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REGISTERED NUMBER: 04179055 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WASHROOM-WASHROOM LIMITED

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


WASHROOM-WASHROOM LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr P Blair
Mr T M Bowers
Mr P W Gay
Mr B J Langham
Mr J Plumb
Mr M I Read
Ms L Duffy
Mr T G Harvey





SECRETARY: Mr T M Bowers





REGISTERED OFFICE: Units 1-10 Hill Farm
Epping Lane
Abridge
Essex
RM4 1TU





REGISTERED NUMBER: 04179055 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

STRATEGIC REPORT
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The result for the year is shown on page 10.

Gross profit has increased by £1,254,167 from £2,572,419 to £3,894,866. Sales for the year to 31 December 2023 has decreased to £23.9m compared to £29.6m in the previous year. This is due to the previous year being a 16 month period.

As shown in the profit and loss account, the operating profit for continuing operations for the year was £2,243,254 (2022: £1,065,485).

The company's EBIDTA was £2,378,412 (2022: £1,220,536).

The balance sheet on page 12 shows net assets of £4,758,046 (2022: £3,191,307) at the end of the year, with a positive cash position of £3,936,749 (2022: £34,043).

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk.

The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the finance department.

Competition risk
The business environment in which the company operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins. However, the company's reputation for delivering high quality service and meeting tight deadlines where necessary has provided a crucial edge over competitors.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services purchased in the UK. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Liquidity risk
The company actively maintains short-term debt finance that is designed to ensure that the company has sufficient available funds for operations and planned expansions.

Interest rate risk
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at fixed rate. The company has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the operations of the company change in size or nature.

CORPORATE SOCIAL RESPONSIBILITY
- Health and safety policy and performance is monitored and updated on an annual basis.

- The company delivers specialist recruitment services across the entire arena of healthcare and ensures that competent and qualified people are selected.

- Other examples of policies implemented by the company in order to comply with the spirit of the law and maintain the ethical standards are: equal opportunities, harassment training and career development.


WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

STRATEGIC REPORT
for the year ended 31 December 2023

KEY PERFORMANCE INDICATORS
- Customer satisfaction and retention - has improved over the years especially considering the relationships developed with our existing client base which is reflected in the increase in new contracts with existing customers.

- Employee satisfaction - maintaining of staff morale has been a key factor in the company's growth. The company has introduced measures to evaluate and improve employee satisfaction.

- Gross profit margin - margin has been improving in the last few years due to constant monitoring and introduction of
efficiencies.

2023 2022 Measure
Gross profit margin 16.2% 8.7% Gross profit/turnover

- Debtor days - debtor days have decreased due to more efficient debt collection strategy.

2023 2022 Measure
Debtor days 31 days 34 days Trade debtors/turnover

- Creditor days - the increase is due to to better credit terms with suppliers
2023 2022 Measure
Creditor days 42 days 26 days Trade creditors/cost of sales

ON BEHALF OF THE BOARD:





Mr M I Read - Director


30 August 2024

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of construction services.

DIVIDENDS
An interim dividend of £425 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 255,000 .

AUDITORS
Raffingers LLP have expressed their willingness to continue in office.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr P Blair
Mr T M Bowers
Mr P W Gay
Mr B J Langham
Mr J Plumb
Mr M I Read
Ms L Duffy
Mr T G Harvey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ON BEHALF OF THE BOARD:





Mr M I Read - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WASHROOM-WASHROOM LIMITED

Opinion
We have audited the financial statements of Washroom-Washroom Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WASHROOM-WASHROOM LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WASHROOM-WASHROOM LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation and building industry regulations;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WASHROOM-WASHROOM LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

30 August 2024

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

INCOME STATEMENT
for the year ended 31 December 2023

Period
1.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 23,991,143 29,585,286

Cost of sales (20,096,277 ) (27,012,867 )
GROSS PROFIT 3,894,866 2,572,419

Administrative expenses (1,752,526 ) (1,732,114 )
2,142,340 840,305

Other operating income 100,914 225,180
OPERATING PROFIT 4 2,243,254 1,065,485

Interest receivable and similar income 37,321 1,489
2,280,575 1,066,974

Interest payable and similar expenses 5 (31,191 ) (55,980 )
PROFIT BEFORE TAXATION 2,249,384 1,010,994

Tax on profit 6 (427,645 ) (101,974 )
PROFIT FOR THE FINANCIAL YEAR 1,821,739 909,020

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

Period
1.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,821,739 909,020


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,821,739

909,020

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 453,090 538,845

CURRENT ASSETS
Stocks 9 678,982 856,737
Debtors 10 5,661,991 7,750,030
Cash at bank and in hand 11 3,936,749 34,043
10,277,722 8,640,810
CREDITORS
Amounts falling due within one year 12 5,817,523 5,342,712
NET CURRENT ASSETS 4,460,199 3,298,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,913,289

3,836,943

CREDITORS
Amounts falling due after more than one
year

13

(55,723

)

(525,926

)

PROVISIONS FOR LIABILITIES 17 (99,520 ) (119,710 )
NET ASSETS 4,758,046 3,191,307

CAPITAL AND RESERVES
Called up share capital 18 600 600
Retained earnings 19 4,757,446 3,190,707
SHAREHOLDERS' FUNDS 4,758,046 3,191,307

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr M I Read - Director


WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2021 600 2,782,887 2,783,487

Changes in equity
Dividends - (501,200 ) (501,200 )
Total comprehensive income - 909,020 909,020
Balance at 31 December 2022 600 3,190,707 3,191,307

Changes in equity
Dividends - (255,000 ) (255,000 )
Total comprehensive income - 1,821,739 1,821,739
Balance at 31 December 2023 600 4,757,446 4,758,046

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

CASH FLOW STATEMENT
for the year ended 31 December 2023

Period
1.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,015,537 94,408
Interest paid (19,655 ) (52,642 )
Interest element of hire purchase payments
paid

(11,536

)

(3,338

)
Tax paid (55,927 ) (73,182 )
Net cash from operating activities 4,928,419 (34,754 )

Cash flows from investing activities
Purchase of tangible fixed assets (49,403 ) (62,735 )
Sale of tangible fixed assets 22,000 -
Interest received 37,321 1,489
Net cash from investing activities 9,918 (61,246 )

Cash flows from financing activities
Loan repayments in year (548,333 ) (151,667 )
Capital repayments in year (70,730 ) (74,545 )
Amount introduced by directors - 404,158
Amount withdrawn by directors (161,568 ) (238,191 )
Equity dividends paid (255,000 ) (501,200 )
Net cash from financing activities (1,035,631 ) (561,445 )

Increase/(decrease) in cash and cash equivalents 3,902,706 (657,445 )
Cash and cash equivalents at beginning of
year

2

34,043

691,488

Cash and cash equivalents at end of year 2 3,936,749 34,043

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before taxation 2,249,384 1,010,994
Depreciation charges 135,158 155,051
Profit on disposal of fixed assets (22,000 ) -
Finance costs 31,191 55,980
Finance income (37,321 ) (1,489 )
2,356,412 1,220,536
Decrease in stocks 177,755 16,479
Decrease/(increase) in trade and other debtors 2,088,039 (3,148,442 )
Increase in trade and other creditors 393,331 2,005,835
Cash generated from operations 5,015,537 94,408

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,936,749 34,043
Period ended 31 December 2022
31.12.22 1.9.21
£    £   
Cash and cash equivalents 34,043 691,488


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 34,043 3,902,706 3,936,749
34,043 3,902,706 3,936,749
Debt
Finance leases (197,172 ) 70,730 (126,442 )
Debts falling due within 1 year (140,000 ) 140,000 -
Debts falling due after 1 year (408,333 ) 408,333 -
(745,505 ) 619,063 (126,442 )
Total (711,462 ) 4,521,769 3,810,307

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Washroom-Washroom Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The items in the accounts where these judgements and estimates have been made, include:
- estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge;
- assessing the recoverability of outstanding debtors; and
- estimating the level of completion of projects to calculate accrued income.

Turnover
Turnover is recognised based upon an internal assessment of the value of work carried out. This assessment is arrived at after due consideration of the performance against the programme of works, measurement of the works, evaluation of the costs incurred and comparison to certification of the work performed.

Long term contracts
Recognition of turnover and profit and loss on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and the proportion of the work completed at the year end. Regular management reviews of contract progress include a comparison on internal valuations to the application for payment made to ensure that estimates applied, and results determined on a consistent basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 50% on cost and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance and Straight line over 3 years
Motor vehicles - 25% on cost and 25% on reducing balance

Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with bank, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or
- the company and the party are subject to common control; or
- the party is an associate of the company or a joint venture in which the company is a venturer; or
- the party is a member of key management personnel of the company or the company's parent, or a close family member ofsuch an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to above or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attached to them; and
(b) the grants will be received.

3. EMPLOYEES AND DIRECTORS
Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Wages and salaries 1,690,067 1,820,790
Social security costs 150,541 186,725
Other pension costs 34,364 45,814
1,874,972 2,053,329

The average number of employees during the year was as follows:
Period
1.9.21
Year Ended to
31.12.23 31.12.22

Total 43 39

Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 96,610 100,000

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Hire of plant and machinery - 7,763
Other operating leases 59,558 47,978
Depreciation - owned assets 135,158 155,051
Profit on disposal of fixed assets (22,000 ) -
Foreign exchange differences (24,696 ) (12,167 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Bank loan interest - 23,502
Factoring charges 19,655 29,140
Hire purchase 11,536 3,338
31,191 55,980

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 551,887 152,952
R&D tax refund (104,052 ) (105,511 )
Total current tax 447,835 47,441

Deferred tax (20,190 ) 54,533
Tax on profit 427,645 101,974

UK corporation tax has been charged at 24% ( 2022:19%).

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. DIVIDENDS
Period
1.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 255,000 501,200

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 81,738 1,065,825 170,333 321,812 1,639,708
Additions 11,405 23,782 2,456 11,760 49,403
Disposals - - - (32,955 ) (32,955 )
At 31 December 2023 93,143 1,089,607 172,789 300,617 1,656,156
DEPRECIATION
At 1 January 2023 32,276 822,879 144,856 100,852 1,100,863
Charge for year 13,027 45,364 10,926 65,841 135,158
Eliminated on disposal - - - (32,955 ) (32,955 )
At 31 December 2023 45,303 868,243 155,782 133,738 1,203,066
NET BOOK VALUE
At 31 December 2023 47,840 221,364 17,007 166,879 453,090
At 31 December 2022 49,462 242,946 25,477 220,960 538,845

9. STOCKS
2023 2022
£    £   
Building material stock 678,982 856,737

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,048,205 2,735,616
Amounts recoverable on long
term contracts 2,877,274 3,692,052
Other debtors 486,229 1,024,110
Prepayments and accrued income 250,283 298,252
5,661,991 7,750,030

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. CASH AT BANK AND IN HAND
2023 2022
£    £   
Cash at bank 698,183 33,652
Revolut - 391
HSBC Deposit 43663027 737 -
HSBC Euro 90857681 35,403 -
HSBC MM 31005839 2,500,000 -
HSBC MM 21037404 700,000 -
Cash in hand 2,426 -
3,936,749 34,043

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) - 140,000
Hire purchase contracts (see note 15) 70,719 79,579
Trade creditors 2,322,977 1,959,192
Provision for year 291,905 -
Tax 544,860 152,952
Social security and other taxes 118,209 85,163
Other creditors 705,647 462,575
Directors' current accounts 39,770 201,338
Accrued expenses 1,723,436 2,261,913
5,817,523 5,342,712

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) - 408,333
Hire purchase contracts (see note 15) 55,723 117,593
55,723 525,926

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 140,000

Amounts falling due between two and five years:
Bank loans - 408,333

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 70,719 79,579
Between one and five years 55,723 117,593
126,442 197,172

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 548,333
Hire purchase contracts 126,442 197,172
Invoice financing - 163,925
126,442 909,430

The bank loan in the prior year of £548,333 was a loan received under the Bounce Back Loan Scheme, which was settled in full in the current year.

The other creditors at the balance sheet date contains a debtor balance of £208,082 (2022 - other creditors of £163,925) in respect of proceeds received from ABN Amro Commercial Finance. Funding advance from ABN Amro Commercial Finance is secured by a charge over the debtors book and a debenture creating a fixed and floating charge over the assets of the company.

Hire purchase advances are secured by the underlying assets.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 99,520 119,710

Deferred
tax
£   
Balance at 1 January 2023 119,710
Provided during year (20,190 )
Balance at 31 December 2023 99,520

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600 Ordinary £1 600 600

WASHROOM-WASHROOM LIMITED (REGISTERED NUMBER: 04179055)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

19. RESERVES
Retained
earnings
£   

At 1 January 2023 3,190,707
Profit for the year 1,821,739
Dividends (255,000 )
At 31 December 2023 4,757,446

20. PENSION COMMITMENTS

The company operates a defined contribution scheme and contributions paid during the period amounted to £34,364 (2022: £45,814). There were no outstanding contributions at the reporting date (2022: nil).

21. CAPITAL COMMITMENTS

The company had no capital commitments as at the current and previous balance sheet date.

22. RELATED PARTY DISCLOSURES

During the prior year the aggregate amount of management fees received from companies under common control was £48,000. At the balance sheet date, Washroom-Washroom Limited owed £649,398 to Washroom Joinery LLP (2022: owed £780,010 from Washroom Joinery LLP), companies under common control.

23. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the period ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the directors on 18 December 2023.