Upstage Theatrical Dry Cleaners Limited
Registered number: 04729417
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 268,800 299,130
Current assets
Stocks 15,000 8,222
Debtors 4 377,329 330,251
Cash at bank and in hand 295,777 71,967
688,106 410,440
Creditors: amounts falling due within one year 5 (283,072) (190,556)
Net current assets 405,034 219,884
Total assets less current liabilities 673,834 519,014
Creditors: amounts falling due after more than one year 6 (150,565) (211,977)
Net assets £523,269 £307,037
Capital and reserves
Called up share capital 600 600
Profit and loss account 522,669 306,437
Shareholders' funds £523,269 £307,037
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
P W SALMON
Director
Approved by the board on 15 April 2024
Upstage Theatrical Dry Cleaners Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 as applied to small entities by section 1A of the standard. 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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Motor Vehicles reducing balance @ 25%
Plant and machinery reducing balance @ 15%
Fixtures, fittings, tools and equipment reducing balance @ 15%
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.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 13
3 Tangible fixed assets
Fixtures & fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 79,202 511,327 151,664 742,193
Additions 2,539 24,374 - 26,913
At 31 July 2023 £81,741 £535,701 £151,664 £769,106
Depreciation
At 1 August 2022 61,082 313,708 68,273 443,063
Charge for the year 3,098 33,299 20,846 57,243
At 31 July 2023 £64,180 £347,007 £89,119 £500,306
Net book value
At 31 July 2023 £17,561 £188,694 £62,545 £268,800
At 31 July 2022 £18,120 £197,619 £83,391 £299,130
4 Debtors 2023 2022
£ £
Trade debtors 298,226 261,476
Other debtors 79,103 68,775
£377,329 £330,251
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,000 50,000
Obligations under finance lease and hire purchase contracts 10,534 10,534
Trade creditors 21,922 36,381
Corporation tax 95,048 14,166
Other taxes and social security costs 78,689 71,156
Other creditors 26,879 8,319
£283,072 £190,556
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 104,167 154,167
Obligations under finance lease and hire purchase contracts 46,398 57,810
£150,565 £211,977
7 Other information
Upstage Theatrical Dry Cleaners Limited is a private company limited by shares and incorporated in England. Its registered office is:
239 Bullsmoor Lane
Enfield
MIDDX
EN1 4SB
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