2022-11-012023-10-312023-10-31false05245174Monarch Laundry (Yeovil) 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Monarch Laundry (Yeovil) Limited

Registered Number
05245174
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Monarch Laundry (Yeovil) Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Forbes, Andrew Bryan Hood
Forbes, Sarah

Registered Address

88 Eastland Road
Yeovil
BA21 4EX

Registered Number

05245174 (England and Wales)
Monarch Laundry (Yeovil) Limited
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets393,21696,087
93,21696,087
Current assets
Stocks15,59914,219
Debtors542,53437,168
Cash at bank and on hand17,91327,948
76,04679,335
Creditors amounts falling due within one year6(60,901)(61,550)
Net current assets (liabilities)15,14517,785
Total assets less current liabilities108,361113,872
Creditors amounts falling due after one year7(69,568)(77,505)
Provisions for liabilities(10,209)(9,548)
Net assets28,58426,819
Capital and reserves
Called up share capital186186
Revaluation reserve13,38313,337
Profit and loss account15,01513,296
Shareholders' funds828,58426,819
The financial statements were approved and authorised for issue by the Board of Directors on 26 July 2024, and are signed on its behalf by:
Forbes, Sarah
Director
Registered Company No. 05245174
Monarch Laundry (Yeovil) Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery etc - 25% reducing balance, 15% reducing balance and 2% on cost Excess depreciation on revalued assets will be transferred to the revaluation reserve on their disposal.
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees
The following average number of employees includes a director.

20232022
Average number of employees during the year1012
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 22218,018
Additions5,625
At 31 October 23223,643
Depreciation and impairment
At 01 November 22121,931
Charge for year8,496
At 31 October 23130,428
Net book value
At 31 October 2393,216
At 31 October 2296,087
4.Revaluation of property, plant and equipment
If plant and machinery had not been revalued they would have been included at the following historical cost. 2023 Cost - £137,512 Aggregate depreciation - £103,957 2022 Cost - £131,887 Aggregate depreciation - £97,555 Plant and machinery were valued on an open market basis on 31 October 2023 by the directors. The amount of the valuation being carried forward is as follows:-

2023

2022

££
Property, plant and equipment / tangible fixed assets13,95113,951
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables29,66233,667
Amounts owed by associates and joint ventures / participating interests12,2472,455
Prepayments and accrued income6251,046
Total42,53437,168
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.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables8741,587
Bank borrowings and overdrafts10,30112,495
Amounts owed to related parties-433
Taxation and social security39,56037,786
Other creditors2,5842,975
Accrued liabilities and deferred income7,5826,274
Total60,90161,550
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.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts69,56877,505
Total69,56877,505
8.Revaluation reserve

£
Reserve at 01 November 2213,337
Deferred Tax on Revaluations46
At 31 October 2313,383