Registration number: 04092951

Montagues Laundries Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Montagues Laundries Ltd

Company Information

Director

Mr Neil Delargy

Registered office

590 Green Lanes Palmers Green London N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes Palmers Green London N13 5RY

Montagues Laundries Ltd

(Registration number: 04092951)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	41,345	199,822
Other financial assets	7	449,633	515,457
		490,978	715,279
Current assets
Debtors	8	43,503	17,111
Cash at bank and in hand		4,730	20,280
		48,233	37,391
Creditors: Amounts falling due within one year	9	(22,822)	(120,581)
Net current assets/(liabilities)		25,411	(83,190)
Total assets less current liabilities		516,389	632,089
Creditors: Amounts falling due after more than one year	9	(33,004)	(44,198)
Net assets		483,385	587,891
Capital and reserves
Called up share capital	10	100	100
Retained earnings		483,285	587,791
Shareholders' funds		483,385	587,891

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 September 2025
 

......................................... Mr Neil Delargy Director

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Unit 5c Heron Trading Estate
Alliance Road
London
W3 0RA

These financial statements were authorised for issue by the director on 15 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

In accordance with section 35.10(d) of FRS102 the company has chosen to adopt the fair value at the date of transition as the deemed historic cost of the freehold property moving forward and to abandon the revaluation model.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% Straight Line Method
Leasehold property	15% Reducing Balance
Plant & machinery	20% Reducing Balance
Fixtures, fittings and equipment	20% Reducing Balance
Motor vehicles	15% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax	2,019	-

5	Intangible assets

	Goodwill  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2024	220,000	13,825	233,825
At 31 December 2024	220,000	13,825	233,825
Amortisation
At 1 January 2024	220,000	13,825	233,825
At 31 December 2024	220,000	13,825	233,825
Carrying amount
At 31 December 2024	-	-	-

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	239,801	126,591	366,392
Disposals	(152,260)	(106,637)	(258,897)
At 31 December 2024	87,541	19,954	107,495
Depreciation
At 1 January 2024	107,347	59,223	166,570
Charge for the year	39,736	12,531	52,267
Eliminated on disposal	(91,948)	(60,739)	(152,687)
At 31 December 2024	55,135	11,015	66,150
Carrying amount
At 31 December 2024	32,406	8,939	41,345
At 31 December 2023	132,454	67,368	199,822

7	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2024	515,457	515,457
Disposals	(65,824)	(65,824)
At 31 December 2024	449,633	449,633
Impairment
Carrying amount
At 31 December 2024	449,633	449,633

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Debtors

Current	2024 £	2023 £
Other debtors	43,503	17,111
	43,503	17,111

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	11	11,090	11,000
Trade creditors		9,000	36,000
Taxation and social security		2,019	42,739
Accruals and deferred income		-	30,000
Other creditors		713	842
		22,822	120,581

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

11	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	33,004	44,198

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	4,290	-
Hire purchase contracts	6,800	11,000
	11,090	11,000

Montagues Laundries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

12

Dividends

		2024		2023
		£		£
Interim dividend of £100.00 (2023 - £460.00) per ordinary share		10,000		46,000