Woodgrange Laundry Limited - Period Ending 2015-09-30

Registration number: 02062328

Woodgrange Laundry Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Woodgrange Laundry Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Woodgrange Laundry Limited
for the Year Ended 30 September 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woodgrange Laundry Limited for the year ended 30 September 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Woodgrange Laundry Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Woodgrange Laundry Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woodgrange Laundry Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Woodgrange Laundry Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Woodgrange Laundry Limited. You consider that Woodgrange Laundry Limited 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 accounts of Woodgrange Laundry Limited. 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 accounts.

Thomas Quinn
Accountants
The Station House
15 Station Road
St Ives
Cambridgeshire
PE27 5BH

16 March 2016

Page 1

Woodgrange Laundry Limited
(Registration number: 02062328)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					124,250			174,250
Tangible fixed assets					538,207			544,633
					662,457			718,883
Current assets
Stocks					50,000			50,000
Debtors					740,269			591,959
Cash at bank and in hand					20,084			45,087
					810,353			687,046
Creditors: Amounts falling due within one year					(978,167)			(896,676)
Net current liabilities					(167,814)			(209,630)
Total assets less current liabilities					494,643			509,253
Creditors: Amounts falling due after more than one year					(110,685)			(175,844)
Provisions for liabilities					(41,488)			(39,326)
Net assets					342,470			294,083
Capital and reserves
Called up share capital		3			51,000			51,000
Revaluation reserve					1,046			19,685
Profit and loss account					290,424			223,398
Shareholders' funds					342,470			294,083

For the year ending 30 September 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 16 March 2016 and signed on its behalf by:

Mr D M Browne
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Woodgrange Laundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is evaluated for impairment annually by the directors. The directors did not consider it necessary to write down the value of goodwill in the year ended 30 September 2014.

Asset class	Amortisation method and rate
Goodwill	Nil

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold	over the term of the lease
Plant and machinery	5% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	20% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Woodgrange Laundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2014		174,250			1,388,813			1,563,063
Additions		-			36,049			36,049
At 30 September 2015		174,250			1,424,862			1,599,112
Depreciation
At 1 October 2014		-			844,180			844,180
Charge for the year		50,000			42,475			92,475
At 30 September 2015		50,000			886,655			936,655
Net book value
At 30 September 2015		124,250			538,207			662,457
At 30 September 2014		174,250			544,633			718,883

Page 4

Woodgrange Laundry Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		51,000			51,000			51,000			51,000

4

Control

The company is controlled by D M Browne, by virtue of his shareholding in the company.

Page 5