Majestic Laundries Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC308694

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2016

FOR

MAJESTIC LAUNDRIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

H Ferguson

SECRETARY:

M Ferguson

REGISTERED OFFICE:

1103 Argyle Street

Glasgow

Scotland

G3 8ND

REGISTERED NUMBER:

SC308694

ACCOUNTANTS:

McDaid & Partners

Stanley House

69/71 Hamilton Road

Motherwell

Lanarkshire

ML1 3DG

FIXED ASSETS

Tangible assets

2

79,630

79,122

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

21,115

21,062

Cash at bank and in hand

9,113

13,318

32,228

36,380

CREDITORS

Amounts falling due within one year

31,354

41,778

NET CURRENT ASSETS/(LIABILITIES)

874

(5,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

80,504

73,724

PROVISIONS FOR LIABILITIES

15,926

14,981

NET ASSETS

64,578

58,743

CAPITAL AND RESERVES

Called up share capital

3

100

2

Profit and loss account

64,478

58,741

SHAREHOLDERS' FUNDS

64,578

58,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 24 June 2016 and were signed by:

H Ferguson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company meets its day to day working capital requirements through a loan from Dowanhill Trading

Company Limited which is a related company. On this basis, the director considers it appropriate to prepare the

financial statements on the going concern basis. The financial statements do not include any adjustments that

would result from withdrawal of support by the above mentioned.

Accounting convention

The financial statements have been prepared under a going concern basis under the historical cost covention and

in accordance with the Financial Reporting Standard for Smaller Entities ( effective April 2008).

Turnover

Turnover is including VAT. Turnover represents the value of services from the laundrette business to the extent

that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets

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

Property improvements

-

10% on cost

Plant & machinery

-

10% on cost

Motor vehicles

-

25% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.Deferred tax is not recognised when assets are revalued unless,by the balance sheet date,the company

has entered into a binding agreement to sell the assets and recognised the gains and losses expected to arise on

sale or where assets have been sold and it is expected that the taxable gain will be rolled over into a replacement

asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 6 April 2015

118,666

Additions

16,498

At 5 April 2016

135,164

DEPRECIATION

At 6 April 2015

39,544

Charge for year

15,990

At 5 April 2016

55,534

NET BOOK VALUE

At 5 April 2016

79,630

At 5 April 2015

79,122

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

5.4.16

5.4.15

value:

£

£

100

Ordinary

£1

100

2

98 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

4.	RELATED PARTY DISCLOSURES