Company registration number 03726540 (England and Wales)
Maxi's (York) Limited
Unaudited
financial statements
for the year ended 31 July 2023
PAGES FOR FILING WITH REGISTRAR
Maxi's (York) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Maxi's (York) Limited
Statement of financial position
as at 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
955,800
875,882
Current assets
Stocks
44,474
34,575
Debtors
27,262
3,619
Cash at bank and in hand
169,305
156,513
241,041
194,707
Creditors: amounts falling due within one year
(158,841)
(111,671)
Net current assets
82,200
83,036
Total assets less current liabilities
1,038,000
958,918
Creditors: amounts falling due after more than one year
(929,562)
(897,155)
Net assets
108,438
61,763
Capital and reserves
Called up share capital
4
8,750
8,750
Revaluation reserve
5
(395,148)
(395,148)
Capital redemption reserve
935
935
Profit and loss reserves
493,901
447,226
Total equity
108,438
61,763
Maxi's (York) Limited
Statement of financial position (continued)
as at 31 July 2023
- 2 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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 by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
R J Y H Wong
Director
Company Registration No. 03726540
Maxi's (York) Limited
Notes to the financial statements
for the year ended 31 July 2023
- 3 -
1
Accounting policies
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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover is represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of goods falling within the company's ordinary activities.

Revenue is recognised at the point of sale when goods are first provided to the customer.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
No depreciation
Fixtures, fittings & equipment
15% on written down value
Motor vehicles
25% on written down value

The directors consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to its book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Maxi's (York) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
1
Accounting policies
(continued)
- 4 -
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligation under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period,

Government grants

Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
19
18
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
870,000
390,765
-
0
1,260,765
Additions
-
0
-
0
80,800
80,800
At 31 July 2023
870,000
390,765
80,800
1,341,565
Depreciation and impairment
At 1 August 2022
-
0
384,883
-
0
384,883
Depreciation charged in the year
-
0
882
-
0
882
At 31 July 2023
-
0
385,765
-
0
385,765
Carrying amount
At 31 July 2023
870,000
5,000
80,800
955,800
At 31 July 2022
870,000
5,882
-
0
875,882
Maxi's (York) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2023
- 5 -
4
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,750
8,750
8,750
8,750
5
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
(395,148)
(395,148)
6
Company information

Maxi's (York) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plot 26, Ings Lane, York Business Park, Nether Poppleton, York, North Yorkshire, YO26 6RA.

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