Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 06057161 Mr Jose Carlos Araujo Cunha Mr Jose Carlos Araujo Cunha iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06057161 2023-02-28 06057161 2024-02-29 06057161 2023-03-01 2024-02-29 06057161 frs-core:CurrentFinancialInstruments 2024-02-29 06057161 frs-core:Non-currentFinancialInstruments 2024-02-29 06057161 frs-core:ComputerEquipment 2024-02-29 06057161 frs-core:ComputerEquipment 2023-03-01 2024-02-29 06057161 frs-core:ComputerEquipment 2023-02-28 06057161 frs-core:FurnitureFittings 2024-02-29 06057161 frs-core:FurnitureFittings 2023-03-01 2024-02-29 06057161 frs-core:FurnitureFittings 2023-02-28 06057161 frs-core:MotorVehicles 2024-02-29 06057161 frs-core:MotorVehicles 2023-03-01 2024-02-29 06057161 frs-core:MotorVehicles 2023-02-28 06057161 frs-core:PlantMachinery 2024-02-29 06057161 frs-core:PlantMachinery 2023-03-01 2024-02-29 06057161 frs-core:PlantMachinery 2023-02-28 06057161 frs-core:ShareCapital 2024-02-29 06057161 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 06057161 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06057161 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 06057161 frs-bus:SmallEntities 2023-03-01 2024-02-29 06057161 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 06057161 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06057161 frs-bus:Director1 2023-03-01 2024-02-29 06057161 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 06057161 frs-countries:EnglandWales 2023-03-01 2024-02-29 06057161 2022-02-28 06057161 2023-02-28 06057161 2022-03-01 2023-02-28 06057161 frs-core:CurrentFinancialInstruments 2023-02-28 06057161 frs-core:Non-currentFinancialInstruments 2023-02-28 06057161 frs-core:ShareCapital 2023-02-28 06057161 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 06057161
Ital Laundry Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 06057161
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 42,021 51,921
42,021 51,921
CURRENT ASSETS
Stocks 5 7,965 13,285
Debtors 6 118,382 122,093
Cash at bank and in hand 115,791 59,573
242,138 194,951
Creditors: Amounts Falling Due Within One Year 7 (84,160 ) (73,400 )
NET CURRENT ASSETS (LIABILITIES) 157,978 121,551
TOTAL ASSETS LESS CURRENT LIABILITIES 199,999 173,472
Creditors: Amounts Falling Due After More Than One Year 8 (35,401 ) (40,882 )
NET ASSETS 164,598 132,590
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 164,498 132,490
SHAREHOLDERS' FUNDS 164,598 132,590
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Jose Carlos Araujo Cunha
Director
23 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ital Laundry Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06057161 . The registered office is 61 Markfield Road, London, N15 4QA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance method
Motor Vehicles 25% reducing balance method
Fixtures & Fittings 15% reducing balance method
Computer Equipment 15% reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 22)
28 22
Page 4
Page 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 16,190 60,817 99,824 433 177,264
Additions - - - 316 316
As at 29 February 2024 16,190 60,817 99,824 749 177,580
Depreciation
As at 1 March 2023 2,638 37,017 85,595 93 125,343
Provided during the period 2,033 5,950 2,134 99 10,216
As at 29 February 2024 4,671 42,967 87,729 192 135,559
Net Book Value
As at 29 February 2024 11,519 17,850 12,095 557 42,021
As at 1 March 2023 13,552 23,800 14,229 340 51,921
5. Stocks
2024 2023
£ £
Finished goods 7,965 13,285
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 115,913 119,882
Prepayments and accrued income 2,469 2,211
118,382 122,093
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,296 19,826
Corporation tax 16,375 5,709
Other taxes and social security 9,045 8,234
VAT 38,950 32,343
Net wages 6,931 4,207
...CONTINUED
Page 5
Page 6
Other creditors 1,285 857
Accruals and deferred income 2,054 -
Director's loan account 224 2,224
84,160 73,400
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 35,401 40,882
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6