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SANDBED LAUNDERETTE & DRY CLEANERS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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SANDBED LAUNDERETTE & DRY CLEANERS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
SANDBED LAUNDERETTE & DRY CLEANERS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
19 Buccleuch Street |
Hawick |
Roxburghshire |
TD9 0HL |
SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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BALANCE SHEET |
31ST DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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BALANCE SHEET - continued |
31ST DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Sandbed Launderette & Dry Cleaners Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work |
carried out in respect of services provided to customers. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Financial assets |
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at |
transaction price. |
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. |
Any impairment loss is recognised in the Income Statement. |
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are |
settled. |
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Financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not |
they are presented as non-current liabilities. |
Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted |
or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1st January 2016 |
and 31st December 2016 |
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AMORTISATION |
At 1st January 2016 |
and 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2016 |
and 31st December 2016 |
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DEPRECIATION |
At 1st January 2016 |
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Charge for year |
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At 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Stocks |
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SANDBED LAUNDERETTE & DRY CLEANERS LTD (REGISTERED NUMBER: SC235802) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
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Bank borrowing is secured by a personal guarantee for £10,067 by W Renwick & Mrs E Renwick. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SANDBED LAUNDERETTE & DRY CLEANERS LTD |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Sandbed Launderette & Dry Cleaners Ltd for the year ended 31st December 2016 which |
comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Sandbed Launderette & Dry Cleaners Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sandbed Launderette & Dry Cleaners Ltd and state those matters that we have agreed to state to the Board of Directors of Sandbed Launderette & Dry Cleaners Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Sandbed Launderette & Dry Cleaners Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sandbed Launderette & Dry Cleaners Ltd. You consider that Sandbed Launderette & Dry Cleaners Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Sandbed Launderette & Dry Cleaners Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
19 Buccleuch Street |
Hawick |
Roxburghshire |
TD9 0HL |
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