Company registration number 3834144 (England and Wales)
MASTER CLEANERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
MASTER CLEANERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MASTER CLEANERS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,481
3,288
Current assets
Stocks
185
295
Debtors
5
65,842
84,900
Cash at bank and in hand
475,738
357,280
541,765
442,475
Creditors: amounts falling due within one year
6
(145,419)
(184,272)
Net current assets
396,346
258,203
Total assets less current liabilities
398,827
261,491
Provisions for liabilities
7
(207)
(351)
Net assets
398,620
261,140
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
397,620
260,140
Total equity
398,620
261,140
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 May 2023
Sotos Kyprianou Kontopirgou
Director
Company Registration No. 3834144
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
1
Accounting policies
Company information
MASTER CLEANERS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.
Where a work has been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its 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 and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of employee benefits are recognised as a liability and therefore an expense.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was 124 (2021 - 192).
2022
2021
Number
Number
Total
124
192
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021 and 31 August 2022
20,125
Depreciation and impairment
At 1 September 2021
16,837
Depreciation charged in the year
807
At 31 August 2022
17,644
Carrying amount
At 31 August 2022
2,481
At 31 August 2021
3,288
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
65,336
84,185
Other debtors
506
715
65,842
84,900
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
26,155
38,158
Corporation tax
39,429
17,552
Other taxation and social security
64,108
61,111
Director's current account
12,277
63,397
Other creditors
3,450
4,054
145,419
184,272
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities b/fwd
351
483
Deferred tax movement for the year
(144)
(132)
Deferred tax liabilities c/fwd
207
351
MASTER CLEANERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
8
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Controlling party
The company was controlled throughout the current and previous year by the director and secretary by virtue of the fact that between them, they own 100% of the company's issued share capital.
10
Directors' transactions
Dividends totalling £29,970 (2021 - £31,968) were paid in the year in respect of shares held by the company's director.