SELL MAX LTD

Company Registration Number:
14027828 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2023

Period of accounts

Start date: 05 April 2022

End date: 30 April 2023

SELL MAX LTD

Contents of the Financial Statements

for the Period Ended 30 April 2023

Balance sheet
Notes

SELL MAX LTD

Balance sheet

As at 30 April 2023


Notes

13 months to 30 April 2023


£
Current assets
Stocks: 38,700
Debtors:   15,000
Cash at bank and in hand: 628
Total current assets: 54,328
Creditors: amounts falling due within one year: 3 (49,259)
Net current assets (liabilities): 5,069
Total assets less current liabilities: 5,069
Total net assets (liabilities): 5,069
Capital and reserves
Called up share capital: 1
Profit and loss account: 5,068
Shareholders funds: 5,069

The notes form part of these financial statements

SELL MAX LTD

Balance sheet statements

For the year ending 30 April 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 03 November 2023
and signed on behalf of the board by:

Name: Max Harrison Jones
Status: Director

The notes form part of these financial statements

SELL MAX LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of trade discounts and Value Added Tax (VAT).Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually upon completion of the sale agreement and the receipt of payment in full.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost, and are subsequently either measured under the cost model at historical cost less any accumulated depreciation and/or accumulated impairment losses, or measured under the fair value model and carried at a revalued amount.Historical cost includes any 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.Tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and/or subsequent accumulated impairment losses. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.Depreciation is recognised so as to write off the cost or valuation of an asset, less the estimated residual value, over the useful economic life of the asset.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.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. 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.

Valuation and information policy

Stocks are stated at the lower of cost and net realisable value, this being the estimated selling price less costs to complete and sell. Cost is based on the cost of the direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Other accounting policies

Cash and cash equivalentsCash and cash equivalents are basic financial assets and include 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.Financial instrumentsA financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments (other than those wholly receivable or repayable within one year) are initially recognised at the transaction price and are subsequently measured at cost less impairment.All other financial instruments, including derivatives but excluding loans and borrowings with clearly defined terms and effective interest rates, are initially recognised at fair value (which is normally the transaction price) and are subsequently measured at fair value, with any changes recognised in profit or loss.Debtors and creditors receivable/payable within one yearDebtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.TaxationThe tax expense represents the sum of tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.ProvisionforliabilitiesProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.DividendsEquity dividends are recognised when they become legally payable. Interim equity dividends are recognised at the date payment is made. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

SELL MAX LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

2. Employees

13 months to 30 April 2023
Average number of employees during the period 1

SELL MAX LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

3. Creditors: amounts falling due within one year note

Trade creditors = 18,018Taxation and social security = 3,349Other creditors = 27,892

SELL MAX LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

4. Related party transactions

Name of the related party: Max Harrison Jones
Relationship:
Director
Description of the Transaction: Included within other creditors is a loan to the company by the director, Mr M Jones, in the amount of £27,892. The loan is unsecured, interest free, and is repayable on demand.
£
Balance at 30 April 2023 27,892