Max Clothing Limited - Period Ending 2017-09-30

Registration number: 03960772

Max Clothing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

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

Max Clothing Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 11

Max Clothing Limited

Company Information

Directors

Mr Anthony Gifford Mrs Isobel Gifford

Registered office

21 St Swithin Way Andover Hampshire SP10 4NU

Bankers

Natwest Bank Andover

Accountants

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

Page 1

Chartered 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 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Max Clothing Limited for the year ended 30 September 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm 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 solely to prepare for your approval the accounts of Max Clothing Limited and state those matters that we have agreed to state to the Board of Directors of Max Clothing Limited, as a body, in this report in accordance with the requirement 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 profit 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.

......................................

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

30 June 2018

Page 2

Max Clothing Limited

Statement of Comprehensive Income for the Year Ended 30 September 2017

	Note	2017 £	2016 £
Profit/(loss) for the year		14,264	(14,928)
Total comprehensive income for the year		14,264	(14,928)

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 3

Max Clothing Limited

(Registration number: 03960772)
Balance Sheet as at 30 September 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	4,929	9,834
Current assets
Debtors	6	18,438	15,534
Cash at bank and in hand		5,826	1,153
		24,264	16,687
Creditors: Amounts falling due within one year	7	(27,679)	(42,082)
Net current liabilities		(3,415)	(25,395)
Total assets less current liabilities		1,514	(15,561)
Provisions for liabilities		(1,900)	911
Net liabilities		(386)	(14,650)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(387)	(14,651)
Total equity		(386)	(14,650)

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 4

Max Clothing Limited

(Registration number: 03960772)
Balance Sheet as at 30 September 2017

Approved and authorised by the Board on 30 June 2018 and signed on its behalf by:
 

.........................................

Mr Anthony Gifford

Director

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 5

Max Clothing Limited

Statement of Changes in Equity for the Year Ended 30 September 2017

	Share capital £	Profit and loss account £	Total £
At 1 October 2016	1	(14,651)	(14,650)
Profit for the year	-	14,264	14,264
Total comprehensive income	-	14,264	14,264
At 30 September 2017	1	(387)	(386)

	Share capital £	Profit and loss account £	Total £
At 1 October 2015	1	277	278
Loss for the year	-	(14,928)	(14,928)
Total comprehensive income	-	(14,928)	(14,928)
At 30 September 2016	1	(14,651)	(14,650)

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Max Clothing Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
21 St Swithin Way
Andover
Hampshire
SP10 4NU

These financial statements were authorised for issue by the Board on 30 June 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	straight line basis over 5 years
Furniture and fittings	straight line basis over 4 years
Office equipment	straight line basis over 4 years

Page 7

Max Clothing Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line basis over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 8

Max Clothing Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2016	20,000	20,000
At 30 September 2017	20,000	20,000
Amortisation
At 1 October 2016	20,000	20,000
At 30 September 2017	20,000	20,000
Carrying amount
At 30 September 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 9

Max Clothing Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 October 2016	3,601	49,554	53,155
At 30 September 2017	3,601	49,554	53,155
Depreciation
At 1 October 2016	2,723	40,598	43,321
Charge for the year	383	4,522	4,905
At 30 September 2017	3,106	45,120	48,226
Carrying amount
At 30 September 2017	495	4,434	4,929
At 30 September 2016	878	8,956	9,834

6

Debtors

	2017 £	2016 £
Trade debtors	5,146	12,163
Other debtors	13,292	3,371
Total current trade and other debtors	18,438	15,534

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		3,316	7,099
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	17,024	24,501
Taxation and social security		4,015	8,413
Other creditors		3,324	2,069
		27,679	42,082

Page 10

Max Clothing Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

8	Related party transactions

Transactions with directors

2017	At 1 October 2016 £	Advances to directors £	Repayments by director £	At 30 September 2017 £
Mr Anthony Gifford
Director loan account	(6,727)	17,137	(1,400)	9,009
Mrs Isobel Gifford
Director loan account	(17,774)	750	-	(17,024)

2016	At 1 October 2015 £	Advances to directors £	Other payments made to company by director £	At 30 September 2016 £
Mr Anthony Gifford
Director loan account	(4,537)	4,315	(6,505)	(6,727)
Mrs Isobel Gifford
Director loan account	(17,774)	-	-	(17,774)

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	11,250	22,848

9	Transition to FRS 102

Having reviewed the prior year profit and loss account, and opening and closing balance sheets, it was decided that no reclassification or restatement of figures was necessary as a result of the transition to FRS 102A.

Page 11