Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
COMPANY INFORMATION
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EASTERN COUNTIES LAUNDRIES LIMITED
CONTENTS
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EASTERN COUNTIES LAUNDRIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the company continues to be the provision of linen and workwear rental and laundry services into London and throughout the South-East of the UK. These services are delivered 24/7 to satisfy the customer needs.
During this latest year ended 31 March 2023, it has been encouraging to see the level of sales recovery particularly whilst the company has remained affected by the global pandemic.
The company has managed to navigate these challenges and retain market position and provided a healthy platform for growth in the underlying medium to long term strategy. The current financial reporting period is 1 April 2022 to 31 March 2023 with the previous period, being a 6-month period thus comparatives are not entirely comparable. Turnover for the year stands at £20.2m and the company has worked hard to mitigate the effect of the National Living Wage (NLW) and COVID on company costs. Gross Profit is now £3m providing a pre-tax profit of £0.38m. During this period of reporting, the effects of Covid-19 were significantly reduced compared to the previous reporting period. However, the underlying effects of the pandemic and now a cost-of-living crisis can be seen within the reporting period. The operating environment is still significantly more difficult than pre-COVID, with the sourcing of all key resources, including recruitment, engagement and retention of staff, proving challenging. Alongside these sourcing challenges, cost inflation has played its part in the profitability of the business in the year.
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EASTERN COUNTIES LAUNDRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The principal trading risks facing the business are the sourcing of textiles, a suitable workforce, continuing cost pressures and a further cost of living crisis impacting our customer demand.
Due to the nature of the financial instruments used by the company, there is no real exposure to price risk fluctuations. The company’s approach to managing other risks applicable to the financial instruments concerned is as set out below. The company’s principal financial instruments and working capital components comprise bank balances, bank overdrafts (when needed and appropriate), trade debtors, trade creditors, loans to the company and finance lease agreements. The main purpose of the instruments is to raise funds for the company’s operations and expansion and to provide ongoing working capital. The company has in place the following measures in order to manage financial risks arising from these financial instruments: •In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans and overdrafts, again where needed and appropriate, and finance at floating rates of interest. •In respect of loans, these comprise loans from financial institutions. The interest rate on the loans are variable and the company manages the liquidity risk by ensuring there are sufficient funds to meet the repayments as they fall due. The current volatility in terms of open market interest rates is monitored closely in the context of its impact on the company finance arrangements. •The company uses finance leases to assist in the purchase of some fixed assets. The liquidity risk is managed in the same manner as for the loans above. •Trade debtors are managed in terms of credit and cash flow risk, by regularly reviewing credit terms given to customers and strict controls over the collection procedure. •Trade creditor liquidity risk is managed in the same way as the loans above and is constantly monitored.
The company uses real time KPI monitoring across both its sites as well as having an appropriate set of commercial, operational, compliance and financial related KPIs for monthly management review. Turnover and gross margin, being the main KPI's, are disclosed under Introduction above.
There are no other key performance indicators other than those already disclosed above.
This report was approved by the board on 5 February 2024 and signed on its behalf.
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EASTERN COUNTIES LAUNDRIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £379,385 (2022 - loss £812,113).
Dividends of £nil (2022: £nil) were paid in the year. However dividends in specie of £824,000 were declared in the year in relation to property transfers which took place in the year to the parent company, Moore Bros Holdings Limited.
The directors who served during the year were:
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EASTERN COUNTIES LAUNDRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The company is reliant upon hospitality within the region it serves and believes demand will remain despite the current cost of living crisis.
The board of directors remain confident about the future. The business has two modern and flexible facilities, which in turn provide a strong platform to quickly adapt to market requirements and so there is a reasonable optimism about the return to, and growth beyond, historic levels of trade and performance over the coming years.
After year end, a registration of a fixed charge occurred on 21 June 2023 between the company and Together Commercial Finance Limited, who now holds security over the freehold property known as 31 Robjohns Road, Chelmsford, CM1 3AF.
After year end, Eastern Counties Laundries Limited was still in the process of selling a property to Moore Bros Holdings Limited at its current market value. A portion of the 30 West Street, Coggeshall CO6 1NS property is still currently in the process of being sold. The carrying value is £350k at March 2023 and is included in Investment Property. At the signing date of these accounts, the sale has not yet been finalised. During the year, Eastern Counties Laundries Limited invested costs of approximately £0.5mil which is included in Tangible fixed assets above, and a further £0.3mil has been invested after year end into expanding its factory facility at 31 Robjohns Road in Chelmsford, with it being completed in May 2023. To support this expansion of operations the company obtained a loan facility of £1.5mil in June 2023.
The auditors, Donald Reid Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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EASTERN COUNTIES LAUNDRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EASTERN COUNTIES LAUNDRIES LIMITED
We have audited the financial statements of Eastern Counties Laundries Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EASTERN COUNTIES LAUNDRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EASTERN COUNTIES LAUNDRIES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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EASTERN COUNTIES LAUNDRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EASTERN COUNTIES LAUNDRIES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• enquiring of management concerning actual and potential litigation claims; • performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud; • reading minutes of meetings; • assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias; • evaluating any transactions that are unusual or outside the normal course of business; and • maintaining alert to any fraud risks throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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EASTERN COUNTIES LAUNDRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EASTERN COUNTIES LAUNDRIES LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditors
Prince Albert House
18a/20 King Street
Berkshire
SL6 1EF
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EASTERN COUNTIES LAUNDRIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
REGISTERED NUMBER: 00249950
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 36 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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EASTERN COUNTIES LAUNDRIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is 28 Robjohns Road, Widford Industrial Estate, Chelmsford, Essex, United Kingdom, CM1 3AF and the company number is 00249950.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
Management have considered that the consequences of the past accounting periods and the post balance sheet period and have determined that following appropriate sales pricing and review of labour and other costs, that the going concern is the most appropriate basis for the preparation of the financial statements. This is further supported by the strong net asset position of £7.2mil.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are not depreciated.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cashflows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Useful lives: for the different classes of Tangible Assets, management establish useful lives based on our estimates of the period that the assets will be able to be utilised for. Linen is expensed over its useful economic life, which has been determined to be two years. These estimates are based on past operational experience and considered in light of industry competitors. All Tangible Asset useful lives are reviewed periodically for appropriateness.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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14.Tangible fixed assets (continued)
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Tangible fixed assets (continued)
Freehold Property at 31 March 2023 has a carrying amount of £3,490,795 at cost with the revaluation portion being £1,909,205 based on the 31 March 2023 valuation. Thus a total of £5,400,000. The 31 March 2023 valuations were made by an independent valuer, being Nicholas Percival RICS, on an open market value for existing use basis. If the Freehold Property had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: -31 March 2023: Historic cost of £4,673,915 and accumulated depreciation of £1,183,120 -31 March 2022: Historic cost of £4,651,323 and accumulated depreciation of £1,089,721
Eastern Counties Laundries Limited is a designated member of Moore Bros 1815 LLP, having 66% control. Moore Bros 1815 LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales. The registered address is Middlebrough House, 16 Middlebrough, Colchester, Essex, CO1 1QT and the registered number is OC355032. Moore Bros 1815 LLP had no profit or share capital and reserves at 31 March 2023 and is a dormant entity.
During the year, Eastern Counties Laundries Limited sold its 5,000 shares (100% shareholding) in County Linen Service Limited. This company is also dormant.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The 31 March 2023 valuations were made by an independent valuer, being Nicholas Percival RICS, on an open market value for existing use basis.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss account
Following the revaluation of Freehold Property in the current year, it was noted that the revaluation realisation amount released into retained earnings in 2022 was overstated by £1,089,721. As material, the directors have corrected this as a prior period adjustment. This has a nil impact on Equity and is a disclosure correction.
Therefore, the Statement of Financial Position and Statement of Changes in Equity are all impacted. This restatement has no impact on tax.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £123,488 (2022 - £51,478) . Contributions totalling £28,503 (2022 - £20,751) were payable to the fund at the balance sheet date and are included in accruals.
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EASTERN COUNTIES LAUNDRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
After year end, Eastern Counties Laundries Limited was still in the process of selling a property to Moore Bros Holdings Limited at its current market value. A portion of the 30 West Street, Coggeshall CO6 1NS property is still currently in the process of being sold. The carrying value is £350k at March 2023 and is included in Investment Property. At the signing date of these accounts, the sale has not yet been finalised. During the year, Eastern Counties Laundries Limited invested costs of approximately £0.5mil which is included in Tangible fixed assets above, and a further £0.3mil has been invested after year end into expanding its factory facility at 31 Robjohns Road in Chelmsford, with it being completed in May 2023. To support this expansion of operations the company obtained a loan facility of £1.5mil in June 2023.
Copies of the consolidated financial statements of Moore Bros Holdings Limited can be obtained from
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