Company registration number 12920549 (England and Wales)
MAXXI RETAIL LTD
Unaudited Financial Statements
for the Year Ended 31 October 2022
MAXXI RETAIL LTD
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
MAXXI RETAIL LTD
Company Information
- 1 -
Director
Miss R E Walstow
Company number
12920549
Registered office
137 Keppoch Street
Cardiff
Wales
CF24 3JU
Accountants
Mitchell Meredith Limited
The Hawthorns
6 North Road
Cardiff
UK
CF10 3DU
MAXXI RETAIL LTD
Balance Sheet
As at 31 October 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,105
1,382
Current assets
Debtors
4
4,442
6,716
Cash at bank and in hand
213,633
115,566
218,075
122,282
Creditors: amounts falling due within one year
5
(221,916)
(123,629)
Net current liabilities
(3,841)
(1,347)
Net (liabilities)/assets
(2,736)
35
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,737)
34
Total equity
(2,736)
35
MAXXI RETAIL LTD
Balance Sheet
As at 31 October 2022
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 18 October 2023
Miss R E Walstow
Director
Company Registration No. 12920549
MAXXI RETAIL LTD
Notes to the Financial Statements
For the Year Ended 31 October 2022
- 4 -
1
Accounting policies
Company information
Maxxi Retail Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 137 Keppoch Street, Cardiff, Wales, CF24 3JU.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £3,841 (2021 - £1,347) and total net liabilities of £2,736 (2021 - net assets of £35). However creditors includes loans from the directors of £4,819 (2021 - £1,999). On the basis of their continued support, the directors consider it appropriate to prepare these accounts on the going concern basis.true
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.4
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:
Computers
20% 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.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MAXXI RETAIL LTD
Notes to the Financial Statements
For the Year Ended 31 October 2022
1
Accounting policies
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MAXXI RETAIL LTD
Notes to the Financial Statements
For the Year Ended 31 October 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 and 31 October 2022
1,728
Depreciation and impairment
At 1 November 2021
346
Depreciation charged in the year
277
At 31 October 2022
623
Carrying amount
At 31 October 2022
1,105
At 31 October 2021
1,382
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,442
6,716
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
205,602
118,800
Taxation and social security
10,845
530
Other creditors
5,469
4,299
221,916
123,629