REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2020 |
|
FOR |
|
MARXTAR LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2020 |
|
FOR |
|
MARXTAR LTD |
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
MARXTAR LTD |
|
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Advantage |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
BALANCE SHEET |
31 MAY 2020 |
|
2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
) |
|
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Retained earnings | 10 |
|
89,350 |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges his 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. |
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
BALANCE SHEET - continued |
31 MAY 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved and authorised for issue by the director and authorised for issue on
|
|
|
|
|
|
|
|
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Marxtar Ltd is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
|
Grants received |
Revenue grants received are recorded in the accounting period in which the cost to which they relate is recognised. |
|
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
Plant and machinery | 25% reducing balance |
Motor vehicles | 25% reducing balance |
Fixtures and fittings | 25% reducing balance |
|
Taxation |
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2019 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) |
|
( |
) |
At 31 May 2020 |
|
|
|
|
DEPRECIATION |
At 1 June 2019 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) |
At 31 May 2020 |
|
|
|
|
NET BOOK VALUE |
At 31 May 2020 |
|
|
|
|
At 31 May 2019 |
|
|
|
|
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
as | restated |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 78,264 | - |
|
8. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
as | restated |
£ | £ |
Bank loans |
|
|
|
The bank have a fixed and floating charge over the company assets. |
MARXTAR LTD (REGISTERED NUMBER: 06606181) |
|
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: |
as
restated |
£ | £ |
|
Ordinary | £1 | 200 | 200 |
|
10. | RESERVES |
|
PRIOR YEAR ADJUSTMENT |
|
Year-ended 31 May 2018 |
Adjustment has been made to enter deferred income previously not recognised, for £69,200 and to remove accruals not due of £60,532. |
|
The above has decreased shareholders funds at 31/05/2018 by £8,668. |
|
Year-ended 31 May 2019 |
Adjustment has been made to enter deferred income previously not recognised, for £202,903 and to remove accruals not due of £29,057. |
|
Adjustment has been made to recognise an associated tax debtor of £15,174. |
|
The above has decreased shareholders funds at 31/05/2019 by £158,672. |