Registered number
06606181
Marxtar Limited
Unaudited Filleted Accounts
31 May 2017
Winton House
Winton Square
Basingstoke
Hampshire
RG21 8EN
tel: 01256 830000
office@cranleys.co.uk
Marxtar Limited
Registered number: 06606181
Balance Sheet
as at 31 May 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 21,325 20,138
Current assets
Debtors 3 87,935 147,322
Cash at bank and in hand 137,276 76,645
225,211 223,967
Creditors: amounts falling due within one year 4 (130,280) (153,600)
Net current assets 94,931 70,367
Net assets 116,256 90,505
Capital and reserves
Called up share capital 200 200
Profit and loss account 116,056 90,305
Shareholders' funds 116,256 90,505
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 29 January 2018
Marxtar Limited
Notes to the Accounts
for the year ended 31 May 2017
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 2016 49,573 3,450 53,023
Additions 8,029 - 8,029
At 31 May 2017 57,602 3,450 61,052
Depreciation
At 1 June 2016 29,683 3,202 32,885
Charge for the year 6,780 62 6,842
At 31 May 2017 36,463 3,264 39,727
Net book value
At 31 May 2017 21,139 186 21,325
At 31 May 2016 19,890 248 20,138
3 Debtors 2017 2016
£ £
Trade debtors 87,202 146,829
Other debtors 733 493
87,935 147,322
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 36,316 105,890
Corporation tax 6,362 12,844
Other taxes and social security costs 7,236 4,290
Directors loan (1,012) (2,212)
Accruals 36,698 -
VAT 39,787 28,519
Other creditors 4,893 4,269
130,280 153,600
5 Controlling party
The ultimate controlling party is Mr M McGinn and Mrs B McGinn.
6 Other information
Marxtar Limited 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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