Registered number
07783366
Maps Cash and Carry Limited
Filleted Accounts
31 December 2024
Maps Cash and Carry Limited
Registered number: 07783366
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 96,792 52,101
Current assets
Stocks 459,412 249,631
Debtors 4 541,456 437,245
Cash at bank and in hand 139,654 192,192
1,140,522 879,068
Creditors: amounts falling due within one year 5 (1,023,194) (493,705)
Net current assets 117,328 385,363
Total assets less current liabilities 214,120 437,464
Creditors: amounts falling due after more than one year 6 (37,831) (40,867)
Net assets 176,289 396,597
Capital and reserves
Called up share capital 100 100
Profit and loss account 176,189 396,497
Shareholders' funds 176,289 396,597
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 members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Y Limbada
Director
Approved by the board on 10 April 2025
Maps Cash and Carry Limited
Notes to the Accounts
for the year ended 31 December 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 15% reducing balance
Motor vehicles 25% reducing balance
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 20 20
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2024 20,601 89,995 110,596
Additions 72,376 21,550 93,926
Disposals (20,601) (38,356) (58,957)
At 31 December 2024 72,376 73,189 145,565
Depreciation
At 1 January 2024 16,555 41,940 58,495
Charge for the year 10,856 11,757 22,613
On disposals (16,555) (15,780) (32,335)
At 31 December 2024 10,856 37,917 48,773
Net book value
At 31 December 2024 61,520 35,272 96,792
At 31 December 2023 4,046 48,055 52,101
4 Debtors 2024 2023
£ £
Trade debtors 465,034 409,485
Other debtors 76,422 27,760
541,456 437,245
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,976 -
Obligations under finance lease and hire purchase contracts 5,484 4,956
Trade creditors 968,398 430,227
Taxation and social security costs 36,880 52,314
Other creditors 6,456 6,208
1,023,194 493,705
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,813 24,951
Obligations under finance lease and hire purchase contracts 13,711 6,609
Director's loan account 9,307 9,307
37,831 40,867
7 Events during the reporting date
A major fire broke out on the 02/05/2024 which destroyed the entire business stock and assets.
8 Other information
Maps Cash and Carry Limited is a private company limited by shares and incorporated in England. Its registered office is:
81 London Road
Leicester
England
LE2 0PF
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