Company Registration No. 00217817 (England and Wales)
Blue Dragon (Hillingdon) Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Blue Dragon (Hillingdon) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Blue Dragon (Hillingdon) Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,620,053
2,696,387
Investment property
4
570,000
570,000
3,190,053
3,266,387
Current assets
Stocks
261,926
246,046
Debtors
5
471,979
482,121
Cash at bank and in hand
600
16,427
734,505
744,594
Creditors: amounts falling due within one year
6
(754,474)
(681,934)
Net current (liabilities)/assets
(19,969)
62,660
Total assets less current liabilities
3,170,084
3,329,047
Creditors: amounts falling due after more than one year
7
(186,663)
(280,881)
Provisions for liabilities
8
(198,465)
(193,576)
Net assets
2,784,956
2,854,590
Capital and reserves
Called up share capital
9
122,470
122,470
Revaluation reserve
369,510
379,267
Profit and loss reserves
2,292,976
2,352,853
Total equity
2,784,956
2,854,590
Blue Dragon (Hillingdon) Limited
Statement of financial position (continued)
As at 31 March 2024
2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
William Orford
Director
Company Registration No. 00217817
Blue Dragon (Hillingdon) Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Blue Dragon (Hillingdon) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whiteleys Parade, Uxbridge Road, Uxbridge, Middlesex, UB10 0NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company and its subsidiary comprise a small sized group. The subsidiary, Blue Dragon Beaconsfield Limited, is 100% owned by Blue Dragon (Hillingdon) Limited and is currently dormant.

 

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of laundry services is recognised by reference to the volume of laundry serviced on a contract by contract basis.

 

Revenue for the provision of dry cleaning services is recognised once the service is complete.

 

Rental income is recognised when it is receivable during the period.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1.5% to 2% per annum straight line basis
Plant and machinery
10% per annum straight line basis
Fixtures, fittings and equipment
10% per annum straight line basis
Motor vehicles
25% per annum straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks represent linen, clothing and consumable items that are used in providing linen rental services. Stock is stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of stock items over the period of the contract.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

 

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 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives. The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
73
73
Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
2,794,998
3,480,466
6,275,464
Additions
-
0
45,561
45,561
At 31 March 2024
2,794,998
3,526,027
6,321,025
Depreciation and impairment
At 1 April 2023
558,608
3,020,469
3,579,077
Depreciation charged in the year
27,608
94,287
121,895
At 31 March 2024
586,216
3,114,756
3,700,972
Carrying amount
At 31 March 2024
2,208,782
411,271
2,620,053
At 31 March 2023
2,236,390
459,997
2,696,387

Land and buildings with a carrying amount of £2,208,782 were revalued by independent valuers not connected with the company on the basis of market value. The valuation was undertaken on 23 November 1999 by Messrs Warde and Co. The directors previously took advantage of the transitional arrangements on the introduction of FRS 15 Tangible Fixed Assets to use the valuation performed on 23 November 1999 as the carrying value of the freehold property and to not revalue the freehold property in the future. The directors have taken advantage of the transitional provisions within FRS 102 not to revalue land and buildings and the previous valuation undertaken will be considered to be deemed cost and will not be revalued in the future.

If revalued assets were stated on an historical basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
2,157,110
2,157,110
Accumulated depreciation
(317,837)
(299,987)
Carrying value
1,839,273
1,857,123

Freehold land and buildings with a carrying amount of £2,208,782 (2023 - £2,236,390) have been pledged to secure borrowings of the company.

Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
570,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Duncan Bailey Kennedy, Chartered Surveyors, during May 2017. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The directors have reviewed the valuation and consider it to be unchanged at 31 March 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
471,979
412,737
Corporation tax recoverable
-
0
47,765
Other debtors
-
0
21,619
471,979
482,121
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
301,767
196,119
Trade creditors
182,570
265,982
Corporation tax
294
-
0
Other taxation and social security
162,455
139,855
Other creditors
107,388
79,978
754,474
681,934

Included within 'Bank loans' are current hire purchase obligations of £132,407 (2023 - £124,268). These are secured against the assets for which the finance is being provided.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
186,663
280,881

Included within 'Bank loans' are hire purchase obligations due after more than one year of £144,190 (2023 - £179,937). These are secured against the assets for which the finance is being provided.

 

Other long-term bank loans are secured by fixed charges over the freehold property.

Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
198,465
193,576
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
122,470
122,470
122,470
122,470
10
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to profit and loss in respect of defined contribution schemes was £56,299 (2023 - £80,852).

 

The pension liability outstanding as at 31 March 2024 was £2,741 (2023 - £1,847). This is included within other creditors and was paid after the year end.

11
Financial commitments, guarantees and contingent liabilities

The company has signed an unlimited multilateral guarantee with Blue Dragon (Beaconsfield) Limited, Blue Dragon Dry Cleaners Limited and Blue Dragon (Management) Limited to secure all the liabilities of each other.

 

The aggregate amount of the liability outstanding as at 31 March 2024 was £385,807 (2023 - £477,000).

12
Operating lease commitments
Lessee

The company has operating lease commitments at the year end for its business premises and certain of its vehicles.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
438,199
410,065
Blue Dragon (Hillingdon) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

 

During the year, Blue Dragon (Hillingdon) Limited received management fees and other revenue on a commercial basis of £191,585 (2023 - £175,188) from Blue Dragon Dry Cleaners Limited (a company under common control).

 

Included within other debtors is an amount due from Blue Dragon Dry Cleaners Limited of £nil (2023 - £nil).

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