Max Clothing Limited - Period Ending 2014-09-30
Max Clothing Limited - Period Ending 2014-09-30
Registration number:
Unaudited Abbreviated Accounts
for the Year Ended
Max Clothing Limited
Contents
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The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.
Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Max Clothing Limited
for the Year Ended 30 September 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Max Clothing Limited for the year ended 30 September 2014 set out on pages from the company's accounting records and from information and explanations you have given us.
As a practicing member of the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Taxation (CIoT), we are subject to their ethical and other professional requirements which are detailed at http://www.cimaglobal.com and http://www.tax.org.uk..
This report is made solely to the Board of Directors of Max Clothing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken so that we might compile the financial stataments that we have been engaged to compile, report to the Board of Directors of Max Clothing Limited that we have done so, and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Clothing Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Max Clothing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Max Clothing Limited. You consider that Max Clothing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Max Clothing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Gemma Merritt ACMA CTA
River View Tax & Accountancy Ltd
Chartered Management Accountant
River View
114a Charlton Village
Andover
Hampshire
SP10 4AH
30 September 2015
Max Clothing Limited
(Registration number: 03960772)
at 30 September 2014
Note |
2014
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2013
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Shareholders' (deficit)/funds |
( |
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Approved by the Board on
.........................................
Mr Anthony Gifford
Director
.........................................
Mrs Isobel Gifford
Director
2
Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued
Accounting policies |
Basis of preparation
Going concern
The financial statements have been prepared on a going concern basis.
Turnover
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Purchased goodwill |
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Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
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Office Equipment |
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Furniture, Fixtures and Fittings |
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Deferred tax
Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued
Financial instruments
Fixed assets |
Intangible assets
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Tangible assets
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Total
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Cost |
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At 1 October 2013 |
20,000 |
29,329 |
49,329 |
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Additions |
- |
22,736 |
22,736 |
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At 30 September 2014 |
20,000 |
52,065 |
72,065 |
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Depreciation |
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At 1 October 2013 |
8,000 |
26,968 |
34,968 |
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Charge for the year |
4,000 |
5,586 |
9,586 |
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At 30 September 2014 |
12,000 |
32,554 |
44,554 |
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Net book value |
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At 30 September 2014 |
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At 30 September 2013 |
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Share capital |
Allotted, called up and fully paid shares
2014 |
2013 |
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No. |
£ |
No. |
£ |
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Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued
Related party transactions |
Directors' advances and credits |
2014 |
2014 |
2013 |
2013 |
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Mr Anthony Gifford |
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( |
( |
11,463 |
11,463 |
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- |
- |
- |
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- |
- |
(4,249) |
- |
(3,994) |
(4,249) |
7,214 |
11,463 |
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Mrs Isobel Gifford |
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1,709 |
- |
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- |
- |
- |
28,709 |
800 |
1,709 |
- |
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