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Registered number: 09626326









MAX'S SANDWICH SHOP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
MAX'S SANDWICH SHOP LIMITED
REGISTERED NUMBER: 09626326

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,918
18,325

  
39,918
18,325

Current assets
  

Stocks
 5 
12,102
14,602

Debtors: amounts falling due within one year
 6 
70,971
66,201

Cash at bank and in hand
 7 
51,394
68,387

  
134,467
149,190

Creditors: amounts falling due within one year
 8 
(114,483)
(114,085)

Net current assets
  
 
 
19,984
 
 
35,105

Total assets less current liabilities
  
59,902
53,430

Creditors: amounts falling due after more than one year
 9 
(36,896)
(53,230)

  

Net assets
  
23,006
200


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
22,906
100

  
23,006
200


Page 1

 
MAX'S SANDWICH SHOP LIMITED
REGISTERED NUMBER: 09626326
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2025.




................................................
Max Halley
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Max's Sandwich Shop Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of a licensed cafe and restaurant.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Development costs

The Research and development costs incurred during the year are included in Profit and Loss account.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
152,228
142,503

Social security costs
5,720
5,978

Cost of defined contribution scheme
2,923
2,774

160,871
151,255


The average monthly number of employees, including directors, during the year was 12 (2023 - 9).

Page 6

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 August 2023
1,589
26,884
28,473


Additions
378
28,261
28,639



At 31 July 2024

1,967
55,145
57,112



Depreciation


At 1 August 2023
402
9,746
10,148


Charge for the year on owned assets
236
6,810
7,046



At 31 July 2024

638
16,556
17,194



Net book value



At 31 July 2024
1,329
38,589
39,918



At 31 July 2023
1,187
17,138
18,325


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
12,102
14,602

12,102
14,602


Page 7

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
67,128
61,206

Other debtors
1,892
3,646

Prepayments and accrued income
1,951
1,349

70,971
66,201



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
51,394
68,387

51,394
68,387


Page 8

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
16,475
15,750

Trade creditors
38,492
44,415

Corporation tax
5,501
9,862

Other taxation and social security
41,074
40,634

Other creditors
10,506
966

Accruals and deferred income
2,435
2,458

114,483
114,085


The following liabilities were secured:

2024
2023
£
£



Bank loan
16,475
15,750

16,475
15,750

Details of security provided:

The bank loan is secured.

Page 9

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
36,896
53,230

36,896
53,230


The following liabilities were secured:

2024
2023
£
£



Bank loan
36,896
53,230

36,896
53,230

Details of security provided:

The bank loan is secured.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
16,475
15,750


Amounts falling due 2-5 years

Bank loans
36,896
53,230


53,371
68,980


Page 10

 
MAX'S SANDWICH SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Enter number (2023 - 100) Ordinary shares of £1.00 each
-
100.00
755 (2023 - 0) Ordinary A shares of £0.10 each
75.50
-
245 (2023 - 0) Ordinary B shares of £0.10 each
24.50
-

100.00

100.00


During the year 1000 ordinary £1 shares were sub-divided in to 1000 ordinary 0.10 pence shares. These were converted to 755 ordinary 0.10 pence A shares, and 245 ordinary 0.10 pence B shares.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,923 (2023 - £2,774). Contributions totalling £606 (2023 - £458) were payable to the fund at the balance sheet date.


13.


Controlling party

The Company is controlled by the director, Max Halley, by virtue of his shareholding, as described in the directors' report.

 
Page 11