Border Laundry Service Ltd - Accounts to registrar (filleted) - small 22.3

BORDER LAUNDRY SERVICE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A J K Oliver

M J W Oliver

S A Hogg

REGISTERED OFFICE:

Unit 8f Tweedpark

Tweedbank Industrial Estate

Tweedbank

Scottish Borders

TD1 3TE

REGISTERED NUMBER:

SC611292 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

FIXED ASSETS

Tangible assets

4

9,759

7,554

CURRENT ASSETS

Stocks

5

8,000

3,000

Debtors

6

27,964

8,431

Cash at bank and in hand

627

8,635

36,591

20,066

CREDITORS

Amounts falling due within one year

7

44,190

22,765

NET CURRENT LIABILITIES

(7,599

)

(2,699

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,160

4,855

CREDITORS

Amounts falling due after more than one year

8

15,167

17,500

NET LIABILITIES

(13,007

)

(12,645

)

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(13,010

)

(12,648

)

SHAREHOLDERS' FUNDS

(13,007

)

(12,645

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th November 2022 and were signed on its behalf by:

S A Hogg - Director

A J K Oliver - Director

M J W Oliver - Director

1.	STATUTORY INFORMATION

Border Laundry Service Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In light of the situation at the year end regarding COVID-19 the Directors have considered the potential impact of the current pandemic on the business. The Directors are satisfied that, with the use of support schemes available and the continued support of the directors not requiring loans repaid until the company has traded out of the current position. the company will continue as a going concern and the accounts have been prepared on this basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income and Expenditure Account.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities is payment is due within one year or less. If not they are presented as non-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year 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 year 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

Rentals paid under operating leases are charged to 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2021

2,928

7,737

-

10,665

Additions

3,279

-

924

4,203

At 31st March 2022

6,207

7,737

924

14,868

DEPRECIATION

At 1st April 2021

586

2,525

-

3,111

Charge for year

1,077

782

139

1,998

At 31st March 2022

1,663

3,307

139

5,109

NET BOOK VALUE

At 31st March 2022

4,544

4,430

785

9,759

At 31st March 2021

2,342

5,212

-

7,554

5.

STOCKS

2022

2021

£

£

Stocks

8,000

3,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

17,219

1,065

Other debtors

10,745

7,366

27,964

8,431

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

370

-

Trade creditors

12,221

1,187

Taxation and social security

8,536

(109

)

Other creditors

23,063

21,687

44,190

22,765

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

15,167

17,500

9.	RELATED PARTY DISCLOSURES

A Oliver and M Oliver, directors, are also directors in Kenkleen Ltd. The company has provided services to Kenkleen Ltd to the value of £Nil (2021 £669) and charged rent to the value of £5,000 (2021 £5,000) in the year and received services from them to the value of £680 (2021 £ Nil). At the end of the period they were owed £10,000 (2021 £5,000) by Kenkleen Ltd, and were due £2,072 (2021 £1,392) to Kenkleen Ltd.

S Hogg, director, is also a director in Buccleuch Cleaners Ltd. The company has received services from Buccleuch Cleaners Ltd during the year to the value of £5,011 (2021 £1,663), and was due them £661 (2021 £ Nil) at the year end.

At the year end the company owed each of the directors £5,000 (2021 £5,000).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Border Laundry Service Ltd for the year ended 31st March 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Border Laundry Service Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Border Laundry Service Ltd and state those matters that we have agreed to state to the Board of Directors of Border Laundry Service Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Border Laundry Service Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Border Laundry Service Ltd. You consider that Border Laundry Service Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Border Laundry Service Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

16th November 2022