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REGISTERED NUMBER: 11488769 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MAG LAUNDRY RENTALS LTD

MAG LAUNDRY RENTALS LTD (REGISTERED NUMBER: 11488769)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAG LAUNDRY RENTALS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: M A Dennis
K Kendell





REGISTERED OFFICE: Mag House
Chatham Street
Halifax
West Yorkshire
HX1 5BU





REGISTERED NUMBER: 11488769 (England and Wales)





ACCOUNTANTS: Cresswells
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

MAG LAUNDRY RENTALS LTD (REGISTERED NUMBER: 11488769)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 527,008 259,970

CURRENT ASSETS
Debtors 5 125,991 55,239
Cash at bank and in hand 30,066 27,318
156,057 82,557
CREDITORS
Amounts falling due within one year 6 370,060 172,931
NET CURRENT LIABILITIES (214,003 ) (90,374 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

313,005

169,596

PROVISIONS FOR LIABILITIES 7 53,388 16,136
NET ASSETS 259,617 153,460

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 259,517 153,360
SHAREHOLDERS' FUNDS 259,617 153,460

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 14th March 2024 and were signed on its behalf by:




M A Dennis - Director



K Kendell - Director


MAG LAUNDRY RENTALS LTD (REGISTERED NUMBER: 11488769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Mag Laundry Rentals Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Plant and machinery etc - 10% on reducing balance, over 20 years and over 4 years

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

MAG LAUNDRY RENTALS LTD (REGISTERED NUMBER: 11488769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st January 2023 295,588 - 295,588
Additions 304,795 4,188 308,983
At 31st December 2023 600,383 4,188 604,571
DEPRECIATION
At 1st January 2023 35,618 - 35,618
Charge for year 41,630 315 41,945
At 31st December 2023 77,248 315 77,563
NET BOOK VALUE
At 31st December 2023 523,135 3,873 527,008
At 31st December 2022 259,970 - 259,970

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 111,205 55,239
Prepayments and accrued income 14,786 -
125,991 55,239

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 105 -
Amounts owed to group undertakings 349,042 142,347
Tax 9,310 27,506
Social security and other taxes 604 -
VAT 9,109 2,078
Accrued expenses 1,890 1,000
370,060 172,931

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 53,388 16,136

Deferred
tax
£   
Balance at 1st January 2023 16,136
Charge to Income Statement during year 37,252
Balance at 31st December 2023 53,388

MAG LAUNDRY RENTALS LTD (REGISTERED NUMBER: 11488769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares 1 100 100

9. RESERVES
Retained
earnings
£   

At 1st January 2023 153,360
Profit for the year 142,029
Dividends (35,872 )
At 31st December 2023 259,517