Registered number
07071536
Maia Luxury Limited
Unaudited Filleted Accounts
30 June 2024
Maia Luxury Limited
Registered number: 07071536
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,713 60,824
Current assets
Stocks 156,894 176,106
Debtors 4 180,725 796,596
Cash at bank and in hand 23,708 1,455
361,327 974,157
Creditors: amounts falling due within one year 5 (294,979) (910,128)
Net current assets 66,348 64,029
Total assets less current liabilities 71,061 124,853
Creditors: amounts falling due after more than one year 6 (59,716) (163,790)
Provisions for liabilities (15,206) (15,206)
Net liabilities (3,861) (54,143)
Capital and reserves
Called up share capital 2 2
Profit and loss account (3,863) (54,145)
Shareholder's funds (3,861) (54,143)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
N H Morris
Director
Approved by the board on 21 March 2025
Maia Luxury Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 131,556 93,230 224,786
Disposals - (93,230) (93,230)
At 30 June 2024 132,024 - 132,024
Depreciation
At 1 July 2023 124,433 39,529 163,962
Charge for the year 2,878 - 2,878
On disposals - (39,529) (39,529)
At 30 June 2024 127,311 - 127,311
Net book value
At 30 June 2024 4,713 - 4,713
At 30 June 2023 7,123 53,701 60,824
4 Debtors 2024 2023
£ £
Trade debtors 1,598 52,395
Other debtors 179,127 744,201
180,725 796,596
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 86,155 75,744
Obligations under finance lease and hire purchase contracts - 8,626
Trade creditors 22,975 3,491
Taxation and social security costs 118,460 126,212
Other creditors 67,389 696,055
294,979 910,128
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 59,716 133,652
Obligations under finance lease and hire purchase contracts - 30,138
59,716 163,790
7 Other information
Maia Luxury Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Old Park Lane
Mayfair
London
W1K 1QW
Maia Luxury Limited 07071536 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 N H Morris No description of principal activity 07071536 2022-07-01 2023-06-30 07071536 core:WithinOneYear 2023-06-30 07071536 core:AfterOneYear 2023-06-30 07071536 core:ShareCapital 2023-06-30 07071536 core:RetainedEarningsAccumulatedLosses 2023-06-30 07071536 2023-07-01 2024-06-30 07071536 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07071536 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07071536 bus:Director40 2023-07-01 2024-06-30 07071536 1 2023-07-01 2024-06-30 07071536 2 2023-07-01 2024-06-30 07071536 core:PlantMachinery 2023-07-01 2024-06-30 07071536 core:Vehicles 2023-07-01 2024-06-30 07071536 countries:England 2023-07-01 2024-06-30 07071536 bus:FRS102 2023-07-01 2024-06-30 07071536 bus:FilletedAccounts 2023-07-01 2024-06-30 07071536 2024-06-30 07071536 core:WithinOneYear 2024-06-30 07071536 core:AfterOneYear 2024-06-30 07071536 core:ShareCapital 2024-06-30 07071536 core:RetainedEarningsAccumulatedLosses 2024-06-30 07071536 core:PlantMachinery 2024-06-30 07071536 core:Vehicles 2024-06-30 07071536 2023-06-30 07071536 core:PlantMachinery 2023-06-30 07071536 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure