Company Registration No. 09084664 (England and Wales)
Maxton Design Ltd
Unaudited accounts
for the year ended 30 June 2023
Maxton Design Ltd
Unaudited accounts
Contents
Maxton Design Ltd
Company Information
for the year ended 30 June 2023
Director
Dariusz Ratusznik
Company Number
09084664 (England and Wales)
Registered Office
Maxton Design Ltd
7 Gilhusum Road
Gildersome
Leeds
LS27 7FN
Accountants
Sleek Accounting Ltd
107 Kirkgate
Leeds
West Yorkshire
LS1 6DP
Maxton Design Ltd
Statement of financial position
as at 30 June 2023
Tangible assets
983,459
827,667
Inventories
482,142
458,161
Cash at bank and in hand
5,099,960
3,546,495
Creditors: amounts falling due within one year
(2,421,646)
(915,403)
Net current assets
3,443,056
3,221,772
Total assets less current liabilities
4,426,515
4,049,439
Provisions for liabilities
Deferred tax
(21,766)
(24,956)
Net assets
4,404,749
4,024,483
Called up share capital
1
1
Profit and loss account
4,404,748
4,024,482
Shareholders' funds
4,404,749
4,024,483
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 November 2023 and were signed on its behalf by
Dariusz Ratusznik
Director
Company Registration No. 09084664
Maxton Design Ltd
Notes to the Accounts
for the year ended 30 June 2023
Maxton Design Ltd is a private company, limited by shares, registered in England and Wales, registration number 09084664. The registered office is Maxton Design Ltd, 7 Gilhusum Road, Gildersome, Leeds, LS27 7FN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% straight line
Motor vehicles
25% straight line
Computer equipment
25% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Maxton Design Ltd
Notes to the Accounts
for the year ended 30 June 2023
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
696,318
111,332
173,024
980,674
Additions
-
191,812
38,149
229,961
Disposals
-
(42,338)
-
(42,338)
At 30 June 2023
696,318
260,806
211,173
1,168,297
At 1 July 2022
-
60,952
92,055
153,007
Charge for the year
-
35,000
33,502
68,502
On disposals
-
(36,671)
-
(36,671)
At 30 June 2023
-
59,281
125,557
184,838
At 30 June 2023
696,318
201,525
85,616
983,459
At 30 June 2022
696,318
50,380
80,969
827,667
Amounts falling due within one year
Accrued income and prepayments
43,237
27,611
Other debtors
146,797
104,341
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
220,347
139,668
Amounts owed to group undertakings and other participating interests
1,500,000
-
Taxes and social security
245,735
461,100
Loans from directors
240
-
Maxton Design Ltd
Notes to the Accounts
for the year ended 30 June 2023
7
Deferred taxation
2023
2022
Accelerated capital allowances
21,766
24,956
Provision at start of year
24,956
11,811
(Credited)/charged to the profit and loss account
(3,190)
13,145
Provision at end of year
21,766
24,956
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Operating lease commitments
2023
2022
At 30 June 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
3,141
10
Transactions with related parties
Maxton Design UK Holdings Limited
At the balance sheet date, the company owed £1,500,000 (2022: £0) to Maxton Design UK Holdings Limited.
Maxton Design Limited is a wholly owned subsidiary of Maxton Design UK Holding Ltd, a company registered in England and Wales.
The registered office of the Holding Company is 7 Gilhusum Road, Gildersome, Leeds, United Kingdom, LS27 7FN
12
Average number of employees
During the year the average number of employees was 21 (2022: 20).