IRIS Accounts Production v23.3.1.45 06061523 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Defined benefit pension plans iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh060615232022-03-31060615232023-03-31060615232022-04-012023-03-31060615232021-03-31060615232021-04-012022-03-31060615232022-03-3106061523ns10:Originalns15:EnglandWales2022-04-012023-03-3106061523ns14:PoundSterlingns10:Original2022-04-012023-03-3106061523ns10:Originalns10:Director12022-04-012023-03-3106061523ns10:Original2022-04-012023-03-3106061523ns10:Original2023-03-3106061523ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3106061523ns10:Originalns10:SmallEntities2022-04-012023-03-3106061523ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3106061523ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3106061523ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3106061523ns10:Originalns10:FullAccounts2022-04-012023-03-3106061523ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2022-04-012023-03-3106061523ns10:Originalns10:Director22022-04-012023-03-3106061523ns10:Originalns10:RegisteredOffice2022-04-012023-03-3106061523ns10:Original2022-03-3106061523ns10:Originalns5:CurrentFinancialInstruments2023-03-3106061523ns10:Originalns5:CurrentFinancialInstruments2022-03-3106061523ns10:Originalns5:Non-currentFinancialInstruments2023-03-3106061523ns10:Originalns5:Non-currentFinancialInstruments2022-03-3106061523ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2023-03-3106061523ns5:TotalForAllPensionPlansExcludingMedicalOtherPlansns10:Original2022-03-3106061523ns5:ShareCapitalns10:Original2023-03-3106061523ns5:ShareCapitalns10:Original2022-03-3106061523ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3106061523ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3106061523ns10:Originalns5:LandBuildings2022-04-012023-03-3106061523ns10:Originalns5:PlantMachinery2022-04-012023-03-3106061523ns10:Original2021-04-012022-03-3106061523ns10:Originalns5:LandBuildings2022-03-3106061523ns10:Originalns5:PlantMachinery2022-03-3106061523ns10:Original2022-03-3106061523ns10:Originalns5:LandBuildings2023-03-3106061523ns10:Originalns5:PlantMachinery2023-03-3106061523ns10:Originalns5:LandBuildings2022-03-3106061523ns10:Originalns5:PlantMachinery2022-03-3106061523ns10:Originalns5:CostValuation2022-03-3106061523ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3106061523ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 06061523 (England and Wales)















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: Neil Patey-smith
Gary John Viner





REGISTERED OFFICE: Unit 11 Ro 24
Twizel Close Stonebridge
Milton Keynes
Buckinghamshire
MK13 0DX





REGISTERED NUMBER: 06061523 (England and Wales)

MAXITILE LIMITED (REGISTERED NUMBER: 06061523)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 242,523 343,687
Investments 5 460,000 460,000
702,523 803,687

CURRENT ASSETS
Stocks 122,190 119,745
Debtors 6 1,563,940 2,214,031
Cash at bank and in hand 603,439 576,245
2,289,569 2,910,021
CREDITORS
Amounts falling due within one year 7 679,436 1,442,970
NET CURRENT ASSETS 1,610,133 1,467,051
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,312,656

2,270,738

CREDITORS
Amounts falling due after more than one
year

8

(634,806

)

(887,132

)

PENSION LIABILITY (367,000 ) (573,000 )
NET ASSETS 1,310,850 810,606

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,309,850 809,606
1,310,850 810,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 January 2024 and were signed on its behalf by:





Gary John Viner - Director


MAXITILE LIMITED (REGISTERED NUMBER: 06061523)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Maxitile Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 10% on cost

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 20 (2022 - 19 ) .

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 170,504 760,470 930,974
Additions - 21,831 21,831
Disposals - (39,470 ) (39,470 )
At 31 March 2023 170,504 742,831 913,335
DEPRECIATION
At 1 April 2022 36,475 550,812 587,287
Charge for year 3,410 110,112 113,522
Eliminated on disposal - (29,997 ) (29,997 )
At 31 March 2023 39,885 630,927 670,812
NET BOOK VALUE
At 31 March 2023 130,619 111,904 242,523
At 31 March 2022 134,029 209,658 343,687

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 460,000
NET BOOK VALUE
At 31 March 2023 460,000
At 31 March 2022 460,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 642,288 1,051,309
Other debtors 921,652 1,162,722
1,563,940 2,214,031

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 188,423 133,752
Trade creditors 215,567 386,546
Taxation and social security (18,832 ) 32,912
Other creditors 294,278 889,760
679,436 1,442,970

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 466,640 651,777
Hire purchase contracts 168,166 235,355
634,806 887,132

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