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REGISTERED NUMBER: 07521502 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

MADIBA SURF LIMITED

MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MADIBA SURF LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2022







DIRECTOR: M F Fessler





REGISTERED OFFICE: Bryndon House
5-7 Berry Road
Newquay
TR7 1AD





REGISTERED NUMBER: 07521502 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)

BALANCE SHEET
28 FEBRUARY 2022

28.2.22 28.2.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 780 975
Tangible assets 5 837 1,046
1,617 2,021

CURRENT ASSETS
Stocks 14,000 15,000
Debtors 6 37,878 20,036
Cash at bank 3,306 13,882
55,184 48,918
CREDITORS
Amounts falling due within one year 7 100,621 112,778
NET CURRENT LIABILITIES (45,437 ) (63,860 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(43,820

)

(61,839

)

CREDITORS
Amounts falling due after more than one
year

8

11,375

15,013
NET LIABILITIES (55,195 ) (76,852 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (55,295 ) (76,952 )
(55,195 ) (76,852 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

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.

MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)

BALANCE SHEET - continued
28 FEBRUARY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2022 and were signed by:





M F Fessler - Director


MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1. STATUTORY INFORMATION

Madiba Surf Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, has been amortised evenly over its estimated useful life of five years.

Intangible assets
Patents and Licences, being the amount paid in connection with the acquisition of the lockrack domain name and website, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

2. ACCOUNTING POLICIES - continued

Going concern
These financial statements have been prepared on a going concern basis. However, this basis may not be appropriate because at the balance sheet date the company had net liabilities of £55,195 (2021 £76,852.) However, included within creditors is an amount of £39,664 (2021 £94,346) owing to Mr M Fessler, the director and shareholder of the company, and £52,264 owing to the father of Mr A M Fessler. Both individuals have indicated their ongoing support for the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 March 2021
and 28 February 2022 9,000 1,950 10,950
AMORTISATION
At 1 March 2021 9,000 975 9,975
Amortisation for year - 195 195
At 28 February 2022 9,000 1,170 10,170
NET BOOK VALUE
At 28 February 2022 - 780 780
At 28 February 2021 - 975 975

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2021
and 28 February 2022 4,185
DEPRECIATION
At 1 March 2021 3,139
Charge for year 209
At 28 February 2022 3,348
NET BOOK VALUE
At 28 February 2022 837
At 28 February 2021 1,046

MADIBA SURF LIMITED (REGISTERED NUMBER: 07521502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Trade debtors 26,729 3,435
Deferred tax asset 10,954 16,418
Prepayments 195 183
37,878 20,036

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Bank loans and overdrafts 3,500 2,488
Trade creditors 222 246
Social security and other taxes 3,471 1,463
Other creditors 52,264 12,755
Directors' current accounts 39,664 94,346
Accrued expenses 1,500 1,480
100,621 112,778

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.22 28.2.21
£    £   
Bank loans - 1-2 years 3,500 3,964
Bank loans - 2-5 years 7,875 11,049
11,375 15,013

9. RELATED PARTY DISCLOSURES

At the year end, the company owed £39,664 (2021: £94,346) to Mr M Fessler, the director of the company.

At the year end, the company owed £52,264 (2021: £NIL) to Mr A M Fessler, the father of Mr M Fessler, the director.

During the year, the company was charged consultancy fees of £NIL (2021: £1,640) by FSR Surf Co. a french micro enterprise owned by Mr M Fessler, the director.