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REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE)

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5

Chartered Certified Accountants' Report 9

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE)

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: Mr R J Hill
Mr R M Hill
Mrs R A Kellett
Mrs C Laverack





SECRETARY: Mr R J Hill





REGISTERED OFFICE: Nottingham Road
Mansfield
Nottinghamshire
NG18 1BW





REGISTERED NUMBER: 00143980 (England and Wales)





ACCOUNTANTS: Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of laundering, dry cleaning, and contract hire of workwear and linen.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr R J Hill
Mr R M Hill
Mrs R A Kellett
Mrs C Laverack

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr R J Hill - Director


10 January 2025

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

BALANCE SHEET
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,721,461 1,509,348

CURRENT ASSETS
Stocks 369,132 278,206
Debtors 5 980,679 959,989
Cash at bank and in hand 243,660 110,559
1,593,471 1,348,754
CREDITORS
Amounts falling due within one year 6 1,404,312 1,240,514
NET CURRENT ASSETS 189,159 108,240
TOTAL ASSETS LESS CURRENT LIABILITIES 1,910,620 1,617,588

CREDITORS
Amounts falling due after more than one year 7 (1,074,821 ) (957,585 )

PROVISIONS FOR LIABILITIES (221,960 ) (159,416 )
NET ASSETS 613,839 500,587

CAPITAL AND RESERVES
Called up share capital 8,814 8,814
Capital redemption reserve 9 16,366 16,366
Retained earnings 9 588,659 475,407
SHAREHOLDERS' FUNDS 613,839 500,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

BALANCE SHEET - continued
30 June 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 10 January 2025 and were signed on its behalf by:





Mr R J Hill - Director


PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Portland Laundry Company(Mansfield)Limited(The) 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents laundering, linen and garment rental invoiced during the year exclusive of Value Added Tax.

Income is recognised at the point of service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks of garments, linen and towels for hire are charged to the profit and loss account over their estimated useful lives. The estimated useful life of any stock is two years with nil residual value.

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.

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 105 (2023 - 103 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 1,455,156 4,307,301 260,871 6,023,328
Additions - 344,684 39,500 384,184
Disposals - (17,146 ) (27,490 ) (44,636 )
At 30 June 2024 1,455,156 4,634,839 272,881 6,362,876
DEPRECIATION
At 1 July 2023 616,137 3,762,216 135,627 4,513,980
Charge for year 29,100 97,189 36,017 162,306
Eliminated on disposal - (15,072 ) (19,799 ) (34,871 )
Reclassification/transfer - 8,004 (8,004 ) -
At 30 June 2024 645,237 3,852,337 143,841 4,641,415
NET BOOK VALUE
At 30 June 2024 809,919 782,502 129,040 1,721,461
At 30 June 2023 839,019 545,085 125,244 1,509,348

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

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 July 2023 277,959 110,185 388,144
Additions 340,000 39,500 379,500
Transfer to ownership (32,503 ) - (32,503 )
At 30 June 2024 585,456 149,685 735,141
DEPRECIATION
At 1 July 2023 167,833 31,733 199,566
Charge for year 17,114 25,660 42,774
Transfer to ownership (16,187 ) - (16,187 )
At 30 June 2024 168,760 57,393 226,153
NET BOOK VALUE
At 30 June 2024 416,696 92,292 508,988
At 30 June 2023 110,126 78,452 188,578

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 932,675 908,700
Prepayments 48,004 51,289
980,679 959,989

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 543,696 435,464
Hire purchase contracts 140,764 80,126
Trade creditors 349,154 294,645
Tax 41,666 91,030
Social security and other taxes 36,372 48,414
VAT 82,996 156,192
Other creditors 13,905 13,151
Directors' current accounts 29,806 35,399
Accrued expenses 164,768 84,641
Deferred government grants 1,185 1,452
1,404,312 1,240,514

PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE) (REGISTERED NUMBER: 00143980)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 105,234 102,804
Bank loans - 2-5 years 215,956 267,502
Bank loans more 5 yr by instal 269,595 331,059
Hire purchase contracts 290,938 61,733
Directors' loan accounts 187,796 188,000
Deferred government grants 5,302 6,487
1,074,821 957,585

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 269,595 331,059

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 694,019 802,505
Hire purchase contracts 431,702 141,859
1,125,721 944,364

The bank loan and overdraft are secured by a charge over the company's freehold property and personal guarantees by Mr R J Hill.

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 475,407 16,366 491,773
Profit for the year 288,008 288,008
Dividends (174,756 ) (174,756 )
At 30 June 2024 588,659 16,366 605,025

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PORTLAND LAUNDRY
COMPANY(MANSFIELD)LIMITED(THE)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portland Laundry Company(Mansfield)Limited(The) for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Portland Laundry Company(Mansfield)Limited(The), as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portland Laundry Company(Mansfield)Limited(The) and state those matters that we have agreed to state to the Board of Directors of Portland Laundry Company(Mansfield)Limited(The), as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portland Laundry Company(Mansfield)Limited(The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portland Laundry Company(Mansfield)Limited(The). You consider that Portland Laundry Company(Mansfield)Limited(The) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Portland Laundry Company(Mansfield)Limited(The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN


Date: .............................................