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REGISTERED NUMBER: 08417609 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

MAXWELL SCOTT BAGS LIMITED

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAXWELL SCOTT BAGS LIMITED

Company Information
for the year ended 30 April 2024







DIRECTOR: W S Forshaw





REGISTERED OFFICE: Unit 9
Hassacarr Close
Dunnington
YORK
North Yorkshire
YO19 5SN





REGISTERED NUMBER: 08417609 (England and Wales)





ACCOUNTANTS: King Hope
31-33 Victoria Road
Darlington
Co. Durham
DL1 5SB

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 45,000 50,000
Tangible assets 5 58,479 23,224
103,479 73,224

CURRENT ASSETS
Stocks 119,076 93,242
Debtors 6 386,872 296,814
Cash at bank 21,618 24,573
527,566 414,629
CREDITORS
Amounts falling due within one year 7 799,947 589,453
NET CURRENT LIABILITIES (272,381 ) (174,824 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(168,902

)

(101,600

)

CREDITORS
Amounts falling due after more than one
year

8

(157,226

)

(20,833

)

PROVISIONS FOR LIABILITIES - (2,466 )
NET LIABILITIES (326,128 ) (124,899 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (326,228 ) (124,999 )
SHAREHOLDERS' FUNDS (326,128 ) (124,899 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Balance Sheet - continued
30 April 2024


The 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.

The financial statements were approved by the director and authorised for issue on 20 December 2024 and were signed by:





W S Forshaw - Director


MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Maxwell Scott Bags Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property Improvements - 10% straight line
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the month end date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 100,000
AMORTISATION
At 1 May 2023 50,000
Charge for year 5,000
At 30 April 2024 55,000
NET BOOK VALUE
At 30 April 2024 45,000
At 30 April 2023 50,000

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Property and Motor
improvements fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 27,139 25,721 - 52,860
Additions - 6,145 45,500 51,645
At 30 April 2024 27,139 31,866 45,500 104,505
DEPRECIATION
At 1 May 2023 9,047 20,589 - 29,636
Charge for year 2,714 2,301 11,375 16,390
At 30 April 2024 11,761 22,890 11,375 46,026
NET BOOK VALUE
At 30 April 2024 15,378 8,976 34,125 58,479
At 30 April 2023 18,092 5,132 - 23,224

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Directors' current accounts 253,823 223,247
Tax recoverable 41,094 22,235
Prepayments and accrued income 41,216 51,332
336,133 296,814

Amounts falling due after more than one year:
Deferred tax asset 50,739 -

Aggregate amounts 386,872 296,814

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 44,019 23,908
Other loans 262,804 127,986
Hire purchase contracts 7,475 -
Trade creditors 342,571 206,004
Corporation tax 19,439 18,992
Social security and other taxes 95,074 65,991
Other creditors 10,803 18,720
Accruals and deferred income 17,762 127,852
799,947 589,453

MAXWELL SCOTT BAGS LIMITED (REGISTERED NUMBER: 08417609)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan one to five years 127,375 20,833
Bank loans over five years 5,556 -
Hire purchase contracts 24,295 -
157,226 20,833

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over five years 5,556 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 31,770 -
Loans 182,749 -
214,519 -

Hire purchase contracts are secured on the assets concerned. Certain loans are covered by a personal guarantee of the director.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
W S Forshaw
Balance outstanding at start of year 223,247 127,786
Amounts advanced 212,218 199,319
Amounts repaid (181,642 ) (103,858 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 253,823 223,247

The director's current account loan is interest free.