

53,805

Disposals

-

(1,246)

-

(1,246)

At 31 August 2023

1,110

196,791

27,693

225,594

Depreciation

At 1 September 2022

-

91,562

5,520

97,082

Charge for the year

-

16,596

2,670

19,266

Eliminated on disposal

-

(734)

-

(734)

At 31 August 2023

-

107,424

8,190

115,614

Carrying amount

At 31 August 2023

1,110

89,367

19,503

109,980

At 31 August 2022

-

65,275

10,678

75,953

Included within the net book value of land and buildings above is £1,110 (2022 - £Nil) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

53,360

44,141

Prepayments

568

762

Other debtors

-

4,431

 

53,928

49,334

 

L J Laundry Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,962

22,863

Trade creditors

 

20,845

30,636

Taxation and social security

 

50,681

37,687

Accruals and deferred income

 

3,915

3,247

Other creditors

 

2,822

2,723

 

93,225

97,156

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,177

30,139

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

7,000

11,000

Hire purchase contracts

8,177

19,139

15,177

30,139

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,000

6,329

Hire purchase contracts

10,962

16,534

14,962

22,863

 

L J Laundry Services Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,988 (2022 - £8,729). This is in respect of an operating lease.

10

Related party transactions

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

Mrs Hayley Louise Richards

Interest free loan at call

(165)

(312)

(477)

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mrs Hayley Louise Richards

Interest free loan at call

941

384

(1,490)

(165)

11

Non adjusting events after the financial period

On 4 March 2024 the company acquired the Freehold premises from which it trades using reserves, a directors loan and a fixed rate bank loan. The bank loan is secured with a floating charge over all the property and undertaking of the company.