REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
EXPRESS LINEN SERVICES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
EXPRESS LINEN SERVICES LIMITED |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EXPRESS LINEN SERVICES LIMITED |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Surgery |
43 Derbe Road |
Lytham St Annes |
Lancashire |
FY8 1NJ |
BANKERS: |
3 Orchard Street |
Preston |
Lancashire |
PR1 2EN |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Balance Sheet - continued |
31 January 2024 |
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. |
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 |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Express Linen Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Express Linen Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Revenue recognition |
Revenue is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT. |
Revenue from the process of cleaning linen is recognised when the following conditions are satisfied: |
Specifically, revenue from the sale of services is recognised after which the Company has processed and delivered the clean linen to the customer. |
Specifically, revenue from the sale of new and damaged linen, which is minimal, is recognised when goods are delivered by the Company at an agreed price and legal title is passed. |
Goodwill |
Goodwill of £1, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years. A further £1 of Goodwill was acquired on 29 May 2018 when the company acquired the trade and assets of its wholly owned subsidiary of Vale Textile Services Limited. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Linen | - |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
During the period under review, the company held 100% of the issued ordinary share capital of its dormant subsidiary, Vale Textile Services Limited |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obselete and slow moving items. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and 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 so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease |
term. |
Pension costs and other post-retirement benefits |
The Company operates defined contribution pension schemes for employees and directors. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost. |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Short term debtors and creditors receivable |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Linen | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Transfer to ownership | - | (63,992 | ) | (63,992 | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Transfer to ownership | - | (36,683 | ) | (36,683 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
EXPRESS LINEN SERVICES LIMITED (REGISTERED NUMBER: 06432394) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 355,054 | 237,059 |
The bank loan is secured by fixed and floating charges held by the bank over the assets of the company and legal charges over the properties at 1 Brunel Way, Blackpool & Fylde Industrial Estate, Blackpool and at 2-4 Arkwright Court, Blackpool & Fylde Industrial Estate, Blackpool. |
The hire purchase facilities are secured on the assets to which they relate and by fixed and floating charges held by the bank over the assets of the company. |
12. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Charge to Income Statement during year |
Balance at 31 January 2024 |
13. | OTHER FINANCIAL COMMITMENTS |
As at 31 January 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £2,800 (2023 - £6,160). |