Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31false12truetrue2021-11-0111The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09833235 2021-11-01 2022-10-31 09833235 2020-11-01 2021-10-31 09833235 2022-10-31 09833235 2021-10-31 09833235 2020-11-01 09833235 c:Director2 2021-11-01 2022-10-31 09833235 d:FurnitureFittings 2021-11-01 2022-10-31 09833235 d:FurnitureFittings 2022-10-31 09833235 d:FurnitureFittings 2021-10-31 09833235 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09833235 d:ComputerEquipment 2021-11-01 2022-10-31 09833235 d:ComputerEquipment 2022-10-31 09833235 d:ComputerEquipment 2021-10-31 09833235 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09833235 d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09833235 d:CurrentFinancialInstruments 2022-10-31 09833235 d:CurrentFinancialInstruments 2021-10-31 09833235 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09833235 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 09833235 d:ShareCapital 2022-10-31 09833235 d:ShareCapital 2021-10-31 09833235 d:RetainedEarningsAccumulatedLosses 2022-10-31 09833235 d:RetainedEarningsAccumulatedLosses 2021-10-31 09833235 c:OrdinaryShareClass1 2021-11-01 2022-10-31 09833235 c:OrdinaryShareClass1 2022-10-31 09833235 c:OrdinaryShareClass1 2021-10-31 09833235 c:FRS102 2021-11-01 2022-10-31 09833235 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 09833235 c:FullAccounts 2021-11-01 2022-10-31 09833235 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 09833235 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 09833235 d:AcceleratedTaxDepreciationDeferredTax 2021-10-31 09833235 d:OtherDeferredTax 2022-10-31 09833235 d:OtherDeferredTax 2021-10-31 09833235 2 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09833235














MADDOX FA LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

 
MADDOX FA LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8

 
MADDOX FA LIMITED
REGISTERED NUMBER:09833235

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,317
8,803

  
8,317
8,803

Current assets
  

Stocks
 5 
1,200,926
173,530

Debtors: amounts falling due within one year
 6 
2,842,140
4,496,546

Cash at bank and in hand
 7 
994,115
999,852

  
5,037,181
5,669,928

Creditors: amounts falling due within one year
 8 
(3,896,185)
(4,621,432)

Net current assets
  
 
 
1,140,996
 
 
1,048,496

Total assets less current liabilities
  
1,149,313
1,057,299

Provisions for liabilities
  

Deferred tax
 9 
(683)
(1,805)

  
 
 
(683)
 
 
(1,805)

Net assets
  
1,148,630
1,055,494


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
1,148,629
1,055,493

  
1,148,630
1,055,494


1

 
MADDOX FA LIMITED
REGISTERED NUMBER:09833235
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2023.




J C Russo
Director

The notes on pages 3 to 8 form part of these financial statements.

2

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Maddox FA Limited is a private company, limited by shares, registered in England and Wales, registration number 09833235. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 9 Maddox Street, London, W1S 2QE. 

The principal activity of the company continued to be that of retail sale in commercial art galleries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'administration expenses'. 

 
2.3

Turnover

Turnover from retail sale in commercial art galleries is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. Grants received in respect of Covid Job Retention scheme are included in other operating income.

 
2.5

Interest income

Interest income is recognised in profit and loss account using the effective interest method.

3

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
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
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Reducing balance
Computer equipment
-
33%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss account.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss account.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including the director, during the year was 11 (2021 - 12).

5

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 November 2021
3,927
9,677
13,604


Additions
3,951
-
3,951



At 31 October 2022

7,878
9,677
17,555



Depreciation


At 1 November 2021
838
3,963
4,801


Charge for the year on owned assets
1,211
3,226
4,437



At 31 October 2022

2,049
7,189
9,238



Net book value



At 31 October 2022
5,829
2,488
8,317



At 31 October 2021
3,089
5,714
8,803


5.


Stocks

2022
2021
£
£

Artwork for sale
1,200,926
173,530



6.


Debtors

2022
2021
£
£


Trade debtors
722,990
2,198,702

Other debtors
2,115,352
2,290,119

Prepayments
3,798
7,725

2,842,140
4,496,546


6

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
994,115
999,852



8.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
510,508
764,953

Corporation tax
37,797
259,352

Other taxation and social security
-
88,272

Other creditors
374,238
2,772,511

Accruals
2,973,642
736,344

3,896,185
4,621,432



9.


Deferred taxation




2022
2021


£

£






At beginning of year
(1,805)
(2,148)


Charged to profit or loss
1,122
343



At end of year
(683)
(1,805)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(2,079)
(2,201)

Short term timing differences
1,396
396

(683)
(1,805)

7

 
MADDOX FA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000 (2021 - 100) Ordinary shares of £0.001 (2021 - £0.01) each
1
1

On 30 November 2021, 100 ordinary shares of £0.01 each were subdivided into 1,000 ordinary shares of £0.001 each.



11.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge reparesents contributions payable by the company to the fund and amounted to £7,684 (2021 - £9,370). Included in other creditors at the year end there is an amount payable of £5,584 (2021 - £1,585).


12.


Related party transactions

Included within other debtors at the year end is an aggregated amount due from companies under common control £1,588,535 (2021 - £2,285,605). The loan is interest free and repayable on demand.

 
8