REGISTERED NUMBER: |
Great North Laundry Company Ltd |
Unaudited Financial Statements |
for the period |
30th June 2023 to 28th June 2024 |
REGISTERED NUMBER: |
Great North Laundry Company Ltd |
Unaudited Financial Statements |
for the period |
30th June 2023 to 28th June 2024 |
Great North Laundry Company Ltd (Registered number: 05481427) |
Contents of the Financial Statements |
for the period 30th June 2023 to 28th June 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Great North Laundry Company Ltd |
Company Information |
for the period 30th June 2023 to 28th June 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Great North Laundry Company Ltd (Registered number: 05481427) |
Balance Sheet |
28th June 2024 |
2024 | 2023 |
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 liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
Great North Laundry Company Ltd (Registered number: 05481427) |
Balance Sheet - continued |
28th June 2024 |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Great North Laundry Company Ltd (Registered number: 05481427) |
Notes to the Financial Statements |
for the period 30th June 2023 to 28th June 2024 |
1. | Statutory information |
Great North Laundry Company Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank overdrafts, bank loans, hire purchase contracts and directors' loans. |
Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors, trade creditors and bank overdrafts are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
Great North Laundry Company Ltd (Registered number: 05481427) |
Notes to the Financial Statements - continued |
for the period 30th June 2023 to 28th June 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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 period 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. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases. |
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 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. |
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
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. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred. |
Going concern |
Due to a number of external factors the company is currently facing very challenging trading conditions. The company has a deficit on the balance sheet and relies on the support of its shareholders and creditors. The director is currently seeking advice on managing and possibly restructuring certain liabilities. Accordingly the financial statements have been prepared on the going concern basis. |
Great North Laundry Company Ltd (Registered number: 05481427) |
Notes to the Financial Statements - continued |
for the period 30th June 2023 to 28th June 2024 |
3. | Employees and directors |
The average number of employees during the period was |
4. | Tangible fixed assets |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 30th June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 28th June 2024 |
Depreciation |
At 30th June 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 28th June 2024 |
Net book value |
At 28th June 2024 |
At 29th June 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Great North Laundry Company Ltd (Registered number: 05481427) |
Notes to the Financial Statements - continued |
for the period 30th June 2023 to 28th June 2024 |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 18,170 | 11,287 |
Hire purchase contracts are secured against the assets to which they relate. |
9. | Other financial commitments |
At 28th June 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £39,451 (2023 - £34,057). |
10. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the periods ended 28th June 2024 and 29th June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
This loan is unsecured, repayable on demand and interest has been charged at the official rates published by HMRC. |