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Company registration number: NI601993
White Label Cleaners Ltd
Unaudited filleted financial statements
30 April 2024
White Label Cleaners Ltd
Contents
Directors and other information
Directors report
Balance sheet
Notes to the financial statements
White Label Cleaners Ltd
Directors and other information
Directors Gareth Hodgen
Susan Hodgen
Company number NI601993
Registered office 15 Commercial Road
Banbridge
Down
BT323ES
Accountants Jones Peters Chartered Accountants
6 / 7 Church Street
Banbridge
Down
BT32 4AA
White Label Cleaners Ltd
Directors report
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024.
Directors
The directors who served the company during the year were as follows:
Gareth Hodgen
Susan Hodgen
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 06 February 2025 and signed on behalf of the board by:
Gareth Hodgen
Director
White Label Cleaners Ltd
Balance sheet
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 40,000 60,000
Tangible assets 7 396,546 334,532
_______ _______
436,546 394,532
Current assets
Stocks 1,922 11,625
Debtors 8 80,617 72,003
Cash at bank and in hand 23,189 31,192
_______ _______
105,728 114,820
Creditors: amounts falling due
within one year 9 ( 229,147) ( 228,644)
_______ _______
Net current liabilities ( 123,419) ( 113,824)
_______ _______
Total assets less current liabilities 313,127 280,708
Creditors: amounts falling due
after more than one year 10 ( 129,484) ( 180,464)
Provisions for liabilities ( 50,155) ( 30,175)
_______ _______
Net assets 133,488 70,069
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 133,486 70,067
_______ _______
Shareholders funds 133,488 70,069
_______ _______
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 and Retained Earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2025 , and are signed on behalf of the board by:
Gareth Hodgen
Director
Company registration number: NI601993
White Label Cleaners Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 15 Commercial Road, Banbridge, Down, BT323ES.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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 for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold property - 4 % straight line
Plant and machinery - 4 % straight line
Fittings fixtures and equipment - 20 % straight line
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 by the directors, 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.
Work in Progress
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 3,273 20,958
_______ _______
Deferred tax:
Deferred Tax 19,980 592
_______ _______
Tax on profit 23,253 21,550
_______ _______
Reconciliation of tax expense
The tax assessed on the profit / loss for the year is 19% .
2024 2023
£ £
Profit before taxation 86,672 56,079
_______ _______
Profit multiplied by rate of tax 16,468 10,840
Effect of depreciation 6,698 17,284
Effect of capital allowances ( 31,933) ( 7,284)
Effect of expenses not deductible for tax purposes 3,977 118
Utilisation of tax losses 4,790 -
Chargeable gain 3,273 -
_______ _______
Tax on profit 3,273 20,958
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 200,000 200,000
_______ _______
Amortisation
At 1 May 2023 140,000 140,000
Charge for the year 20,000 20,000
_______ _______
At 30 April 2024 160,000 160,000
_______ _______
Carrying amount
At 30 April 2024 40,000 40,000
_______ _______
At 30 April 2023 60,000 60,000
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2023 209,199 427,627 81,113 32,833 750,772
Additions 28,724 97,018 2,518 35,460 163,720
Disposals ( 79,307) ( 27,418) - - ( 106,725)
_______ _______ _______ _______ _______
At 30 April 2024 158,616 497,227 83,631 68,293 807,767
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 33,483 292,382 70,186 20,189 416,240
Charge for the year 5,581 15,482 8,866 5,324 35,253
Disposals ( 13,021) ( 27,251) - - ( 40,272)
_______ _______ _______ _______ _______
At 30 April 2024 26,043 280,613 79,052 25,513 411,221
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 132,573 216,614 4,579 42,780 396,546
_______ _______ _______ _______ _______
At 30 April 2023 175,716 135,245 10,927 12,644 334,532
_______ _______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 19,670 13,062
Amounts owed by group undertakings and undertakings in which the company has a participating interest 51,000 -
Other debtors and prepayments 9,947 58,941
_______ _______
80,617 72,003
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 44,741 45,180
Trade creditors 87,754 42,309
Corporation tax 3,244 23,923
Social security and other taxes 24,505 13,162
Other creditors and accruals 68,903 104,070
_______ _______
229,147 228,644
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 101,708 174,432
Other creditors 27,776 6,032
_______ _______
129,484 180,464
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Gareth Hodgen ( 39,933) ( 7,109) ( 47,042)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Gareth Hodgen ( 93,586) 53,653 ( 39,933)
_______ _______ _______