REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MAXITILE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MAXITILE LIMITED |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MAXITILE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
BALANCE SHEET |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PENSION LIABILITY | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
BALANCE SHEET - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Maxitile Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
Pensions |
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. |
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. |
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
MAXITILE LIMITED (REGISTERED NUMBER: 06061523) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 108,118 | 214,381 |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £57,000 (2022 - £68,000) were paid to the directors . |
Last year (31.03.2022) the dividends issued to Directors are £68,000. |
10. | PENSION PROVISION |
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £367,000 (2022 - £573,000) was on 31/03/2023. During the year the expense incurred was £16,000 (2022 - £12,000). |
The principal assumptions used are: |
Discount rate - 4.6% |
Inflation RPI - 3.3% |
Inflation CPI - 2.5% |
Pre and Post Retirement mortality - S2/3PA/S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1%. |
2023 2022 |
Present value of defined benefits obligations £367,000 £573,000 |
Fair value of scheme assets £0 £0 |
Liability recognised in the balance sheet £367,000 £573,000 |
Movements in the present value of the defined benefit obligations were as follows:- |
2023 |
At the beginning of the year £573,000 |
Interest cost £16,000 |
Actuarial (gain) (£222,000) |
At the end of the year £367,000 |