false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-09-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
63,284
47,738
xbrli:pure
xbrli:shares
iso4217:GBP
09564277
2016-09-01
2017-08-31
09564277
2017-08-31
09564277
2016-08-31
09564277
2015-04-28
2016-08-31
09564277
2016-08-31
09564277
core:FurnitureFittings
2016-09-01
2017-08-31
09564277
core:MotorVehicles
2016-09-01
2017-08-31
09564277
bus:RegisteredOffice
2016-09-01
2017-08-31
09564277
bus:LeadAgentIfApplicable
2016-09-01
2017-08-31
09564277
bus:Director1
2016-09-01
2017-08-31
09564277
bus:Director2
2016-09-01
2017-08-31
09564277
bus:Director3
2016-09-01
2017-08-31
09564277
bus:CompanySecretary1
2016-09-01
2017-08-31
09564277
core:ShareCapital
2015-04-28
2016-08-31
09564277
core:RetainedEarningsAccumulatedLosses
2015-04-28
2016-08-31
09564277
core:RetainedEarningsAccumulatedLosses
2016-09-01
2017-08-31
09564277
core:WithinOneYear
2017-08-31
09564277
core:WithinOneYear
2016-08-31
09564277
core:ShareCapital
2017-08-31
09564277
core:ShareCapital
2016-08-31
09564277
core:RetainedEarningsAccumulatedLosses
2017-08-31
09564277
core:RetainedEarningsAccumulatedLosses
2016-08-31
09564277
core:RestatedAmount
2016-08-31
09564277
bus:FRS102
2016-09-01
2017-08-31
09564277
bus:AuditExemptWithAccountantsReport
2016-09-01
2017-08-31
09564277
bus:AbridgedAccounts
2016-09-01
2017-08-31
09564277
bus:SmallCompaniesRegimeForAccounts
2016-09-01
2017-08-31
09564277
bus:PrivateLimitedCompanyLtd
2016-09-01
2017-08-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of 99 Dry Cleaners and Launderers Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09564277
99 Dry Cleaners and Launderers Limited
|
|
Unaudited Abridged Financial Statements
|
|
99 Dry Cleaners and Launderers Limited
|
|
Abridged Financial Statements
|
|
Year ended 31 August 2017
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
|
2
|
|
|
Abridged statement of comprehensive income
|
3
|
|
|
Abridged statement of financial position
|
4
|
|
|
Statement of changes in equity
|
6
|
|
|
Notes to the abridged financial statements
|
7
|
|
|
99 Dry Cleaners and Launderers Limited
|
|
Year ended 31 August 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended
31 August 2017
.
Incorporation
The company was incorporated on 28th April 2015 and started trading on 3rd August 2015.
Directors
The directors who served the company during the year were as follows:
Mr A M Meghani
|
|
Mrs P Meghani
|
|
Mr A A Meghani
|
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
14 May 2018
and signed on behalf of the board by:
Mr A M Meghani
|
Parin Meghani
|
Director
|
Company Secretary
|
|
|
Registered office:
|
99 Westbourne Grove
|
London
|
W2 4UW
|
|
99 Dry Cleaners and Launderers Limited
|
|
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
99 Dry Cleaners and Launderers Limited
|
|
Year ended 31 August 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 August 2017, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PENROSE & CO
Chartered Certified Accountants
Suite1 Excelsior House
3 - 5 Balfour Road
Ilford
Essex
IG1 4HP
15 May 2018
99 Dry Cleaners and Launderers Limited
|
|
Abridged Statement of Comprehensive Income
|
|
Year ended 31 August 2017
|
|
Period from
|
|
Year to
|
28 Apr 15 to
|
|
31 Aug 17
|
31 Aug 16
|
Note
|
£
|
£
|
Gross profit
|
369,050
|
352,731
|
|
|
|
Administrative expenses
|
276,199
|
292,518
|
|
---------
|
---------
|
Operating profit
|
92,851
|
60,213
|
|
|
|
Other interest receivable and similar income
|
–
|
57
|
Interest payable and similar expenses
|
229
|
95
|
|
|
---------
|
---------
|
Profit before taxation
|
5
|
92,622
|
60,175
|
|
|
|
|
Tax on profit
|
29,338
|
12,437
|
|
--------
|
--------
|
Profit for the financial year and total comprehensive income
|
63,284
|
47,738
|
|
--------
|
--------
|
|
|
|
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
99 Dry Cleaners and Launderers Limited
|
|
Abridged Statement of Financial Position
|
|
31 August 2017
Fixed assets
Intangible assets
|
6
|
|
1
|
1
|
Tangible assets
|
7
|
|
55,310
|
65,947
|
|
|
--------
|
--------
|
|
|
55,311
|
65,948
|
|
|
|
|
|
Current assets
Debtors
|
36,723
|
|
42,498
|
Cash at bank and in hand
|
82,602
|
|
8,798
|
|
---------
|
|
--------
|
|
119,325
|
|
51,296
|
|
|
|
|
Creditors: amounts falling due within one year
|
68,072
|
|
59,406
|
|
---------
|
|
--------
|
Net current assets/(liabilities)
|
|
51,253
|
(
8,110)
|
|
|
---------
|
--------
|
Total assets less current liabilities
|
|
106,564
|
57,838
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
9,442
|
–
|
|
|
---------
|
--------
|
Net assets
|
|
97,122
|
57,838
|
|
|
---------
|
--------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
10,100
|
10,100
|
Profit and loss account
|
|
87,022
|
47,738
|
|
|
--------
|
--------
|
Members funds
|
|
97,122
|
57,838
|
|
|
--------
|
--------
|
|
|
|
|
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
99 Dry Cleaners and Launderers Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
31 August 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
14 May 2018
, and are signed on behalf of the board by:
Company registration number:
09564277
99 Dry Cleaners and Launderers Limited
|
|
Statement of Changes in Equity
|
|
Year ended 31 August 2017
|
Called up share capital
|
Profit and loss account
|
Total
|
|
£
|
£
|
£
|
At 28 April 2015
|
–
|
–
|
–
|
|
|
|
|
Profit for the year
|
|
47,738
|
47,738
|
|
----
|
--------
|
--------
|
Total comprehensive income for the year
|
–
|
47,738
|
47,738
|
|
|
|
|
Issue of shares
|
10,100
|
–
|
10,100
|
|
--------
|
--------
|
--------
|
Total investments by and distributions to owners
|
10,100
|
–
|
10,100
|
|
|
|
|
At 31 August 2016
|
10,100
|
47,738
|
57,838
|
|
|
|
|
Profit for the year
|
|
63,284
|
63,284
|
|
--------
|
--------
|
--------
|
Total comprehensive income for the year
|
–
|
63,284
|
63,284
|
|
|
|
|
Dividends paid and payable
|
–
|
(
24,000)
|
(
24,000)
|
|
----
|
--------
|
--------
|
Total investments by and distributions to owners
|
–
|
(
24,000)
|
(
24,000)
|
|
|
|
|
|
--------
|
--------
|
--------
|
At 31 August 2017
|
10,100
|
87,022
|
97,122
|
|
--------
|
--------
|
--------
|
|
|
|
|
99 Dry Cleaners and Launderers Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31 August 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Westbourne Grove, London, W2 4UW.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 28 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and Fittings
|
-
|
15% reducing balance
|
|
Motor Vehicles
|
-
|
20% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to
17
(2016:
19
).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
|
Period from
|
|
Year to
|
28 Apr 15 to
|
|
31 Aug 17
|
31 Aug 16
|
|
£
|
£
|
Depreciation of tangible assets
|
10,637
|
12,616
|
|
--------
|
--------
|
|
|
|
6.
Intangible assets
|
£
|
Cost
|
|
At 1 September 2016 and 31 August 2017
|
1
|
|
----
|
Amortisation
|
|
At 1 September 2016 and 31 August 2017
|
–
|
|
----
|
Carrying amount
|
|
At 31 August 2017
|
1
|
|
----
|
|
|
7.
Tangible assets
|
£
|
Cost
|
|
At 1 September 2016 and 31 August 2017
|
78,563
|
|
--------
|
Depreciation
|
|
At 1 September 2016
|
12,616
|
Charge for the year
|
10,637
|
|
--------
|
At 31 August 2017
|
23,253
|
|
--------
|
Carrying amount
|
|
At 31 August 2017
|
55,310
|
|
--------
|
At 31 August 2016
|
65,947
|
|
--------
|
|
|
8.
Financial instruments at fair value
The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.
9.
Directors' advances, credits and guarantees
As at the Balance sheet date, creditors falling due within one year include directors loan account of £2,320 (2016 - £5,437). It is an interest free loan
10.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 28 April 2015.
No transitional adjustments were required in equity or profit or loss for the period.