Company registration number 08304353 (England and Wales)
HALL LAUNDRY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
HALL LAUNDRY SERVICES LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,192
3,623
Current assets
Stocks
15,000
15,000
Debtors
4
72,253
63,159
Cash at bank and in hand
145,276
105,223
232,529
183,382
Creditors: amounts falling due within one year
5
(497,730)
(483,405)
Net current liabilities
(265,201)
(300,023)
Total assets less current liabilities
(246,009)
(296,400)
Creditors: amounts falling due after more than one year
6
(9,167)
(19,167)
Provisions for liabilities
Deferred tax liability
4,798
906
(4,798)
(906)
Net liabilities
(259,974)
(316,473)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(260,974)
(317,473)
Total equity
(259,974)
(316,473)
HALL LAUNDRY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Mr P Hall
Miss T Clarke
Director
Director
Company registration number 08304353 (England and Wales)
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Hall Laundry Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13-15 High Street, Witney, Oxfordshire, OX28 6HW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company relies upon the continued financial support of its parent company, Hall Group Limited, to continue as a going concern. The ability to continue in operation rests on the intercompany debt due to its parent not being recalled until the company is generating sufficient surplus cash to begin to repay the debt.true
At the time of approving these financial statements, the directors have reasonable expectation that this support will continue from the parent company and it has no intention of recalling the debt or enforcing a repayment plan that would be detrimental to the cashflow of the company. Based on this, the company has adequate resources to continue in operational existence for the future. Thus, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of laundry services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line and 25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
11
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
354,428
Additions
19,770
Disposals
(13,769)
At 31 July 2024
360,429
Depreciation and impairment
At 1 August 2023
350,805
Depreciation charged in the year
4,201
Eliminated in respect of disposals
(13,769)
At 31 July 2024
341,237
Carrying amount
At 31 July 2024
19,192
At 31 July 2023
3,623
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,929
60,775
Amounts owed by group undertakings
2,384
Other debtors
8,324
72,253
63,159
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
12,667
27,419
Amounts owed to group undertakings
442,065
419,461
Taxation and social security
26,984
20,797
Other creditors
6,014
5,728
497,730
483,405
As at the year end, £10,000 (2023 - £10,000) included within bank loans due within one year is a Coronavirus Bounce Back Loan, which is secured by the UK Government.
Obligations under finance leases are secured upon the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
9,167
19,167
As at the year end, £9,167 (2023 - £19,167) included within bank loans due after more than one year is a Coronavirus Bounce Back Loan, which is secured by the UK Government.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
HALL LAUNDRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
8
Financial commitments, guarantees and contingent liabilities
A cross guarantee and debenture is held by Barclays Bank Plc between Hall Group Limited, Hall Construction Limited and Hall Laundry Services Limited covering the Group's banking facilities.
At the year end £402,083 (2023 - £441,591) was due to Barclays Bank Plc from Hall Group Limited and it's subsidiaries.
9
Related party transactions
Hall Group Limited is the parent company of Hall Laundry Services Limited. At the year end, £418,478 (2023 - £418,478) due to Hall Group Limited is included within creditors falling due within one year. There is no fixed repayment date and no interest is being charged on this amount.
Hall Developments Limited is a fellow wholly owned subsidiary of Hall Group limited. At the year end £983 (2023 - £983) due to Hall Developments Limited is included with creditors falling due within on year. There is no fixed repayment date and no interest is being charged on this amount.
Hall Construction Limited is a fellow wholly owned subsidiary of Hall Group limited. At the year end £22,603 due to Hall Construction Limited is included with creditors falling due within one year. Last year, as at the year end, £2,384 was due from Hall Construction Limited and was included within debtors falling due within one year. There is no fixed repayment date and no interest is being charged on this amount