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Registration number: 04092951

Montagues Laundries Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Montagues Laundries Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Montagues Laundries Ltd

Company Information

Director

Mr Neil Delargy

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Montagues Laundries Ltd

(Registration number: 04092951)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

199,822

347,372

Other financial assets

7

515,457

727,809

 

715,279

1,075,181

Current assets

 

Stocks

8

-

1,980

Debtors

9

17,111

83,297

Cash at bank and in hand

 

20,280

59,719

 

37,391

144,996

Creditors: Amounts falling due within one year

10

(120,581)

(284,935)

Net current liabilities

 

(83,190)

(139,939)

Total assets less current liabilities

 

632,089

935,242

Creditors: Amounts falling due after more than one year

10

(44,198)

(46,521)

Net assets

 

587,891

888,721

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

587,791

888,621

Shareholders' funds

 

587,891

888,721

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 September 2024
 

 

Montagues Laundries Ltd

(Registration number: 04092951)
Balance Sheet as at 31 December 2023

.........................................
Mr Neil Delargy
Director

 

Montagues Laundries Ltd

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.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Unit 5c Heron Trading Estate
Alliance Road
London
W3 0RA

These financial statements were authorised for issue by the director on 17 September 2024.

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.

Going concern

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

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.

 

Montagues Laundries Ltd

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

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.

Tax

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.

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.

In accordance with section 35.10(d) of FRS102 the company has chosen to adopt the fair value at the date of transition as the deemed historic cost of the freehold property moving forward and to abandon the revaluation model.

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

Freehold property

2% Straight Line Method

Leasehold property

15% Reducing Balance

Plant & machinery

20% Reducing Balance

Fixtures, fittings and equipment

20% Reducing Balance

Motor vehicles

15% Reducing Balance

 

Montagues Laundries Ltd

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line basis

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Montagues Laundries Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 5).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Montagues Laundries Ltd

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

2023
£

2022
£

Current taxation

UK corporation tax

-

70,469

Deferred taxation

Arising from origination and reversal of timing differences

-

(26,929)

Tax expense in the income statement

-

43,540

5

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

220,000

13,825

233,825

At 31 December 2023

220,000

13,825

233,825

Amortisation

At 1 January 2023

220,000

13,825

233,825

At 31 December 2023

220,000

13,825

233,825

Carrying amount

At 31 December 2023

-

-

-

 

Montagues Laundries Ltd

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

406,049

281,769

145,850

20,324

853,992

Disposals

(406,049)

(41,968)

(19,259)

(20,324)

(487,600)

At 31 December 2023

-

239,801

126,591

-

366,392

Depreciation

At 1 January 2023

358,441

88,802

53,751

5,626

506,620

Charge for the year

-

33,113

16,842

-

49,955

Eliminated on disposal

(358,441)

(14,568)

(11,370)

(5,626)

(390,005)

At 31 December 2023

-

107,347

59,223

-

166,570

Carrying amount

At 31 December 2023

-

132,454

67,368

-

199,822

At 31 December 2022

47,608

192,967

92,099

14,698

347,372

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £Nil (2022 - £47,608) in respect of short leasehold land and buildings.

 

 

Montagues Laundries Ltd

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

7

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

515,457

727,809

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

727,809

727,809

Disposals

(212,352)

(212,352)

At 31 December 2023

515,457

515,457

Impairment

Carrying amount

At 31 December 2023

515,457

515,457

8

Stocks

2023
£

2022
£

Finished goods and goods for resale

-

1,980

9

Debtors

Current

2023
£

2022
£

Other debtors

17,111

83,297

 

17,111

83,297

 

Montagues Laundries Ltd

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

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13

11,000

20,846

Trade creditors

 

36,000

8,299

Taxation and social security

 

42,739

70,469

Accruals and deferred income

 

30,000

167,847

Other creditors

 

842

17,474

 

120,581

284,935

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

334,555

334,555

Surplus/deficit on revaluation of other assets

(334,555)

-

(334,555)

(334,555)

334,555

-

 

Montagues Laundries Ltd

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

13

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

44,198

46,521

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

11,000

20,846

14

Dividends

2023

2022

£

£

Interim dividend of £460.00 (2022 - £610.00) per ordinary share

46,000

61,000