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Registered Number: 07953353
England and Wales

 

 

 

MAXZARA (UK) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 437,172    449,152 
437,172    449,152 
Current assets      
Stocks 4 655,410    614,867 
Debtors 5 14,838    14,838 
Cash at bank and in hand 6,019    4,112 
676,267    633,817 
Creditors: amount falling due within one year 6 (1,302,722)   (1,248,036)
Net current assets (626,455)   (614,219)
 
Total assets less current liabilities (189,283)   (165,067)
Creditors: amount falling due after more than one year 7 (5,840)   (15,840)
Provisions for liabilities 8 2,090    2,600 
Net assets (193,033)   (178,307)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (193,133)   (178,407)
Shareholders' funds (193,033)   (178,307)
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 04 September 2024 and were signed by:


-------------------------------
Xunqian Ma Ma
Director
1
General Information
MAXZARA (UK) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07953353, registration address UNIT 3, TEMPLE HOUSE ESTATE, 6 WEST ROAD , HARLOW, CM20 2DU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 50 Years Straight Line
Plant and Machinery 25% Reducing Balance
Motor Vehicles 5 Years Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 January 2023 545,795    79,209    39,371    664,375 
Additions      
Disposals      
At 31 December 2023 545,795    79,209    39,371    664,375 
Depreciation
At 01 January 2023 98,006    78,811    38,406    215,223 
Charge for year 10,916    99    965    11,980 
On disposals      
At 31 December 2023 108,922    78,910    39,371    227,203 
Net book values
Closing balance as at 31 December 2023 436,873    299      437,172 
Opening balance as at 01 January 2023 447,789    398    965    449,152 


4.

Stocks

2023
£
  2022
£
Stocks 655,410    614,867 
655,410    614,867 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Corporation Tax 14,838    14,838 
14,838    14,838 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 506,965    509,766 
Bank Loans & Overdrafts 10,000    10,000 
PAYE & Social Security 2,387    943 
Other Creditors 560   
Wages & Salaries Control Account 6,809    4,235 
Directors' Current Accounts 769,264    705,863 
VAT 6,737    17,229 
1,302,722    1,248,036 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Barclay BBL Loan 5,840    15,840 
5,840    15,840 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax (2,288)   (2,600)
Pension Provisions 198   
(2,090)   (2,600)

2