Max Clothing Limited - Period Ending 2016-09-30

Registration number: 03960772

Max Clothing Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

River View Tax & Accountancy Ltd
51A Basepoint Bus Ctr
Caxton Close
Andover
Hampshire
SP10 3FG

Max Clothing Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 2016

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 2016 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.

......................................
Gemma Merritt ACMA CTA

River View Tax & Accountancy Ltd
51A Basepoint Bus Ctr
Caxton Close
Andover
Hampshire
SP10 3FG

30 June 2017

Page 1

Max Clothing Limited
(Registration number: 03960772)
at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					-			4,000
Tangible fixed assets					9,834			14,093
					9,834			18,093
Current assets
Debtors					16,446			15,364
Cash at bank and in hand					1,153			4,711
					17,599			20,075
Creditors: Amounts falling due within one year					(42,083)			(35,069)
Net current liabilities					(24,484)			(14,994)
Total assets less current liabilities					(14,650)			3,099
Provisions for liabilities					-			(2,821)
Net (liabilities)/assets					(14,650)			278
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(14,651)			277
Shareholders' (deficit)/funds					(14,650)			278

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2017 and signed on its behalf by:

.........................................
 Mr Anthony Gifford
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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	20% straight line basis

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	20% - 25% straight line
Office Equipment	25% straight line
Furniture, Fixtures and Fittings	25% straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2015		20,000			52,281			72,281
Additions		-			875			875
At 30 September 2016		20,000			53,156			73,156
Depreciation
At 1 October 2015		16,000			38,188			54,188
Charge for the year		4,000			5,134			9,134
At 30 September 2016		20,000			43,322			63,322
Net book value
At 30 September 2016		-			9,834			9,834
At 30 September 2015		4,000			14,093			18,093

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £0.01 each		100			1			100			1

Page 4

Max Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Anthony Gifford
Loan to/(from) Company B/Fwd	4,537	-	255	255
Payments made by director to or on behalf of company	6,505	4,315	10,000	10,000
Payments made by company to or on behalf of director	(4,315)	(4,315)	(10,618)	(15,155)
Dividends declared in favour of director	-	-	4,900	4,900
	6,727	-	4,537	-
Mrs Isobel Gifford
Interest free loan to company from I Gifford repayable on demand. B/Fwd	17,774	-	27,909	10,135
Payments made by director to or on behalf of company	-	-	-	-
Payments made by company to or on behalf of director	-	-	(10,135)	(10,135)
	17,774	-	17,774	-

Page 5