Maxshelf Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06691076 (England and Wales)

Financial Statements for the Year Ended 30 September 2020

for

Maxshelf Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

E Karakaya

REGISTERED OFFICE:

Unit 9h

Eley Estate

Kynoch Road

London

N18 3BD

REGISTERED NUMBER:

06691076 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

346,205

362,278

346,205

362,278

CURRENT ASSETS

Stocks

6

216,978

555,970

Debtors

7

1,309,611

1,358,031

Cash in hand

233,404

123,807

1,759,993

2,037,808

CREDITORS

Amounts falling due within one year

8

1,435,750

1,781,381

NET CURRENT ASSETS

324,243

256,427

TOTAL ASSETS LESS CURRENT LIABILITIES

670,448

618,705

CREDITORS

Amounts falling due after more than one year

9

(101,854

)

(82,138

)

PROVISIONS FOR LIABILITIES

(10,569

)

(5,254

)

NET ASSETS

558,025

531,313

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

557,925

531,213

SHAREHOLDERS' FUNDS

558,025

531,313

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 November 2021 and were signed by:

E Karakaya - Director

1.	STATUTORY INFORMATION

Maxshelf Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Other than valuation of stock which has been separately disclosed below, there are no material items in the financial statements where these judgements and estimates have been made.

Turnover

Revenue us recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliable measured. Revenue is measured as the fair value o the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales tax.

Goodwill

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost or over term of lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Government grants

The company recognises government grants received relating to the Bounce Back Loan Scheme and Job Retention Scheme. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate.

Government assistance has also been extended by way of the provision of guarantees.

Stocks

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

At each reporting 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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Debtors

Basic financial assets, including trade an other debtors, are measured at transaction price, less an impairment.

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measure at amortised cost.

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

Taxation

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.

Foreign currencies

Foreign currency monetary assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign currency transactions are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

25,000

AMORTISATION

At 1 October 2019

and 30 September 2020

25,000

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2019

406,359

26,317

26,346

19,380

478,402

Additions

3,960

46,311

-

-

50,271

At 30 September 2020

410,319

72,628

26,346

19,380

528,673

DEPRECIATION

At 1 October 2019

78,583

5,263

19,030

13,248

116,124

Charge for year

46,773

14,526

3,512

1,533

66,344

At 30 September 2020

125,356

19,789

22,542

14,781

182,468

NET BOOK VALUE

At 30 September 2020

284,963

52,839

3,804

4,599

346,205

At 30 September 2019

327,776

21,054

7,316

6,132

362,278

During the year the company transferred fixed assets with a net book value of £32,037 to a related company under common control.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

41,636

At 30 September 2020

41,636

DEPRECIATION

Charge for year

8,327

At 30 September 2020

8,327

NET BOOK VALUE

At 30 September 2020

33,309

6.

STOCKS

2020

2019

£

£

Stock

216,978

555,970

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

73,586

79,685

Amounts owed by group undertakings

1,026,214

1,109,094

Other debtors

123,953

123,953

Corporation tax

-

8,278

Prepayments and accrued income

85,858

37,021

1,309,611

1,358,031

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans

31,669

-

Hire purchase contracts (see note 10)

33,667

12,624

Trade creditors

967,189

1,488,790

Amounts owed to group undertakings

6,986

-

Corporation tax

26,377

-

Social security and other taxes

7,719

14,623

VAT

184,590

32,300

Other creditors

37,199

38,254

Directors' current accounts

125,504

189,440

Accruals and deferred income

14,850

5,350

1,435,750

1,781,381

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

50,000

-

Other loans - 1-2 years

16,311

-

Hire purchase contracts (see note 10)

35,543

23,622

Other creditors

-

58,516

101,854

82,138

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

33,667

12,624

Between one and five years

35,543

23,622

69,210

36,246

Total non-cancellable operating lease commitments not included in the statement of financial position amount to £2,298,294 (2019: £2,693,137)

11.	SECURED DEBTS

There is a fixed and floating charge over the assets of the company.

12.	RELATED PARTY DISCLOSURES

Included in debtors are amounts of £995,099 (2019: £1,109,094) due from related companies under common control.

Included in creditors are amounts of £15,871(2019: Nil) owed to related companies under common control.

The balances are repayable on demand and no interest has been charged.