Company Registration No. 04721126 (England and Wales)
Maxtape Limited
Annual report and unaudited financial statements
For the year ended 31 March 2017
Pages for filing with registrar
MAXTAPE LIMITED
Maxtape Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MAXTAPE LIMITED
Maxtape Limited
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,088
30,910
Current assets
Stocks
31,828
24,532
Debtors
4
35,645
68,958
Cash at bank and in hand
190,236
167,034
257,709
260,524
Creditors: amounts falling due within one year
5
(247,858)
(208,126)
Net current assets
9,851
52,398
Total assets less current liabilities
35,939
83,308
Capital and reserves
Called up share capital
6
300
300
Profit and loss reserves
35,639
83,008
Total equity
35,939
83,308
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
MAXTAPE LIMITED
Maxtape Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2017 and are signed on its behalf by:
R Shaw
Director
Company Registration No. 04721126
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Maxtape Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for sale of food and beverages net of VAT.
Sales are recognised at the point of supply to the customer.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Leasehold land and buildings
Over life of lease
Plant and machinery
33% reducing balance
Fixtures, fittings & equipment
33% 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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
The company contributes to a defined contribution scheme for the benefit of certain of its employees.
Contributions payable are charged to the profit and loss account in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2016 - 30).
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
66,415
134,121
200,536
Additions
-
10,278
10,278
At 31 March 2017
66,415
144,399
210,814
Depreciation and impairment
At 1 April 2016
48,758
120,868
169,626
Depreciation charged in the year
7,336
7,764
15,100
At 31 March 2017
56,094
128,632
184,726
Carrying amount
At 31 March 2017
10,321
15,767
26,088
At 31 March 2016
17,657
13,253
30,910
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
35,645
68,958
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
53,559
63,193
Corporation tax
47,667
66,043
Other taxation and social security
90,377
63,688
Other creditors
216
-
Accruals and deferred income
56,039
15,202
247,858
208,126
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
7
Related party transactions
At the year end, the director J Jones owed the company £493 (2016: £7,318).
At the year end, the director R Shaw owed the company £318 (2016: £9,558).
At the year end, the director M Belben owed the company £118 (2016: £7,318).
At the year end, the director H Lester owed the company £118 (2015: £7,318).
8
Company information
Maxtape Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.