7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06639626 2023-01-01 2023-12-31 06639626 2023-12-31 06639626 2022-12-31 06639626 2022-01-01 2022-12-31 06639626 2022-12-31 06639626 2021-12-31 06639626 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 06639626 core:FurnitureFittings 2023-01-01 2023-12-31 06639626 core:MotorVehicles 2023-01-01 2023-12-31 06639626 bus:Director4 2023-01-01 2023-12-31 06639626 core:LandBuildings 2022-12-31 06639626 core:FurnitureFittings 2022-12-31 06639626 core:MotorVehicles 2022-12-31 06639626 core:LandBuildings 2023-12-31 06639626 core:FurnitureFittings 2023-12-31 06639626 core:MotorVehicles 2023-12-31 06639626 core:LandBuildings 2023-01-01 2023-12-31 06639626 core:WithinOneYear 2023-12-31 06639626 core:WithinOneYear 2022-12-31 06639626 core:AfterOneYear 2023-12-31 06639626 core:AfterOneYear 2022-12-31 06639626 core:ShareCapital 2023-12-31 06639626 core:ShareCapital 2022-12-31 06639626 core:RetainedEarningsAccumulatedLosses 2023-12-31 06639626 core:RetainedEarningsAccumulatedLosses 2022-12-31 06639626 core:LandBuildings 2022-12-31 06639626 core:FurnitureFittings 2022-12-31 06639626 core:MotorVehicles 2022-12-31 06639626 bus:Director4 2022-12-31 06639626 bus:Director4 2023-12-31 06639626 bus:Director4 2021-12-31 06639626 bus:Director4 2022-12-31 06639626 bus:Director4 2022-01-01 2022-12-31 06639626 bus:SmallEntities 2023-01-01 2023-12-31 06639626 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06639626 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06639626 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06639626 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06639626
MAX FURNITURE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
MAX FURNITURE LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
19,018
23,722
Current assets
Stocks
366,335
333,699
Debtors
6
334,597
460,964
Cash at bank and in hand
1,040
189,973
----------
----------
701,972
984,636
Creditors: amounts falling due within one year
7
547,716
774,863
----------
----------
Net current assets
154,256
209,773
----------
----------
Total assets less current liabilities
173,274
233,495
Creditors: amounts falling due after more than one year
8
66,929
102,679
Provisions
Taxation including deferred tax
52
93
----------
----------
Net assets
106,293
130,723
----------
----------
MAX FURNITURE LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
80
Profit and loss account
106,193
130,643
----------
----------
Shareholders funds
106,293
130,723
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 April 2024 , and are signed on behalf of the board by:
Mr D P Goodman
Director
Company registration number: 06639626
MAX FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the directors.
The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
The company continued to repay the Covid Business Interruption loan in the year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
20% straight line
Fixtures, fittings & equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
14,750
20,081
28,000
62,831
Additions
1,820
1,820
---------
---------
---------
---------
At 31 December 2023
14,750
21,901
28,000
64,651
---------
---------
---------
---------
Depreciation
At 1 January 2023
13,100
13,759
12,250
39,109
Charge for the year
550
2,036
3,938
6,524
---------
---------
---------
---------
At 31 December 2023
13,650
15,795
16,188
45,633
---------
---------
---------
---------
Carrying amount
At 31 December 2023
1,100
6,106
11,812
19,018
---------
---------
---------
---------
At 31 December 2022
1,650
6,322
15,750
23,722
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
270,912
423,128
Amounts owed by group undertakings and undertakings in which the company has a participating interest
400
Other debtors
63,685
37,436
----------
----------
334,597
460,964
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,000
30,000
Trade creditors
241,542
420,751
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4
Corporation tax
4,309
43,281
Social security and other taxes
188,071
234,049
Other creditors
83,790
46,782
----------
----------
547,716
774,863
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
65,000
95,000
Other creditors
1,929
7,679
---------
----------
66,929
102,679
---------
----------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D P Goodman
( 34,555)
( 25,970)
( 60,525)
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D P Goodman
( 25,798)
( 8,757)
( 34,555)
---------
-------
---------
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.