Registered Number 05742179

MAXIBAR LIMITED

Abbreviated Accounts

31 March 2016

MAXIBAR LIMITED Registered Number 05742179

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 36,730 48,279
36,730 48,279
Current assets
Stocks 72,410 38,225
Debtors 86,530 101,356
Cash at bank and in hand 1,355 -
160,295 139,581
Creditors: amounts falling due within one year 3 (314,056) (306,373)
Net current assets (liabilities) (153,761) (166,792)
Total assets less current liabilities (117,031) (118,513)
Provisions for liabilities (7,346) (9,656)
Total net assets (liabilities) (124,377) (128,169)
Capital and reserves
Called up share capital 4 100 100
Profit and loss account (124,477) (128,269)
Shareholders' funds (124,377) (128,169)
  • For the year ending 31 March 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 22 December 2016

And signed on their behalf by:
M J Harding, Director

MAXIBAR LIMITED Registered Number 05742179

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for goods and services provided in the UK, Europe and the United States of America less value added tax and trade discounts.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost. Depreciation of fixed assets is calculated to write off their cost less any residual value over their estimated useful lives as follows:
Plant and machinery - 25% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Fixtures and fittings - 15% per annum reducing balance
Office equipment - 33.3% per annum reducing balance

Other accounting policies
Stock:
Stock and work in progress are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation:
Current tax is measured on expected amounts to be paid based on tax rates enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted.

Going concern:
The company is currently insolvent. However the directors have prepared the accounts on the going concern basis as a result of the continuing support of the directors and creditors as its justification.

2Tangible fixed assets
£
Cost
At 1 April 2015 119,073
Additions 3,613
Disposals (9,947)
Revaluations -
Transfers -
At 31 March 2016 112,739
Depreciation
At 1 April 2015 70,794
Charge for the year 7,975
On disposals (2,760)
At 31 March 2016 76,009
Net book values
At 31 March 2016 36,730
At 31 March 2015 48,279
3Creditors
2016
£
2015
£
Secured Debts 96,465 -
4Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
100 Ordinary shares of £1 each 100 100