Company Registration No. 04721126 (England and Wales)
Maxtape Limited
Unaudited financial statements
For the year ended 31 March 2022
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 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
49,682
52,225
Current assets
Stocks
17,003
33,136
Debtors
4
56,516
109,205
Cash at bank and in hand
329,569
136,099
403,088
278,440
Creditors: amounts falling due within one year
5
(206,869)
(152,449)
Net current assets
196,219
125,991
Total assets less current liabilities
245,901
178,216
Creditors: amounts falling due after more than one year
6
(133,333)
(170,000)
Net assets
112,568
8,216
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
112,268
7,916
Total equity
112,568
8,216
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 2022 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 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 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 2022
- 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26
(202
1
-
25
).
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
124,572
187,581
312,153
Additions
10,463
10,463
At 31 March 2022
124,572
198,044
322,616
Depreciation and impairment
At 1 April 2021
93,702
166,226
259,928
Depreciation charged in the year
2,505
10,501
13,006
At 31 March 2022
96,207
176,727
272,934
Carrying amount
At 31 March 2022
28,365
21,317
49,682
At 31 March 2021
30,870
21,355
52,225
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
56,516
109,205
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
40,000
30,000
Trade creditors
44,232
22,519
Corporation tax
23,545
8,937
Other taxation and social security
47,029
73,951
Other creditors
52,063
17,042
206,869
152,449
MAXTAPE LIMITED
Maxtape Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
133,333
170,000
Bank loans of
£1
73,333 (2021: £200,000)
are secured by fixed and floating charges over the company's assets.
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
859,945
935,945
9
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 £.