Company Registration No. 06759395 (England and Wales)
LaundryRepublic Ltd
Unaudited accounts
for the year ended 30 November 2023
LaundryRepublic Ltd
Unaudited accounts
Contents
LaundryRepublic Ltd
Company Information
for the year ended 30 November 2023
Directors
David Lambert
Ian Walker
Company Number
06759395 (England and Wales)
Registered Office
Units 22-23 Grange Mills
Weir Road
London
SW12 0NE
Accountants
Stirling Accounting Limited
124 City Road
London
EC1V 2NX
LaundryRepublic Ltd
Statement of financial position
as at 30 November 2023
Intangible assets
97,350
68,024
Tangible assets
469,489
396,695
Cash at bank and in hand
102,408
141,657
Creditors: amounts falling due within one year
(446,886)
(356,195)
Net current assets
90,758
220,384
Total assets less current liabilities
657,597
685,103
Creditors: amounts falling due after more than one year
(404,889)
(530,643)
Net assets
252,708
154,460
Called up share capital
253
253
Share premium
651,958
651,958
Profit and loss account
(399,503)
(497,751)
Shareholders' funds
252,708
154,460
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
David Lambert
Director
Company Registration No. 06759395
LaundryRepublic Ltd
Notes to the Accounts
for the year ended 30 November 2023
LaundryRepublic Ltd is a private company, limited by shares, registered in England and Wales, registration number 06759395. The registered office is Units 22-23 Grange Mills, Weir Road, London, SW12 0NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in
the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive
income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation, calculated at 33% on a straight line basis.
LaundryRepublic Ltd
Notes to the Accounts
for the year ended 30 November 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10%, 20% and 33% straight line
Motor vehicles
20% straight line and 40% reducing balance
Fixtures & fittings
10%, 20% and 33% straight line
Computer equipment
33% straight line
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Interest income is recognised using the effective interest method.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective
interest method.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due
on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Interest paid and finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds
of the associated capital instrument.
LaundryRepublic Ltd
Notes to the Accounts
for the year ended 30 November 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Other
At 1 December 2022
266,786
At 30 November 2023
345,672
At 1 December 2022
198,762
Charge for the year
49,560
At 30 November 2023
248,322
At 30 November 2023
97,350
At 30 November 2022
68,024
LaundryRepublic Ltd
Notes to the Accounts
for the year ended 30 November 2023
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2022
603,136
195,573
139,836
28,419
966,964
Additions
72,897
68,585
3,858
6,964
152,304
Disposals
-
(32,321)
-
-
(32,321)
At 30 November 2023
676,033
231,837
143,694
35,383
1,086,947
At 1 December 2022
350,470
140,500
57,825
21,474
570,269
Charge for the year
31,435
28,871
13,972
5,232
79,510
On disposals
-
(32,321)
-
-
(32,321)
At 30 November 2023
381,905
137,050
71,797
26,706
617,458
At 30 November 2023
294,128
94,787
71,897
8,677
469,489
At 30 November 2022
252,666
55,073
82,011
6,945
396,695
Amounts falling due within one year
Trade debtors
247,886
212,101
Accrued income and prepayments
71,118
100,129
Other debtors
20,952
110,351
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
64,854
127,108
Taxes and social security
214,059
189,689
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
191,702
337,571
Obligations under finance leases and hire purchase contracts
211,324
190,486
Other creditors
1,863
2,586
LaundryRepublic Ltd
Notes to the Accounts
for the year ended 30 November 2023
Allotted, called up and fully paid:
25,092 Ordinary shares of £0.01 each
250.92
250.92
246 Ordinary shares of £0.01 each
2.46
2.46
10
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
125,780
99,808
Later than one year and not later than five years
489,370
408,856
Later than five years
-
19,395
11
Average number of employees
During the year the average number of employees was 57 (2022: 55).