South West Laundry Ltd - Period Ending 2016-02-29

Registration number: 7190330

South West Laundry Ltd

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

South West Laundry Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

South West Laundry Ltd
(Registration number: 7190330)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					160,011			197,211
Tangible fixed assets					1,836,128			1,463,442
					1,996,139			1,660,653
Current assets
Stocks					15,203			16,170
Debtors					260,392			183,895
Cash at bank and in hand					170,725			52,444
					446,320			252,509
Creditors: Amounts falling due within one year					(593,573)			(537,589)
Net current liabilities					(147,253)			(285,080)
Total assets less current liabilities					1,848,886			1,375,573
Creditors: Amounts falling due after more than one year					(394,463)			(455,922)
Provisions for liabilities					(201,374)			(186,068)
Net assets					1,253,049			733,583
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					1,252,949			733,483
Shareholders' funds					1,253,049			733,583

For the year ending 29 February 2016 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 8 August 2016 and signed on its behalf by:

.........................................
Mr Wayne Retallack
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

South West Laundry Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... 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 January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

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

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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

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

Asset class	Amortisation method and rate
Goodwill	on cost over 10 years

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
Plant and Machinery	on cost over 20 years
Batch Washer	on cost over 16 years
Linen	on cost over 5 years
Improvements to leasehold property	on cost over 6 years
Motor Vehicles	on cost over 4 years

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.

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.

Page 2

South West Laundry Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

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 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 March 2015		372,000			2,301,610			2,673,610
Additions		-			778,713			778,713
Disposals		-			(8,600)			(8,600)
At 29 February 2016		372,000			3,071,723			3,443,723
Depreciation
At 1 March 2015		174,789			838,168			1,012,957
Charge for the year		37,200			399,147			436,347
Eliminated on disposals		-			(1,720)			(1,720)
At 29 February 2016		211,989			1,235,595			1,447,584
Net book value
At 29 February 2016		160,011			1,836,128			1,996,139
At 28 February 2015		197,211			1,463,442			1,660,653

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		152,768			155,972
Amounts falling due after more than one year		212,415			217,231
Total secured creditors		365,183			373,203

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years not by instalments		67,208			72,500

Page 3

South West Laundry Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £1 each		45			45			45			45
Ordinary B shares of £1 each		45			45			45			45
Ordinary C shares of £1 each		10			10			10			10
		100			100			100			100

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Wayne Retallack
Loan from the company, on an interest free basis. The loan was unsecured and payable on demand.	5,428	5,428	5,565	17,406

Page 4