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Company Registration No. 10242786 (England and Wales)
Maxxam Textiles Ltd Unaudited accounts for the period from 1 July 2022 to 29 June 2023
Maxxam Textiles Ltd Unaudited accounts Contents
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Maxxam Textiles Ltd Company Information for the period from 1 July 2022 to 29 June 2023
Directors
Barry Clive Rosemary Clive
Company Number
10242786 (England and Wales)
Registered Office
Flat 4 14 Greville Place London NW6 5JH England
Accountants
P10 Accountancy Ltd 77A Richmond Road Twickenham TW1 3AW
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Maxxam Textiles Ltd Statement of financial position as at 29 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,840 
6,014 
Current assets
Debtors
1,115,874 
643,729 
Cash at bank and in hand
328,846 
377,800 
1,444,720 
1,021,529 
Creditors: amounts falling due within one year
(836,180)
(760,735)
Net current assets
608,540 
260,794 
Total assets less current liabilities
612,380 
266,808 
Provisions for liabilities
Deferred tax
(730)
(1,143)
Net assets
611,650 
265,665 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
611,550 
265,565 
Shareholders' funds
611,650 
265,665 
For the period ending 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by
Barry Clive Director Company Registration No. 10242786
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Maxxam Textiles Ltd Notes to the Accounts for the period from 1 July 2022 to 29 June 2023
1
Statutory information
Maxxam Textiles Ltd is a private company, limited by shares, registered in England and Wales, registration number 10242786. The registered office is Flat 4, 14 Greville Place, London, NW6 5JH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Computer equipment
25% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Maxxam Textiles Ltd Notes to the Accounts for the period from 1 July 2022 to 29 June 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2022
6,892 
7,351 
14,243 
Additions
- 
1,349 
1,349 
At 29 June 2023
6,892 
8,700 
15,592 
Depreciation
At 1 July 2022
3,902 
4,327 
8,229 
Charge for the period
1,800 
1,723 
3,523 
At 29 June 2023
5,702 
6,050 
11,752 
Net book value
At 29 June 2023
1,190 
2,650 
3,840 
At 30 June 2022
2,990 
3,024 
6,014 
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Maxxam Textiles Ltd Notes to the Accounts for the period from 1 July 2022 to 29 June 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
344,343 
99,120 
Trade debtors
109,337 
2,963 
Amounts due from group undertakings etc.
552,397 
541,526 
Other debtors
109,797 
120 
1,115,874 
643,729 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
303,375 
(59,980)
Taxes and social security
166,105 
185,952 
Other creditors
8,439 
(674)
Loans from directors
15,186 
- 
Accruals
3,250 
500 
Deferred income
339,825 
634,937 
836,180 
760,735 
7
Average number of employees
During the period the average number of employees was 11 (2022: 13).
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