Registered number
07783366
Maps Cash and Carry Limited
Filleted Accounts
31 December 2023
Maps Cash and Carry Limited
Registered number: 07783366
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 52,101 30,402
Current assets
Stocks 249,631 314,756
Debtors 4 437,245 265,174
Cash at bank and in hand 192,192 158,021
879,068 737,951
Creditors: amounts falling due within one year 5 (493,705) (495,588)
Net current assets 385,363 242,363
Total assets less current liabilities 437,464 272,765
Creditors: amounts falling due after more than one year 6 (40,867) (58,761)
Net assets 396,597 214,004
Capital and reserves
Called up share capital 100 100
Profit and loss account 396,497 213,904
Shareholders' funds 396,597 214,004
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Y Limbada
Director
Approved by the board on 17 July 2024
Maps Cash and Carry Limited
Notes to the Accounts
for the period from 1 October 2022 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 20
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 October 2022 20,601 50,929 71,530
Additions - 39,066 39,066
At 31 December 2023 20,601 89,995 110,596
Depreciation
At 1 October 2022 15,206 25,922 41,128
Charge for the period 1,349 16,018 17,367
At 31 December 2023 16,555 41,940 58,495
Net book value
At 31 December 2023 4,046 48,055 52,101
At 30 September 2022 5,395 25,007 30,402
4 Debtors 2023 2022
£ £
Trade debtors 409,485 244,194
Other debtors 27,760 20,980
437,245 265,174
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,132
Obligations under finance lease and hire purchase contracts 4,956 4,956
Trade creditors 430,227 461,299
Taxation and social security costs 52,314 11,133
Other creditors 6,208 16,068
493,705 495,588
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,951 37,276
Obligations under finance lease and hire purchase contracts 6,609 12,804
Director's loan account 9,307 8,681
40,867 58,761
7 Events after the reporting date
A major fire broke out on the 02/05/2024 which destroyed the entire business stock and assets.
The company has continued its trading operations from a new temporary site.
8 Other information
Maps Cash and Carry Limited is a private company limited by shares and incorporated in England. Its registered office is:
40 Great Central Street
Leicester
LE1 4JT
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