Registered number
06606181
Marxtar Ltd
Unaudited Filleted Accounts
31 May 2018
Winton House
Winton Square
Basingstoke
Hampshire
RG21 8EN
tel: 01256 830000
office@cranleys.co.uk
Marxtar Ltd
Registered number: 06606181
Balance Sheet
as at 31 May 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 39,187 21,325
Current assets
Debtors 3 143,931 87,935
Cash at bank and in hand 76,536 137,276
220,467 225,211
Creditors: amounts falling due within one year 4 (185,132) (130,280)
Net current assets 35,335 94,931
Net assets 74,522 116,256
Capital and reserves
Called up share capital 200 200
Profit and loss account 74,322 116,056
Shareholders' funds 74,522 116,256
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Mark McGinn
Director
Approved by the board on 28 February 2019
Marxtar Ltd
Notes to the Accounts
for the year ended 31 May 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2017 57,602 3,450 61,052
Additions 30,925 - 30,925
At 31 May 2018 88,527 3,450 91,977
Depreciation
At 1 June 2017 36,463 3,264 39,727
Charge for the year 13,016 47 13,063
At 31 May 2018 49,479 3,311 52,790
Net book value
At 31 May 2018 39,048 139 39,187
At 31 May 2017 21,139 186 21,325
3 Debtors 2018 2017
£ £
Trade debtors 134,587 87,202
Other debtors 9,344 733
143,931 87,935
4 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 75,849 36,316
Corporation tax - 6,362
Other taxes and social security costs 10,128 7,236
Directors loan 188 (1,012)
Accruals 60,632 36,698
VAT 33,821 39,787
Other creditors 4,514 4,893
185,132 130,280
5 Related party transactions
The related parties are Mr M McGinn and MarXtar Corporation. Mr M McGinn is the director of the company. MarXtar Corporation is a company owned by Mr M McGinn. During the year the only related party transactions to Mr M McGinn were for expenses incurred personally on behalf of the business and repaid. The related party transactions to MarXtar Corporation are as follows:
2018 2017
£ £
Sales to MarXtar Corporation 5,097 -
Purchases from MarXtar Corporation 40,519 32
Amounts owed to related parties are as follows:
2018 2017
£ £
MarXtar Corporation 27,732 32
6 Controlling party
The ultimate controlling parties are Mr M McGinn and Mrs B McGinn.
7 Other information
Marxtar Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Winton House
Winton Square
Basingstoke
Hampshire
RG21 8EN
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