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REGISTERED NUMBER: SC565655 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

SILVER CITY LAUNDERERS LIMITED

SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SILVER CITY LAUNDERERS LIMITED

Company Information
for the Year Ended 31 May 2023







DIRECTORS: A Carrara
D J S Duguid
R K Galvin





REGISTERED OFFICE: 5 Carden Place
Aberdeen
AB10 1UT





REGISTERED NUMBER: SC565655 (Scotland)






SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,293 15,421

CURRENT ASSETS
Stocks 40,000 20,024
Debtors 5 228,623 146,597
Cash at bank and in hand 8,749 2,180
277,372 168,801
CREDITORS
Amounts falling due within one year 6 620,394 502,967
NET CURRENT LIABILITIES (343,022 ) (334,166 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(332,729

)

(318,745

)

CREDITORS
Amounts falling due after more than one
year

7

19,980

37,269
NET LIABILITIES (352,709 ) (356,014 )

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings (352,712 ) (356,017 )
(352,709 ) (356,014 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





D J S Duguid - Director


SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

Silver City Launderers Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 3,547 45,735 966 23,865 74,113
Additions - 8,783 - - 8,783
Disposals - (11,209 ) - (23,865 ) (35,074 )
At 31 May 2023 3,547 43,309 966 - 47,822
DEPRECIATION
At 1 June 2022 1,596 41,483 578 15,035 58,692
Charge for year 355 4,558 168 641 5,722
Eliminated on disposal - (11,209 ) - (15,676 ) (26,885 )
At 31 May 2023 1,951 34,832 746 - 37,529
NET BOOK VALUE
At 31 May 2023 1,596 8,477 220 - 10,293
At 31 May 2022 1,951 4,252 388 8,830 15,421

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,825 33,252
Other debtors 157,798 113,345
228,623 146,597

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,288 28,736
Hire purchase contracts - 1,556
Trade creditors 176,913 176,760
Taxation and social security 240,873 157,777
Other creditors 183,320 138,138
620,394 502,967

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,980 37,269

SILVER CITY LAUNDERERS LIMITED (REGISTERED NUMBER: SC565655)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.

9. GOING CONCERN

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.