Registration number:
Max Innovate Limited
for the Year Ended 30 September 2021
Max Innovate Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Max Innovate Limited
Company Information
Director |
Mr Fintan Joseph McKeever |
Registered office |
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Accountants |
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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:
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
.........................................
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.
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Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
Max Innovate Limited
(Registration number: 07221619)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
110 |
110 |
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Profit and loss account |
166,990 |
170,248 |
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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:
• |
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• |
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
Max Innovate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2021 |
2020 |
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Depreciation expense |
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Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 September 2021 |
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Amortisation |
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Carrying amount |
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At 30 September 2021 |
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Max Innovate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2020 |
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Additions |
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Disposals |
- |
( |
( |
( |
At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Max Innovate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Stocks |
2021 |
2020 |
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Work in progress |
- |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Max Innovate Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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10 |
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10 |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Related party transactions |
Summary of transactions with key management
2021 |
At 1 October 2020 |
Advances to directors |
Repayments by directors |
At 30 September 2021 |
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( |
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2020 |
At 1 October 2019 |
Advances to directors |
Repayments by directors |
At 30 September 2020 |
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( |
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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.
Government grants |
The amount of grants recognised in the financial statements was £