Company Registration No. 11230388 (England and Wales)
Max Haulage Ltd
Unaudited accounts
for the year ended 28 February 2022
Max Haulage Ltd
Unaudited accounts
Contents
Max Haulage Ltd
Company Information
for the year ended 28 February 2022
Company Number
11230388 (England and Wales)
Registered Office
5 Chaucer Avenue
Hayes
UB4 0AP
United Kingdom
Max Haulage Ltd
Statement of financial position
as at
28 February 2022
Cash at bank and in hand
1,831
9,367
Creditors: amounts falling due within one year
(4,020)
(11,366)
Called up share capital
1
1
Profit and loss account
410
-
Shareholders' funds
411
1
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 June 2022 and were signed on its behalf by
Madhsudan Shah
Director
Company Registration No. 11230388
Max Haulage Ltd
Notes to the Accounts
for the year ended 28 February 2022
Max Haulage Ltd is a private company, limited by shares, registered in England and Wales, registration number 11230388. The registered office is 5 Chaucer Avenue, Hayes, UB4 0AP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in pound sterling (£), which is the functional and presentation currency of the company.
Covid-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. It expects that Covid-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.
Turnover is the revenue arising from the sales of goods and services. It is stated at fair value of the consideration receivable, net of value added tax, rebates and discounts. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
1) the amount of the of the turnover can be measured reliably;
2) it is probable that the company will receive the consideration due under the contract;
3) the stage of completion of the contract at the end of the reporting period can be measured reliably.
Cash at bank and in hand are basic financial assets including cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Max Haulage Ltd
Notes to the Accounts
for the year ended 28 February 2022
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing difference are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in difference periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
4
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
2,600
-
5
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
1,856
3,159
Loans from directors
1,339
7,757
6
Average number of employees
During the year the average number of employees was 0 (2021: 0).