REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PORTLAND LAUNDRY |
COMPANY(MANSFIELD)LIMITED(THE) |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
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: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Transfer to ownership | (32,503 | ) | - | (32,503 | ) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Transfer to ownership | (16,187 | ) | - | (16,187 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 82,996 | 156,192 |
Other creditors |
Directors' current accounts | 29,806 | 35,399 |
Accrued expenses |
Deferred government grants |
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 |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Directors' loan accounts | 187,796 | 188,000 |
Deferred government grants |
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 |
Hire purchase contracts | 431,702 | 141,859 |
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 | 491,773 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 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. |
Chartered Certified Accountants |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
Date: ............................................. |