Company Registration No. 10703870 (England and Wales)
Monarch Laundry Limited
Unaudited accounts
for the year ended 30 June 2019
Monarch Laundry Limited
Unaudited accounts
Contents
Monarch Laundry Limited
Company Information
for the year ended 30 June 2019
Directors
John Coffey
James Coffey
Patricia Coffey
Company Number
10703870 (England and Wales)
Registered Office
UNIT 20
BELGRAVE INDUSTRIAL ESTATE
SOUTHAMPTON
HAMPSHIRE
SO17 3EA
UNITED KINGDOM
Monarch Laundry Limited
Statement of financial position
as at
30 June 2019
Intangible assets
7
81,601
Tangible assets
3,136
32,800
Cash at bank and in hand
470
24,742
Creditors: amounts falling due within one year
(298,057)
(266,321)
Net current liabilities
(278,545)
(182,415)
Total assets less current liabilities
(275,402)
(68,014)
Creditors: amounts falling due after more than one year
-
(49,369)
Net liabilities
(275,402)
(117,383)
Called up share capital
100
100
Profit and loss account
(275,502)
(117,483)
Shareholders' funds
(275,402)
(117,383)
For the year ending 30 June 2019 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by
John Coffey
Director
Company Registration No. 10703870
Monarch Laundry Limited
Notes to the Accounts
for the year ended 30 June 2019
Monarch Laundry Limited is a private company, limited by shares, registered in England and Wales, registration number 10703870. The registered office is UNIT 20, BELGRAVE INDUSTRIAL ESTATE, SOUTHAMPTON, HAMPSHIRE, SO17 3EA, UNITED KINGDOM.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% on a straight line basis
Motor vehicles
18% on a straight line basis
Computer equipment
18% on a straight line basis
Monarch Laundry Limited
Notes to the Accounts
for the year ended 30 June 2019
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of the acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
OTHER INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Intangible fixed assets
Goodwill
Other
Total
At 1 July 2018
101,992
8
102,000
Revaluations
(81,594)
-
(81,594)
At 30 June 2019
20,398
8
20,406
At 1 July 2018
20,398
1
20,399
At 30 June 2019
20,398
1
20,399
At 30 June 2018
81,594
7
81,601
Monarch Laundry Limited
Notes to the Accounts
for the year ended 30 June 2019
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 July 2018
35,100
4,900
40,000
Disposals
(35,100)
-
(35,100)
At 30 June 2019
-
4,900
4,900
At 1 July 2018
6,318
882
7,200
Charge for the year
-
882
882
On disposals
(6,318)
-
(6,318)
At 30 June 2019
-
1,764
1,764
At 30 June 2019
-
3,136
3,136
At 30 June 2018
28,782
4,018
32,800
Accrued income and prepayments
604
3,715
Other debtors
2,754
9,131
8
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
51,480
16,356
Trade creditors
17,548
28,417
Taxes and social security
2,744
8,604
Other creditors
177,273
176,668
Loans from directors
47,120
31,325
9
Creditors: amounts falling due after more than one year
2019
2018
Monarch Laundry Limited
Notes to the Accounts
for the year ended 30 June 2019
10
Post balance sheet events
The directors agreed in 2020-21 that the business is no longer viable and intend to close the company in the near future.
11
Average number of employees
During the year the average number of employees was 3 (2018: 13).