Company Registration No. 10703870 (England and Wales)
Monarch Laundry Limited
Unaudited accounts
for the year ended 30 June 2021
Monarch Laundry Limited
Unaudited accounts
Contents
Monarch Laundry Limited
Company Information
for the year ended 30 June 2021
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 2021
Cash at bank and in hand
2,372
1,304
Creditors: amounts falling due within one year
(135,582)
(134,031)
Net current liabilities
(132,710)
(131,392)
Net liabilities
(132,704)
(131,385)
Called up share capital
100
100
Profit and loss account
(132,804)
(131,485)
Shareholders' funds
(132,704)
(131,385)
For the year ending 30 June 2021 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 30 June 2022 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 2021
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.
2
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.
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.
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.
Monarch Laundry Limited
Notes to the Accounts
for the year ended 30 June 2021
4
Intangible fixed assets
Goodwill
Other
Total
At 1 July 2020
20,398
8
20,406
At 30 June 2021
20,398
8
20,406
At 1 July 2020
20,398
1
20,399
Charge for the year
-
1
1
At 30 June 2021
20,398
2
20,400
5
Debtors: amounts falling due within one year
2021
2020
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
45,000
-
Trade creditors
2,214
3,520
Other creditors
64,617
102,620
Loans from directors
23,414
25,996
7
Transactions with related parties
During the year, the company received a loan from a related entity. The balance of the loan received at year end amounted to £64,617 (2020: £102,617). No interest was charged on the loan.
8
Average number of employees
During the year the average number of employees was 3 (2020: 3).