Sapphire Laundry Limited - Accounts to registrar (filleted) - small 23.2.5
Sapphire Laundry Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| FOR |
| SAPPHIRE LAUNDRY LIMITED |
| SAPPHIRE LAUNDRY LIMITED (REGISTERED NUMBER: 01589271) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SAPPHIRE LAUNDRY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Atlas Chambers |
| 33 West Street |
| Brighton |
| East Sussex |
| BN1 2RE |
| SAPPHIRE LAUNDRY LIMITED (REGISTERED NUMBER: 01589271) |
| BALANCE SHEET |
| 30 JUNE 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve |
| Retained earnings | ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| SAPPHIRE LAUNDRY LIMITED (REGISTERED NUMBER: 01589271) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 1. | STATUTORY INFORMATION |
| Sapphire Laundry Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company manages it cash flow as part of a group & is reliant on finance provided by other group companies. The director has reviewed the group finance facilities and the expected cash flow for the group and has a reasonable expectation that the company has adequate resources to continue to operate for the foreseeable future. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| The fair value is based on a valuation carried out by the director at each accounting reference date. |
| 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 |
| Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting its liabilities. |
| Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction. |
| Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities classified as payable within one year are not amortised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| 3. | EMPLOYEES |
| The average number of employees during the year was NIL (2022 - NIL). |
| SAPPHIRE LAUNDRY LIMITED (REGISTERED NUMBER: 01589271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2022 |
| Additions |
| Revaluations | (16,209 | ) |
| At 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Accruals and deferred income |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| The loan is part of a group facility with fellow group companies, Hera Walk Limited, Izanami Limited and Nord 2 Limited, secured against the properties owned by these entities. The lender also has a personal guarantee from the director and a subordination agreement with fellow group companies. The company is liable to a cross guarantee of £6,855,680. |
| 8. | POST BALANCE SHEET EVENTS |
| Since the year end, the company and the group of which it is a subsidiary have refinanced their debt. |
| As part of this refinance, the terms of the company's current loan have been amended such that it is now no longer repayable within 12 months of the balance sheet date but across the next 2-5 years. |
| Additionally, £3,065,000 has been drawn on the loan by Omikami Limited, a group company, of which the company is a cross guarantor. |
| SAPPHIRE LAUNDRY LIMITED (REGISTERED NUMBER: 01589271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Urban Eye Properties Limited, of which the registered office is Unit 52.11, Woolyard, Bermondsey Street, London, SE1 3UD. |