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Company Registration No. 06759395 (England and Wales)
LaundryRepublic Ltd Unaudited accounts for the year ended 30 November 2023
LaundryRepublic Ltd Unaudited accounts Contents
Page
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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
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LaundryRepublic Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
97,350 
68,024 
Tangible assets
469,489 
396,695 
566,839 
464,719 
Current assets
Inventories
42,532 
12,341 
Debtors
392,704 
422,581 
Cash at bank and in hand
102,408 
141,657 
537,644 
576,579 
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 
Capital and reserves
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
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LaundryRepublic Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue Recognition
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 taxation
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.
Taxation
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation, calculated at 33% on a straight line basis.
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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
Interest income is recognised using the effective interest method.
Trade debtors
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
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.
Borrowings
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.
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LaundryRepublic Ltd Notes to the Accounts for the year ended 30 November 2023
Leased assets
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.
Pension costs
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.
Foreign exchange
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.
Financial Instruments
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 
£ 
Cost
At 1 December 2022
266,786 
Additions
78,886 
At 30 November 2023
345,672 
Amortisation
At 1 December 2022
198,762 
Charge for the year
49,560 
At 30 November 2023
248,322 
Net book value
At 30 November 2023
97,350 
At 30 November 2022
68,024 
- 7 -
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 
Depreciation
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 
Net book value
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 
6
Debtors
2023 
2022 
£ 
£ 
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 
339,956 
422,581 
Amounts falling due after more than one year
Other debtors
52,748 
- 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
90,464 
- 
Trade creditors
64,854 
127,108 
Taxes and social security
214,059 
189,689 
Other creditors
- 
4 
Accruals
77,509 
39,394 
446,886 
356,195 
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 
404,889 
530,643 
- 8 -
LaundryRepublic Ltd Notes to the Accounts for the year ended 30 November 2023
9
Share capital
2023 
2022 
£ 
£ 
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 
253.38 
253.38 
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 
615,150 
528,059 
11
Average number of employees
During the year the average number of employees was 57 (2022: 55).
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