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Registration number: 00051163

The Moorland Sanitary Steam Laundry Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Moorland Sanitary Steam Laundry Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

The Moorland Sanitary Steam Laundry Limited

(Registration number: 00051163)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,650,197

1,650,394

Other financial assets

5

73,106

91,700

 

1,723,303

1,742,094

Current assets

 

Debtors

6

39,704

26,931

Cash at bank and in hand

 

41,827

89,055

 

81,531

115,986

Creditors: Amounts falling due within one year

7

(30,841)

(36,153)

Net current assets

 

50,690

79,833

Total assets less current liabilities

 

1,773,993

1,821,927

Creditors: Amounts falling due after more than one year

7

(10,557)

(38,679)

Provisions for liabilities

(99,041)

(75,271)

Net assets

 

1,664,395

1,707,977

Capital and reserves

 

Called up share capital

49,500

49,500

Share premium reserve

5,220

5,220

Capital redemption reserve

3,000

3,000

Profit and loss account

1,606,675

1,650,257

Shareholders' funds

 

1,664,395

1,707,977

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 


Mrs AV Campbell
Director

 

The Moorland Sanitary Steam Laundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9
Moorland Laundry Estate
Weston super Mare
North Somerset
BS23 4EF
United Kingdom

Principal activity

The principal activity of the company is the holding of property investments

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of property and services rendered, stated net of discounts and of Value Added Tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Moorland Sanitary Steam Laundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

- 33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

 

The Moorland Sanitary Steam Laundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,650,000

6,900

1,656,900

At 31 December 2023

1,650,000

6,900

1,656,900

Depreciation

At 1 January 2023

-

6,506

6,506

Charge for the year

-

197

197

At 31 December 2023

-

6,703

6,703

Carrying amount

At 31 December 2023

1,650,000

197

1,650,197

At 31 December 2022

1,650,000

394

1,650,394

 

The Moorland Sanitary Steam Laundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets (continued)

Freehold land and buildings comprises:-

Cost

Valuation

Love Lane, Old units

42,173

235,000

Love Lane, New units

135,302

285,000

Devonshire Road

157,267

900,000

Bridgwater Court

304,209

230,000

638,951

1,650,000

The company's portfolio of freehold investment properties was revalued in May 2014 by Chartered Surveyor Mr Tim Garner of Saturley Garner Limited, on an open market basis. The directors are of the opinion that the valuation at the year end is not significantly different.

5

Other financial assets (current and non-current)

Investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

91,700

91,700

Fair value adjustments

(4,667)

(4,667)

At 31 December 2023

87,033

87,033

Impairment

Losses made in the period

13,927

13,927

At 31 December 2023

13,927

13,927

Carrying amount

At 31 December 2023

73,106

73,106

Australian $

Sterling

School Apparel

60,000

31,418

ANZ Shares

29,612

15,506

Greyscan

50,000

26,182

139,612

73,106

6

Debtors

2023
£

2022
£

Trade debtors

39,704

26,391

Other debtors

-

540

39,704

26,931

 

The Moorland Sanitary Steam Laundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

12,701

17,406

Accruals and deferred income

15,790

16,398

Other creditors

2,350

2,349

30,841

36,153

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10,557

38,679

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.