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MAD COLLECTIVE LTD

Registered Number
13505222
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

MAD COLLECTIVE LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

Mr Elliott Don

Registered Address

13 High Street
Daventry
NN11 4BG

Registered Number

13505222 (England and Wales)
MAD COLLECTIVE LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,1824,243
3,1824,243
Current assets
Stocks424,85038,216
Debtors52,3201,761
Cash at bank and on hand2,386991
29,55640,968
Creditors amounts falling due within one year6(35,108)(54,471)
Net current assets (liabilities)(5,552)(13,503)
Total assets less current liabilities(2,370)(9,260)
Net assets(2,370)(9,260)
Capital and reserves
Called up share capital100100
Profit and loss account(2,470)(9,360)
Shareholders' funds(2,370)(9,260)
The financial statements were approved and authorised for issue by the Director on 19 March 2025, and are signed on its behalf by:
Mr Elliott Don
Director
Registered Company No. 13505222
MAD COLLECTIVE LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Revenue from sale of goods
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Current taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 August 237,5447,544
At 31 July 247,5447,544
Depreciation and impairment
At 01 August 233,3013,301
Charge for year1,0611,061
At 31 July 244,3624,362
Net book value
At 31 July 243,1823,182
At 31 July 234,2434,243
4.Stocks

2024

2023

££
Other stocks24,85038,216
Total24,85038,216
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-6
Other debtors987421
Prepayments and accrued income1,3331,334
Total2,3201,761
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-8,601
Taxation and social security1,4183,365
Other creditors31,93937,330
Accrued liabilities and deferred income1,7515,175
Total35,10854,471