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Company Registration Number: 4092543
SNOW WHITE LAUNDRIES LIMITED
Unaudited Filleted Financial Statements
30 April 2024
SNOW WHITE LAUNDRIES LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
SNOW WHITE LAUNDRIES LIMITED
Balance Sheet
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 1,060,103 1,200,688
Current assets
Stocks 42,080 30,020
Debtors 4 735,351 687,192
Cash at bank and in hand 483,031 304,221
_________ _________
1,260,462 1,021,433
Creditors: amounts falling due
within one year 5 ( 860,164) ( 662,006)
_________ _________
Net current assets 400,298 359,427
_________ _________
Total assets less current liabilities 1,460,401 1,560,115
Creditors: amounts falling due
after more than one year 6 ( 406,088) ( 150,000)
Provisions for liabilities 7 ( 253,419) ( 215,945)
_________ _________
Net assets 800,894 1,194,170
_________ _________
Capital and reserves
Called up share capital 9 635 635
Capital redemption reserve 364 364
Profit and loss account 799,895 1,193,171
_________ _________
Shareholders funds 800,894 1,194,170
_________ _________
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
................................ ................................
Mr L O Milling Ms L S Milling
Director Director
Company Registration Number: 4092543
SNOW WHITE LAUNDRIES LIMITED
Notes To The Financial Statements
Year Ended 30 April 2024
1. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments which apply to the company are considered to be basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 123 (2023: 64 ).
3. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 1,242,766 601,206 1,843,972
Additions 427,967 185,055 613,022
Disposals ( 233,318) ( 56,714) ( 290,032)
_________ _________ _________
At 30 April 2024 1,437,415 729,547 2,166,962
_________ _________ _________
Depreciation
At 1 May 2023 501,874 141,410 643,284
Charge for the year 383,886 344,429 728,315
Disposals ( 233,318) ( 31,422) ( 264,740)
_________ _________ _________
At 30 April 2024 652,442 454,417 1,106,859
_________ _________ _________
Carrying amount
At 30 April 2024 784,973 275,130 1,060,103
_________ _________ _________
At 30 April 2023 740,892 459,796 1,200,688
_________ _________ _________
4. Debtors
2024 2023
£ £
Trade debtors 723,590 674,866
Prepayments 11,761 10,626
Other debtors - 1,700
_________ _________
735,351 687,192
_________ _________
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank and other loans 125,483 60,000
Trade creditors 505,437 330,188
Accruals 9,000 7,500
Social security and other taxes 220,244 264,318
_________ _________
860,164 662,006
_________ _________
The bank loan at 30 April 2024 is government-backed under the CBILS scheme. Other bank borrowings are secured by fixed and floating charges over all of the company's assets.
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loan 90,000 150,000
Other loans 316,088 -
_________ _________
406,088 150,000
_________ _________
The above loan is government-backed under the CBILS scheme.
7. Provisions
Deferred tax (note 8)
£
At 1 May 2023 215,945
Additions 37,474
_________
At 30 April 2024 253,419
_________
8. Deferred tax
The deferred tax included in the Balance Sheet is as follows:
2024 2023
£ £
Included in provisions (note 7) 253,419 215,945
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 253,419 215,945
_________ _________
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 635 635 635 635
_________ _________ _________ _________
Three of the company's directors during the year, Mr T.O. Milling, Mr S.J. Milling and Ms L.S. Milling each hold a one-third share in the ownership of the company's trading properties at Clarence Corner, Pontypool and Bessemer Close, Cardiff. During the year all three received rent totalling £112,500 from the company under this arrangement.