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Registered number: 00061140
Petersfield & Reliance Launderers Limited
Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00061140
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 138,266 166,909
138,266 166,909
CURRENT ASSETS
Stocks 5 109,336 138,526
Debtors 6 542,507 565,737
Cash at bank and in hand 89,641 109,449
741,484 813,712
Creditors: Amounts Falling Due Within One Year 7 (461,268 ) (475,815 )
NET CURRENT ASSETS (LIABILITIES) 280,216 337,897
TOTAL ASSETS LESS CURRENT LIABILITIES 418,482 504,806
Creditors: Amounts Falling Due After More Than One Year 8 (275,898 ) (336,226 )
NET ASSETS 142,584 168,580
CAPITAL AND RESERVES
Called up share capital 10 16,000 16,000
Profit and Loss Account 126,584 152,580
SHAREHOLDERS' FUNDS 142,584 168,580
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert James
Director
21st July 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Petersfield & Reliance Launderers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00061140 . The registered office is Rushes Road, Petersfield, Hants, GU32 3AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Covid-19 pandemic has continued to affect business globally. The directors continue to follow government guidance to ensure employee safety whilst continuing operations. The pandemic continued to impact the company financially due to the suspension of the hospitality industry during lockdowns throughout the year and beyond. The directors continue to closely monitor cashflow and make use of the government support via the Job Retention Support Scheme where appropriate. The directors have seen the company begin to make monthly profits as they see a return to previous levels of turnover, and as such foresee the company continuing operational existence for a period of at least 12 months from the date of approval of these accounts. Preparation under the going concern basis therefore continues to be appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 33.3% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 36)
6 36
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 December 2023 1,584,001 19,976 54,135 233,360 1,891,472
Additions 12,245 - - 4,066 16,311
As at 30 November 2024 1,596,246 19,976 54,135 237,426 1,907,783
Depreciation
As at 1 December 2023 1,442,742 19,976 28,522 233,323 1,724,563
Provided during the period 36,014 - 8,310 630 44,954
As at 30 November 2024 1,478,756 19,976 36,832 233,953 1,769,517
Net Book Value
As at 30 November 2024 117,490 - 17,303 3,473 138,266
As at 1 December 2023 141,259 - 25,613 37 166,909
5. Stocks
2024 2023
£ £
Finished goods 109,336 138,526
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 315,529 231,768
Prepayments and accrued income 24,933 24,631
Deferred tax current asset - 32,218
Net wages - 74
Amounts owed by group undertakings 202,045 277,046
542,507 565,737
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,669 6,669
Trade creditors 110,372 75,728
Bank loans and overdrafts 100,403 171,704
Other creditors 136,285 132,540
Taxation and social security 107,539 89,174
461,268 475,815
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,446 11,116
Bank loans 271,452 325,110
275,898 336,226
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,669 6,669
Later than one year and not later than five years 4,446 11,116
11,115 17,785
11,115 17,785
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 16,000 16,000
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