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Registration number: 07221619

Max Innovate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Max Innovate Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

Max Innovate Limited

Company Information

Director

Mr Fintan Joseph McKeever

Registered office

127 Fillongley Road
Meriden
West Midlands
CV7 7LT

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

Max Innovate Limited

Director's Report for the Year Ended 30 September 2021

The director presents his report and the financial statements for the year ended 30 September 2021.

Director of the company

The director who held office during the year was as follows:

Mr Fintan Joseph McKeever

Principal activity

The principal activity of the company is that of wholesale of recycling and quarrying machinery.

Small companies provision statement

This report has 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.

Approved by the director on 13 September 2022 and signed on its behalf by:

.........................................
Mr Fintan Joseph McKeever
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Max Innovate Limited
for the Year Ended 30 September 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Max Innovate Limited for the year ended 30 September 2021 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Max Innovate 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 Innovate Limited and state those matters that we have agreed to state to the Board of Directors of Max Innovate Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Innovate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Max Innovate 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 Innovate Limited. You consider that Max Innovate 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 Innovate 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.

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

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

13 September 2022

 

Max Innovate Limited

(Registration number: 07221619)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

5

4,000

-

Tangible assets

6

288,575

340,062

 

292,575

340,062

Current assets

 

Stocks

7

122,000

345,000

Debtors

8

775,132

398,681

Cash at bank and in hand

 

222,020

1,200,036

 

1,119,152

1,943,717

Creditors: Amounts falling due within one year

9

(951,663)

(1,880,219)

Net current assets

 

167,489

63,498

Total assets less current liabilities

 

460,064

403,560

Creditors: Amounts falling due after more than one year

9

(220,366)

(177,230)

Provisions for liabilities

(72,598)

(55,972)

Net assets

 

167,100

170,358

Capital and reserves

 

Called up share capital

10

110

110

Profit and loss account

166,990

170,248

Shareholders' funds

 

167,100

170,358

For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Max Innovate Limited

(Registration number: 07221619)
Balance Sheet as at 30 September 2021

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.

Approved and authorised by the director on 13 September 2022
 

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

Mr Fintan Joseph McKeever
Director

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

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

The address of its registered office is:
127 Fillongley Road
Meriden
West Midlands
CV7 7LT

These financial statements were authorised for issue by the director on 13 September 2022.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

The accrual model is adopted for the recognition of grant income received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Computer equipment

3 years straight line

Motor vehicles

25% reducing balances

Plant and machinery

15% reducing balance & 20 year straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2020 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

45,430

45,789

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

4,000

4,000

At 30 September 2021

4,000

4,000

Amortisation

Carrying amount

At 30 September 2021

4,000

4,000

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2020

8,588

117,066

353,237

478,891

Additions

1,208

96,409

5,825

103,442

Disposals

-

(42,250)

(143,175)

(185,425)

At 30 September 2021

9,796

171,225

215,887

396,908

Depreciation

At 1 October 2020

3,553

37,310

97,966

138,829

Charge for the year

2,252

29,758

13,421

45,431

Eliminated on disposal

-

(22,053)

(53,874)

(75,927)

At 30 September 2021

5,805

45,015

57,513

108,333

Carrying amount

At 30 September 2021

3,991

126,210

158,374

288,575

At 30 September 2020

5,035

79,756

255,271

340,062

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

7

Stocks

2021
£

2020
£

Work in progress

-

230,000

Other inventories

122,000

115,000

122,000

345,000

8

Debtors

2021
£

2020
£

Trade debtors

518,381

309,803

Prepayments

6,734

540

Other debtors

250,017

88,338

775,132

398,681

9

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

11

128,630

59,652

Trade creditors

 

115,843

1,334,681

Taxation and social security

 

232,072

482,388

Other creditors

 

475,118

3,498

 

951,663

1,880,219

Due after one year

 

Loans and borrowings

11

220,366

177,230

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

11

220,366

177,230

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

10

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

10

10

10

10

 

110

110

110

110

11

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

175,505

131,400

Hire purchase contracts

44,861

45,830

220,366

177,230

2021
£

2020
£

Current loans and borrowings

Bank borrowings

66,669

18,600

Hire purchase contracts

61,961

41,052

128,630

59,652

12

Related party transactions

Summary of transactions with key management

2021

At 1 October 2020
£

Advances to directors
£

Repayments by directors
£

At 30 September 2021
£

50,576

84,358

(112,215)

22,719

         
       

 

2020

At 1 October 2019
£

Advances to directors
£

Repayments by directors
£

At 30 September 2020
£

12,779

144,148

(106,351)

50,576

         
       

 

The loan is interest free up to £10,000 then incurred interest at a rate of 2.25%/2% on balances in excess of £10,000.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Summary of transactions with other related parties

Powerscreen Pegson Equipment Ltd
At the balance sheet date the amount due from Powerscreen Pegson Equipment Ltd, a company under common director was £4860.50 (2020: £4860.50).
This amount is interest free, unsecured and repayable on demand.
 

13

Government grants

During the period the company received government grants in support of the ongoing pandemic Covid-19.
The amount of grants recognised in the financial statements was £74,145 (2020 - £52,900).