Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 May 2022 false 1 January 2023 31 December 2023 31 December 2023 10724839 Mr Beljinder Loi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10724839 2022-12-31 10724839 2023-12-31 10724839 2023-01-01 2023-12-31 10724839 frs-core:CurrentFinancialInstruments 2023-12-31 10724839 frs-core:Non-currentFinancialInstruments 2023-12-31 10724839 frs-core:ComputerEquipment 2023-12-31 10724839 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10724839 frs-core:ComputerEquipment 2022-12-31 10724839 frs-core:FurnitureFittings 2023-12-31 10724839 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10724839 frs-core:FurnitureFittings 2022-12-31 10724839 frs-core:NetGoodwill 2023-12-31 10724839 frs-core:NetGoodwill 2023-01-01 2023-12-31 10724839 frs-core:NetGoodwill 2022-12-31 10724839 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 10724839 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10724839 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 10724839 frs-core:PlantMachinery 2023-12-31 10724839 frs-core:PlantMachinery 2023-01-01 2023-12-31 10724839 frs-core:PlantMachinery 2022-12-31 10724839 frs-core:ShareCapital 2023-12-31 10724839 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10724839 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10724839 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10724839 frs-bus:SmallEntities 2023-01-01 2023-12-31 10724839 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10724839 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10724839 frs-bus:Director1 2023-01-01 2023-12-31 10724839 frs-countries:EnglandWales 2023-01-01 2023-12-31 10724839 2022-04-30 10724839 2022-12-31 10724839 2022-05-01 2022-12-31 10724839 frs-core:CurrentFinancialInstruments 2022-12-31 10724839 frs-core:Non-currentFinancialInstruments 2022-12-31 10724839 frs-core:ShareCapital 2022-12-31 10724839 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10724839
Loi's Launderette And Dry Cleaners Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10724839
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 4,667
Tangible Assets 5 9,517 11,143
9,517 15,810
CURRENT ASSETS
Debtors 6 7,800 8,632
Cash at bank and in hand 5,282 2,796
13,082 11,428
Creditors: Amounts Falling Due Within One Year 7 (28,033 ) (20,917 )
NET CURRENT ASSETS (LIABILITIES) (14,951 ) (9,489 )
TOTAL ASSETS LESS CURRENT LIABILITIES (5,434 ) 6,321
Creditors: Amounts Falling Due After More Than One Year 8 (23,932 ) (32,506 )
NET LIABILITIES (29,366 ) (26,185 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (29,466 ) (26,285 )
SHAREHOLDERS' FUNDS (29,366) (26,185)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mr Beljinder Loi
Director
23/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Loi's Launderette And Dry Cleaners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10724839 . The registered office is 19-21 Manor Road, Caddington, Bedfordshire, LU1 4EE.
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. Going Concern Disclosure
The company made a profit after tax for the year ending 31 December 2022 of £5,346 resulting in a balance
sheet deficit of £26,185 at the balance sheet date. However, of this deficit £13,211 is owed to the director of the
company who has given assurances that he will continue his financial support such that the company will be able
to meet its liabilities as they fall due.
In light of the above and after taking into account all information that could reasonably be expected to be
available, the directors are confident that the company will continue in operational existence for the foreseeable
future, and that the going concern basis is appropriate for the preparation of the company's financial statements.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.5. 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:
Freehold in accordance with the property
Plant & Machinery 20% on cost
Fixtures & Fittings 20% on Cost
Computer Equipment 20% on cost
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 70,000
As at 31 December 2023 70,000
Amortisation
As at 1 January 2023 65,333
Provided during the period 4,667
As at 31 December 2023 70,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 4,667
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 2,610 17,316 29,999 638 50,563
Additions - 2,310 - - 2,310
As at 31 December 2023 2,610 19,626 29,999 638 52,873
...CONTINUED
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Depreciation
As at 1 January 2023 1,190 8,135 29,999 96 39,420
Provided during the period 210 3,599 - 127 3,936
As at 31 December 2023 1,400 11,734 29,999 223 43,356
Net Book Value
As at 31 December 2023 1,210 7,892 - 415 9,517
As at 1 January 2023 1,420 9,181 - 542 11,143
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Prepayments and accrued income - 832
Other debtors 7,800 7,800
7,800 8,632
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Bank loans and overdrafts 9,683 6,587
Corporation tax 533 (196 )
Accruals and deferred income 1,575 1,315
Directors' loan accounts 16,242 13,211
28,033 20,917
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Bank loans 23,932 32,506
9. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
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