REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 17 December 2021 to 31 December 2022 |
for |
Maxika Homes (Eastbourne) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 17 December 2021 to 31 December 2022 |
for |
Maxika Homes (Eastbourne) Limited |
Maxika Homes (Eastbourne) Limited (Registered number: 13806481) |
Contents of the Financial Statements |
for the Period 17 December 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Maxika Homes (Eastbourne) Limited |
Company Information |
for the Period 17 December 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Business Advisors |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Maxika Homes (Eastbourne) Limited (Registered number: 13806481) |
Balance Sheet |
31 December 2022 |
Notes | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) |
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. |
Maxika Homes (Eastbourne) Limited (Registered number: 13806481) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Maxika Homes (Eastbourne) Limited (Registered number: 13806481) |
Notes to the Financial Statements |
for the Period 17 December 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Maxika Homes (Eastbourne) Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the company's directors and shareholders. If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts and to reclassify fixed assets as current assets. |
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 period 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
Maxika Homes (Eastbourne) Limited (Registered number: 13806481) |
Notes to the Financial Statements - continued |
for the Period 17 December 2021 to 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Other loans | 1,250,000 |
Included in other loans is the sum of £1,250,000 secured by a legal charge on the land and buildings held as stock in the books of the company. |
9. | CONTINGENT LIABILITIES |
The company entered into two net profit arrangements as part of the loan agreements signed to secure funding for the purchase and development of land and buildings stock. These arrangements will result in paying out up to 60% of the net profit element on the development project after adjustments for certain finance and trading costs. As this commitment is dependent on events yet to happen it is not possible to reliably estimate the value and therefore no provision is made in these financial statements. The directors believe that the final amount could range between £80,000 and £150,000. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet the company owed £115,210 to a company under common control. |