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REGISTERED NUMBER: 00054426 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FAVERSHAM LAUNDRY LIMITED

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAVERSHAM LAUNDRY LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Mr R S Cope
Ms E E Knox
Mr N G Turner





SECRETARY: Mr R S Cope





REGISTERED OFFICE: 29 Ashford Road
Faversham
Kent
ME13 8XN





REGISTERED NUMBER: 00054426 (England and Wales)





ACCOUNTANTS: Robsons Accountants
19 Montpelier Avenue
Bexley
Kent
DA5 3AP

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,098,260 3,331,489

CURRENT ASSETS
Stocks 116,916 129,235
Debtors 5 869,994 819,726
Cash at bank and in hand 357,865 286,372
1,344,775 1,235,333
CREDITORS
Amounts falling due within one year 6 (721,689 ) (649,175 )
NET CURRENT ASSETS 623,086 586,158
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,721,346

3,917,647

CREDITORS
Amounts falling due after more than one
year

7

(488,159

)

(460,953

)

PROVISIONS FOR LIABILITIES (260,761 ) (294,321 )
NET ASSETS 2,972,426 3,162,373

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Retained earnings 2,960,426 3,150,373
SHAREHOLDERS' FUNDS 2,972,426 3,162,373

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Mr R S Cope - Director



Ms E E Knox - Director


FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Faversham Laundry 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.

Turnover
The turnover shown in the profit and loss account is recognised at the point of service and represents linen laundering, rental and workwear services invoiced during the accounting period and are exclusive of Valued Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 2% on cost
Large contract workwear - 33% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 20% on cost

Stocks
Stock is comprised of chemicals and various linen items used by the company for its core business of the provision of laundry services and linen hire. Purchased linen items are included in stock and written down over the shorter of their contract life or estimated useful life, which ranges from 1-3 years.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 100 (2023 - 94 ) .

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Large
Freehold contract Plant and
property workwear machinery
£    £    £   
COST
At 1 April 2023 2,100,884 303,209 3,899,300
Additions - 18,400 10,798
Disposals - - -
At 31 March 2024 2,100,884 321,609 3,910,098
DEPRECIATION
At 1 April 2023 363,649 289,966 2,479,710
Charge for year 42,219 9,845 293,780
Eliminated on disposal - - -
At 31 March 2024 405,868 299,811 2,773,490
NET BOOK VALUE
At 31 March 2024 1,695,016 21,798 1,136,608
At 31 March 2023 1,737,235 13,243 1,419,590

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 12,348 507,375 116,975 6,940,091
Additions 3,863 161,914 - 194,975
Disposals - (81,713 ) - (81,713 )
At 31 March 2024 16,211 587,576 116,975 7,053,353
DEPRECIATION
At 1 April 2023 12,348 349,682 113,247 3,608,602
Charge for year 429 72,362 2,069 420,704
Eliminated on disposal - (74,213 ) - (74,213 )
At 31 March 2024 12,777 347,831 115,316 3,955,093
NET BOOK VALUE
At 31 March 2024 3,434 239,745 1,659 3,098,260
At 31 March 2023 - 157,693 3,728 3,331,489

Included in cost of land and buildings is freehold land of £ 131,250 (2023 - £ 131,250 ) which is not depreciated.

The net book value of tangible fixed assets includes £108,775 (2023 - £121,786 ) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £32,339 (2023 - £34,172 ) for the year.

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 803,240 758,282
Prepayments 66,754 61,444
869,994 819,726

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,000 23,000
Hire purchase contracts 41,802 26,439
Trade creditors 249,837 227,396
Tax 38,586 31,468
Social security and other taxes 31,687 27,974
VAT 135,407 123,835
Other creditors 9,561 13,884
Directors' current accounts 51,297 51,500
Accrued expenses 139,512 123,679
721,689 649,175

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 24,000 23,000
Bank loans - 2-5 years 72,000 69,000
Bank loans more 5 yr by instal 339,956 368,953
Hire purchase contracts 52,203 -
488,159 460,953

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 339,956 368,953

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 459,956 483,953
Hire Purchase 94,005 26,439
553,961 510,392

The bank overdraft is secured by an unscheduled mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.

The bank loan is secured by a first legal charge on the freehold property 29 Ashford Road, Faversham, Kent and its associated assets.

The loans in respect of the hire purchase agreements are secured against the assets to which they relate.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr R S Cope
Balance outstanding at start of year (34,490 ) (21,650 )
Amounts advanced 100,125 87,751
Amounts repaid (99,540 ) (100,591 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (33,905 ) (34,490 )

Mr N G Turner
Balance outstanding at start of year (546 ) (44 )
Amounts advanced 1,204 902
Amounts repaid (1,358 ) (1,404 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (700 ) (546 )

Ms E E Knox
Balance outstanding at start of year (16,465 ) (12,437 )
Amounts advanced 23,300 19,500
Amounts repaid (23,527 ) (23,528 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (16,692 ) (16,465 )

The loans are unsecured, interest free and repayable on demand.

FAVERSHAM LAUNDRY LIMITED (REGISTERED NUMBER: 00054426)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

10. RELATED PARTY DISCLOSURES

Interim dividends per share were paid during the year to the director's as follows:
Ordinary A £1 - 6 April 2023 £9.34375
Ordinary B £1 - 6 April 2023 £9.45312
The total distribution of dividends for the year ended 31 March 2024 will be £112,387

11. POST BALANCE SHEET EVENTS

DIVIDENDS:

Since the year end the company has declared dividends of £112,387

12. CONTROLLING PARTY

The controlling party is Mr R S Cope.