Registered number
13867960
(Registered In England & Wales)
Max Food Distributors Ltd
Filleted Accounts
31 December 2023
Max Food Distributors Ltd
Report to the directors on the preparation of the unaudited statutory accounts of Max Food Distributors Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Max Food Distributors Ltd for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Max Food Distributors Ltd, as a body, in accordance with the terms of our engagement letter dated 0 January 1900. Our work has been undertaken solely to prepare for your approval the accounts of Max Food Distributors Ltd and state those matters that we have agreed to state to the Board of Directors of Max Food Distributors Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Food Distributors Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Max Food Distributors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Max Food Distributors Ltd. You consider that Max Food Distributors Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Max Food Distributors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
S Asghar and Co
Chartered Certified Accountants
85 Station Rd
Harrow
HA2 7SW
20 September 2024
Max Food Distributors Ltd
Registered number: 13867960
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 76,585 70,208
Current assets
Stocks 120,000 35,000
Debtors 4 183,646 141,298
Cash at bank and in hand 50,763 45,436
354,409 221,734
Creditors: amounts falling due within one year 5 (614,635) (527,968)
Net current liabilities (260,226) (306,234)
Net liabilities (183,641) (236,026)
Capital and reserves
Called up share capital 100 100
Profit and loss account (183,741) (236,126)
Shareholders' funds (183,641) (236,026)
The directors are 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 directors acknowledge their 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.
Mr M T Khan
Director
Approved by the board on 20 September 2024
Max Food Distributors Ltd
Notes to the Accounts
for the year ended 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 10 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 29,849 57,453 87,302
Additions 21,108 3,201 24,309
At 31 December 2023 50,957 60,654 111,611
Depreciation
At 1 January 2023 5,603 11,491 17,094
Charge for the year 8,206 9,726 17,932
At 31 December 2023 13,809 21,217 35,026
Net book value
At 31 December 2023 37,148 39,437 76,585
At 31 December 2022 24,246 45,962 70,208
4 Debtors 2023 2022
£ £
Trade debtors 139,730 116,298
Other debtors 43,916 25,000
183,646 141,298
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 295,446 510,555
Amounts owed to group undertakings and undertakings in which the company has a participating interest 306,185 25,000
Taxation and social security costs 2,552 (9,987)
Other creditors 10,452 2,400
614,635 527,968
6 Other information
Max Food Distributors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8b Lumen Road
East Lane
Wembley
HA9 7RE
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