Company Registration No. 04721126 (England and Wales)
Maxtape Limited
Annual report and unaudited financial statements
For the year ended 31 March 2019
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 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
59,995
45,546
Current assets
Stocks
47,290
32,323
Debtors
4
41,979
41,749
Cash at bank and in hand
116,214
61,525
205,483
135,597
Creditors: amounts falling due within one year
5
(200,759)
(159,113)
Net current assets/(liabilities)
4,724
(23,516)
Total assets less current liabilities
64,719
22,030
Capital and reserves
Called up share capital
6
300
300
Profit and loss reserves
64,419
21,730
Total equity
64,719
22,030
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2019 and are signed on its behalf by:
R Webster-Shaw
Director
Company Registration No. 04721126
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 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.
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 and 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 2019
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 32 (2018 - 30).
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
95,396
151,781
247,177
Additions
29,176
13,967
43,143
At 31 March 2019
124,572
165,748
290,320
Depreciation and impairment
At 1 April 2018
65,362
136,269
201,631
Depreciation charged in the year
18,967
9,727
28,694
At 31 March 2019
84,329
145,996
230,325
Carrying amount
At 31 March 2019
40,243
19,752
59,995
At 31 March 2018
30,034
15,512
45,546
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
41,979
41,749
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
55,039
26,123
Corporation tax
29,329
37,395
Other taxation and social security
85,150
72,395
Other creditors
7,732
1,385
Accruals and deferred income
23,509
21,815
200,759
159,113
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
7
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 £.