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Registration number: 00791435

Maxview Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Maxview Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Maxview Ltd

Company Information

Director

Mr AR Clark

Company secretary

Mrs SA Clark

Registered office

Maxview Works
Garage Lane
Setchey
King's Lynn, Norfolk
PE33 0AT

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Maxview Ltd

(Registration number: 00791435)
Statement of financial position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

797,300

821,981

Other financial assets

6

27,778

27,778

 

825,078

849,759

Current assets

 

Stocks

7

1,815,429

1,750,876

Debtors

8

629,767

587,671

Cash at bank and in hand

 

382,689

479,030

 

2,827,885

2,817,577

Creditors: Amounts falling due within one year

9

(537,784)

(631,466)

Net current assets

 

2,290,101

2,186,111

Total assets less current liabilities

 

3,115,179

3,035,870

Creditors: Amounts falling due after more than one year

9

(31,073)

(23,865)

Provisions for liabilities

(50,553)

(39,724)

Net assets

 

3,033,553

2,972,281

Capital and reserves

 

Called up share capital

10

280,449

280,449

Capital redemption reserve

220,449

220,449

Revaluation reserve

196,894

196,894

Retained earnings

2,335,761

2,274,489

Shareholders' funds

 

3,033,553

2,972,281

For the financial year ending 30 June 2023 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 director has not delivered to the registrar a copy of the Statement of comprehensive income.

 

Maxview Ltd

(Registration number: 00791435)
Statement of financial position as at 30 June 2023

Approved and authorised by the director on 10 October 2023
 

.........................................
Mr AR Clark
Director

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Maxview Works
Garage Lane
Setchey
King's Lynn, Norfolk
PE33 0AT

These financial statements were authorised for issue by the director on 10 October 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 statement of financial position 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

Freehold Property

2% Straight line

Long Leasehold Property

2% Straight line

Plant and Machinery

15% Reducing Balance

Fixtures and Fittings

15-20% Straight line

Motor Vehicles

25% 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.

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

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

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.

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2022 - 21).

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

92,490

74,921

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 July 2022

432,695

586,557

295,820

672,690

Additions

-

14,415

17,836

42,391

Disposals

-

-

(26,310)

(17,995)

At 30 June 2023

432,695

600,972

287,346

697,086

Depreciation

At 1 July 2022

48,904

329,036

247,789

586,700

Charge for the year

8,654

12,019

12,423

43,453

Eliminated on disposal

-

-

(26,309)

(11,164)

At 30 June 2023

57,558

341,055

233,903

618,989

Carrying amount

At 30 June 2023

375,137

259,917

53,443

78,097

At 30 June 2022

383,791

257,521

48,031

85,990

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

128,488

2,116,250

Additions

-

74,642

Disposals

-

(44,305)

At 30 June 2023

128,488

2,146,587

Depreciation

At 1 July 2022

81,840

1,294,269

Charge for the year

15,942

92,491

Eliminated on disposal

-

(37,473)

At 30 June 2023

97,782

1,349,287

Carrying amount

At 30 June 2023

30,706

797,300

At 30 June 2022

46,648

821,981

Included within the net book value of land and buildings above is £375,137 (2022 - £383,791) in respect of freehold land and buildings and £259,916 (2022 - £257,521) in respect of long leasehold land and buildings.
 

Obligations under hire purchase agreements

Included within the carrying value of tangible assets are the following amounts relating to assets held under hire purchase agreements:
Motor Vehicles: £26,095
Fixtures & Fittings £14,317
Plant & Machinery £19,888
 

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

27,778

27,778

At 30 June 2023

27,778

27,778

Impairment

Carrying amount

At 30 June 2023

27,778

27,778

7

Stocks

2023
£

2022
£

Raw materials and consumables

523,139

445,519

Work in progress

271

7,652

Finished goods and goods for resale

1,292,019

1,297,705

1,815,429

1,750,876

8

Debtors

Current

2023
£

2022
£

Trade debtors

469,817

432,474

Prepayments

28,834

24,315

Other debtors

131,116

130,882

 

629,767

587,671

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

247,591

282,505

trade creditors

 

120,632

143,109

Taxation and social security

 

87,227

55,066

Accruals and deferred income

 

51,659

48,739

Other creditors

 

5,394

59,930

Tax liability

 

25,281

42,117

 

537,784

631,466

Creditors include bank loans which are secured of £224,527 (2022 - £264,517) and net obligations under hire purchase contracts which are secured of £23,064 (2022 - £17,988).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

31,073

23,865

Creditors include net obligations under hire purchase contracts which are secured of £31,073 (2022 - £23,865).

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

252,000

252,000

252,000

252,000

Ordinary B of £0.05 each

6,484

324

6,484

324

Ordinary C of £1 each

28,000

28,000

28,000

28,000

Ordinary D of £0.05 each

2,500

125

2,500

125

 

288,984

280,449

288,984

280,449

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

11

Dividends

In the financial year the company paid a total of £95,051 of dividends to its shareholders (2022 £123,051)

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

12

Related party transactions

 

Maxview Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Summary of transactions with other related parties

Maxview Vertriebs GmbH
 Mr A Clark is a director and shareholder of the company
 

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

1,040,351

Amounts receivable from related party

260,437

2022

Other related parties
£

Sale of goods

1,300,542

Amounts receivable from related party

224,314