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Registration number: 04134448

Maintracts Services Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2022 to 31 March 2023

 

Maintracts Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Maintracts Services Limited

Company Information

Directors

Mr O Osmore

Mr MT Osmore

Company secretary

Mrs M Osmore

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

Maintracts Services Limited

(Registration number: 04134448)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,384

40,500

Current assets

 

Stocks

5

32,084

45,004

Debtors

6

574,781

499,134

Cash at bank and in hand

 

1,650,059

1,052,551

 

2,256,924

1,596,689

Creditors: Amounts falling due within one year

7

(742,904)

(623,175)

Net current assets

 

1,514,020

973,514

Total assets less current liabilities

 

1,533,404

1,014,014

Creditors: Amounts falling due after more than one year

7

-

(2,265)

Net assets

 

1,533,404

1,011,749

Capital and reserves

 

Called up share capital

8

130

130

Retained earnings

1,533,274

1,011,619

Shareholders' funds

 

1,533,404

1,011,749

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2023 and signed on its behalf by:
 

 

Maintracts Services Limited

(Registration number: 04134448)
Balance Sheet as at 31 March 2023

.........................................
Mr MT Osmore
Director

 

Maintracts Services Limited

Statement of Changes in Equity for the Period from 1 February 2022 to 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

130

1,011,619

1,011,749

Profit for the period

-

841,655

841,655

Dividends

-

(320,000)

(320,000)

At 31 March 2023

130

1,533,274

1,533,404

Share capital
£

Profit and loss account
£

Total
£

At 1 February 2021

130

481,836

481,966

Profit for the period

-

657,983

657,983

Total comprehensive income

-

657,983

657,983

Dividends

-

(128,200)

(128,200)

At 31 January 2022

130

1,011,619

1,011,749

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

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:
320 Garratt Lane
London
SW18 4EJ

These financial statements were authorised for issue by the Board on 23 August 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

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

Motor Vehicles

25% on Cost

Fixtures and Fittings

25% on Cost

Computer Equipment

33% on Cost

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.

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.

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

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.

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.

Employee Benefit Trust

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

During the year the Company made a contribution into The Maintracts Services Limited 2018 Employee Benefit Trust ("The Scheme") for the benefit of its officers, employees and their wider families.

In accordance with UITF abstract 32 "Employee Benefit Trusts and other intermediate payment arrangements" the Company does not include the assets and liabilities of The Scheme on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of The Scheme and will not have control of the rights or other access to those present economic benefits.

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 10 (2022 - 9).

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

12,036

344,085

356,121

Disposals

-

(40,449)

(40,449)

At 31 March 2023

12,036

303,636

315,672

Depreciation

At 1 February 2022

12,036

303,585

315,621

Charge for the period

-

21,116

21,116

Eliminated on disposal

-

(40,449)

(40,449)

At 31 March 2023

12,036

284,252

296,288

Carrying amount

At 31 March 2023

-

19,384

19,384

At 31 January 2022

-

40,500

40,500

5

Stocks

2023
£

2022
£

Other inventories

32,084

45,004

6

Debtors

Current

2023
£

2022
£

Trade debtors

310,052

245,587

Other debtors

264,729

253,547

 

574,781

499,134

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

16,513

Trade creditors

 

36,785

41,297

Taxation and social security

 

499,295

329,443

Other creditors

 

206,824

235,922

 

742,904

623,175

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

130

130

130

130

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

2,265

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

-

16,513

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Maintracts Services Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

2023
£

2022
£

Not later than one year

26,618

-

Later than one year and not later than five years

56,962

-

83,580

-

The amount of non-cancellable operating lease payments recognised as an expense during the period was £43,319 (2022 - £Nil).

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,461.5385 (2022 - £986.1538) per ordinary share

 

320,000

 

128,200

         

12

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

At 31 March 2023
£

Mr MT Osmore

Loan to Director

-

105,000

105,000

       
     

Mr O Osmore

Loan to Director

50,942

-

50,942

       
     

 

2022

At 1 February 2021
£

Advances to director
£

At 31 January 2022
£

Mr O Osmore

Loan to Director

-

50,942

50,942

       
     

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

67,005

19,115

Contributions paid to directors pension scheme

80,000

80,000

147,005

99,115