Company No:
Contents
| DIRECTOR | DN. Chitty |
| SECRETARY | DN. Chitty |
| REGISTERED OFFICE | Unit 2 |
| 108 Hawley Lane | |
| Farnborough | |
| Hampshire | |
| GU14 8JE | |
| Farnborough | |
| United Kingdom |
| COMPANY NUMBER | 03435383 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Wey Court West | |
| Union Road | |
| Farnham | |
| Surrey | |
| GU9 7PT |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| 5,160 | 4,780 | |||
| Current assets | ||||
| Stocks | 4 |
|
|
|
| Debtors | 5 |
|
|
|
| Cash at bank and in hand | 6 |
|
|
|
| 368,873 | 877,907 | |||
| Creditors: amounts falling due within one year | 7 | (
|
(
|
|
| Net current assets | 14,164 | 212,969 | ||
| Total assets less current liabilities | 19,324 | 217,749 | ||
| Provision for liabilities | 8 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 9 |
|
|
|
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of MAXparts Limited (registered number:
|
DN. Chitty
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MAXparts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2, 108 Hawley Lane, Farnborough, Hampshire, GU14 8JE, Farnborough, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
| Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2023 |
|
|
|
| Additions |
|
|
|
| At 30 September 2024 |
|
|
|
| Accumulated depreciation | |||
| At 01 October 2023 |
|
|
|
| Charge for the financial year |
|
|
|
| At 30 September 2024 |
|
|
|
| Net book value | |||
| At 30 September 2024 |
|
|
|
| At 30 September 2023 |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Prepayments |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
|
| Short-term deposits |
|
|
|
| 29,965 | 34,743 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to director |
|
|
|
| Accruals |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
|
|
|
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Balance outstanding at start of year | (390,000) | (524,855) | |
| Amounts advanced | 269,267 | 204,855 | |
| Amounts repaid | (100,000) | (70,000) | |
| Amounts written off | 0 | 0 | |
| Amounts waived | 0 | 0 | |
| Balance outstanding at end of year | (220,733) | (390,000) |
The above advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: