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REGISTERED NUMBER: NI014292 (Northern Ireland)














Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 July 2023

for

THOMAS MAXWELL & SONS LIMITED

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


THOMAS MAXWELL & SONS LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Thomas Maxwell
Terence Maxwell





SECRETARY: Mrs D Maxwell





REGISTERED OFFICE: 53 Largy Road
Crumlin
Co. Antrim
BT29 4RW





REGISTERED NUMBER: NI014292 (Northern Ireland)





AUDITORS: M.B.McGrady & Co
Chartered Accountants
Statutory Auditors
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Strategic Report
FOR THE YEAR ENDED 31 JULY 2023


The directors present their strategic report for the year ended 31 July 2023.

REVIEW OF BUSINESS
The directors are pleased with the financial performance for the year.

Turnover for the year amounted to £8,165,937 compared to £8,253,218 for the previous year. The directors believe that there are opportunities for additional growth going forward as they continue to expand the business.

Profit before tax amounted to £527,740 (2022 - £212,771). The trading results and the period end financial position were considered satisfactory.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs


2023 2022

(Decrease)/Increase in turnover (1% ) 8%

Operating Profit as a % of sales 6.7% 1.5%


THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Strategic Report
FOR THE YEAR ENDED 31 JULY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy is subject to a number of risks which are continually identified and reviewed. The key business risks and uncertainties affecting the company are considered to relate to;

Staffing
Attracting and retaining talented people. The company offers market-leading rewards designed to ensure that talented people are recruited and retained.

Retaining and building key client relationships
The company continues to focus on providing quality services to meet our clients needs and we actively seek to build new client relationships and develop our service offering.

Credit risk
The company has no significant concentration of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually monitored.

Currency risk
The majority of the company's revenues and expenses are denominated in sterling and thus the company has limited exposure to foreign exchange risk in the normal course of business.

Liquidity and cash flow risk
The company's policy is to ensure that sufficient resources are available to ensure that all obligations are met as they fall due.

ON BEHALF OF THE BOARD:




Thomas Maxwell - Director


5 March 2024

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Report of the Directors
FOR THE YEAR ENDED 31 JULY 2023


The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is provision of freight distribution and haulage services.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 will be £ 9,758 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

Thomas Maxwell
Terence Maxwell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Report of the Directors
FOR THE YEAR ENDED 31 JULY 2023


AUDITORS
The auditors, M.B.McGrady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Terence Maxwell - Director


5 March 2024

Report of the Independent Auditors to the Members of
Thomas Maxwell & Sons Limited


Opinion
We have audited the financial statements of Thomas Maxwell & Sons Limited (the 'company') for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Thomas Maxwell & Sons Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Thomas Maxwell & Sons Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which our audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assessing and detecting irregularities such as fraud and non-compliance with laws and regulations we considered the following:

- the matters discussed among the audit engagement team and any other relevant professionals regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
- the nature of the industry and any laws and regulations applicable to the company and the industry;
- the company's own assessment of the risk of fraud and other irregularities;
- company's policies and procedures in relation to:

- how they identify and comply with all relevant laws and regulations and whether they are aware of any non-compliance
- how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud;
- control environment within the company and how this mitigates risks of fraud and instances of non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to asset valuations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

In response to the risk of material misstatement through irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge and experience of the sector;
- ensuring the audit was carried out with a level of professional scepticism;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management concerns of actual and potential litigation and claims;
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with relevant laws and regulations;
- reviewing correspondence with HMRC and other relevant regulators and the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:


Report of the Independent Auditors to the Members of
Thomas Maxwell & Sons Limited

- examine paid cheques and verification of the existence of employees;
- perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtain an understanding of provisions eg stock valuation and recoverability of debtors;
- test the appropriateness of journal entries and other adjustments
- assess whether the judgements made in making accounting estimates are indicative of a potential bias and
- evaluate the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Conaill McGrady (Senior Statutory Auditor)
for and on behalf of M.B.McGrady & Co
Chartered Accountants
Statutory Auditors
Suite 2B
Cadogan House
322 Lisburn Road
Belfast
Co. Antrim
BT9 6GH

5 March 2024

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Income Statement
FOR THE YEAR ENDED 31 JULY 2023

31/7/23 31/7/22
Notes £    £   

TURNOVER 8,165,937 8,253,218

Distribution costs (5,954,688 ) (6,394,139 )
Administrative expenses (1,908,223 ) (1,892,868 )
303,026 (33,789 )

Other operating income 3 241,349 254,867
OPERATING PROFIT 5 544,375 221,078


Interest payable and similar expenses 6 (16,635 ) (8,307 )
PROFIT BEFORE TAXATION 527,740 212,771

Tax on profit 7 (239,861 ) (117,587 )
PROFIT FOR THE FINANCIAL YEAR 287,879 95,184

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Other Comprehensive Income
FOR THE YEAR ENDED 31 JULY 2023

31/7/23 31/7/22
Notes £    £   

PROFIT FOR THE YEAR 287,879 95,184


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

287,879

95,184

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Balance Sheet
31 JULY 2023

31/7/23 31/7/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 4,501,514 3,918,055

CURRENT ASSETS
Stocks 10 19,249 32,200
Debtors 11 1,068,270 1,341,559
Cash at bank and in hand 1,672,112 1,781,272
2,759,631 3,155,031
CREDITORS
Amounts falling due within one year 12 1,090,332 1,249,282
NET CURRENT ASSETS 1,669,299 1,905,749
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,170,813

5,823,804

CREDITORS
Amounts falling due after more than one
year

13

(215,221

)

(386,194

)

PROVISIONS FOR LIABILITIES 16 (586,060 ) (346,199 )
NET ASSETS 5,369,532 5,091,411

CAPITAL AND RESERVES
Called up share capital 17 7,777 7,777
Retained earnings 18 5,361,755 5,083,634
SHAREHOLDERS' FUNDS 5,369,532 5,091,411

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:




Thomas Maxwell - Director



Terence Maxwell - Director


THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 JULY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 7,777 4,988,450 4,996,227

Changes in equity
Total comprehensive income - 95,184 95,184
Balance at 31 July 2022 7,777 5,083,634 5,091,411

Changes in equity
Dividends - (9,758 ) (9,758 )
Total comprehensive income - 287,879 287,879
Balance at 31 July 2023 7,777 5,361,755 5,369,532

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Cash Flow Statement
FOR THE YEAR ENDED 31 JULY 2023

31/7/23 31/7/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,409,791 1,124,604
Interest paid (10,647 ) (6,810 )
Interest element of hire purchase
payments paid

(5,988

)

(1,497

)
Tax paid - 107,182
Net cash from operating activities 1,393,156 1,223,479

Cash flows from investing activities
Purchase of tangible fixed assets (1,359,910 ) (1,164,808 )
Sale of tangible fixed assets 27,600 142,330
Net cash from investing activities (1,332,310 ) (1,022,478 )

Cash flows from financing activities
Loan repayments in year (64,248 ) (55,522 )
Capital repayments in year (100,000 ) 275,000
Amount introduced by directors 4,000 -
Equity dividends paid (9,758 ) -
Net cash from financing activities (170,006 ) 219,478

(Decrease)/increase in cash and cash equivalents (109,160 ) 420,479
Cash and cash equivalents at beginning
of year

2

1,781,272

1,360,793

Cash and cash equivalents at end of
year

2

1,672,112

1,781,272

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 JULY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31/7/23 31/7/22
£    £   
Profit before taxation 527,740 212,771
Depreciation charges 766,134 676,321
Profit on disposal of fixed assets (17,283 ) (136,815 )
Finance costs 16,635 8,307
1,293,226 760,584
Decrease/(increase) in stocks 12,951 (25,050 )
Decrease in trade and other debtors 273,289 89,179
(Decrease)/increase in trade and other creditors (169,675 ) 299,891
Cash generated from operations 1,409,791 1,124,604

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 1,672,112 1,781,272
Year ended 31 July 2022
31/7/22 1/8/21
£    £   
Cash and cash equivalents 1,781,272 1,360,793


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/22 Cash flow At 31/7/23
£    £    £   
Net cash
Cash at bank and in hand 1,781,272 (109,160 ) 1,672,112
1,781,272 (109,160 ) 1,672,112
Debt
Finance leases (275,000 ) 100,000 (175,000 )
Debts falling due within 1 year (55,522 ) (6,725 ) (62,247 )
Debts falling due after 1 year (211,194 ) 70,973 (140,221 )
(541,716 ) 164,248 (377,468 )
Total 1,239,556 55,088 1,294,644

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Thomas Maxwell & Sons Limited is a private company, limited by shares , registered in Northern Ireland. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements:

Going concern
The directors have prepared budgets for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Impairment of Trade Debtors
Some debts may not be paid due to the default of customer. The company uses estimates based on historical experience and current information in determining the level of debtors for which an impairment charge is required. The level of impairment is reviewed on an ongoing basis. The total value of trade debtors is £985,071 (2022 £1,264,344)

Useful Lives of Tangible Fixed Assets
Long-life assets comprising primarily of long leasehold, plant and machinery represent a significant portion of total assets. The annual depreciation charges depend primarily on the estimated useful lives of each type of asset. The directors review the useful life of assets regularly and change them if necessary to reflect current market conditions. In determining these useful lives, management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the expected useful life of assets can have a significant impact on the depreciation charges for the financial year. The net book value of Tangible Fixed Assets subject to depreciation in the financial year was £4,501,514 (2022 £3,918,055)

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.The company recognises revenue when it can be reliably measured, it is probable that economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assest are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset ClassDepreciation method and rate

Freehold propertyStraight line over 40 years
Plant and machinery10% reducing balance
Motor vehicles20% reducing balance
Other vehiclesStraight line over 6 years
Trailers20% reducing balance

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.

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 year 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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

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 Profit and Loss Account 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.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. OTHER OPERATING INCOME
31/7/23 31/7/22
£    £   
Rents received 231,820 242,769
Sundry receipts 2,680 12,032
Bank Interest Receivable 6,849 66
241,349 254,867

4. EMPLOYEES AND DIRECTORS
31/7/23 31/7/22
£    £   
Wages and salaries 1,918,779 2,125,136
Social security costs 199,634 229,892
Other pension costs 37,664 35,766
2,156,077 2,390,794

The average number of employees during the year was as follows:
31/7/23 31/7/22

Administration and support 10 10
Distribution 30 30
Other departments 11 11
51 51

31/7/23 31/7/22
£    £   
Directors' remuneration 177,904 437,408

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/7/23 31/7/22
£    £   
Depreciation - owned assets 766,134 676,321
Profit on disposal of fixed assets (17,283 ) (136,815 )
Auditors' remuneration 6,000 6,000
Foreign exchange differences 1,480 (5,580 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/7/23 31/7/22
£    £   
Bank loan interest 10,647 6,810
Hire purchase 5,988 1,497
16,635 8,307

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/7/23 31/7/22
£    £   
Deferred tax 239,861 117,587
Tax on profit 239,861 117,587

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/7/23 31/7/22
£    £   
Profit before tax 527,740 212,771
Profit multiplied by the standard rate of corporation tax in the UK of
21% (2022 - 19%)

110,825

40,426

Effects of:
Expenses not deductible for tax purposes (3,284 ) -
Capital allowances in excess of depreciation (82,611 ) -
Depreciation in excess of capital allowances - 5,713
Utilisation of tax losses (24,930 ) (46,139 )
Timing differences 239,861 117,587
Total tax charge 239,861 117,587

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


8. DIVIDENDS
31/7/23 31/7/22
£    £   
Final 9,758 -

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2022 2,865,473 430,585 5,570,156 8,866,214
Additions 231,899 27,846 1,100,165 1,359,910
Disposals - - (42,305 ) (42,305 )
At 31 July 2023 3,097,372 458,431 6,628,016 10,183,819
DEPRECIATION
At 1 August 2022 1,282,391 235,906 3,429,862 4,948,159
Charge for year 77,434 22,101 666,599 766,134
Eliminated on disposal - - (31,988 ) (31,988 )
At 31 July 2023 1,359,825 258,007 4,064,473 5,682,305
NET BOOK VALUE
At 31 July 2023 1,737,547 200,424 2,563,543 4,501,514
At 31 July 2022 1,583,082 194,679 2,140,294 3,918,055

Hire Purchase Agreements

Included in the net book value of £4,501,514 is £352,013 (2022: £502,997) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets is £150,984.

10. STOCKS
31/7/23 31/7/22
£    £   
Raw materials 19,249 32,200

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade debtors 985,071 1,264,344
Provision for bad debts (11,778 ) (11,778 )
Other debtors 34,353 33,005
Prepayments and accrued income 60,624 55,988
1,068,270 1,341,559

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans and overdrafts (see note 14) 62,247 55,522
Hire purchase contracts (see note 15) 100,000 100,000
Trade creditors 642,694 632,265
Social security and other taxes 40,031 193,226
VAT 116,084 146,708
Other creditors 5,758 -
Pensions contributions unpaid 7,603 11,280
Directors' current accounts 4,794 794
Accruals and deferred income 111,121 109,487
1,090,332 1,249,282

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans (see note 14) 140,221 211,194
Hire purchase contracts (see note 15) 75,000 175,000
215,221 386,194

14. LOANS

An analysis of the maturity of loans is given below:

31/7/23 31/7/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 62,247 55,522

Amounts falling due between one and two years:
Bank loans - 1-2 years 62,247 55,522

Amounts falling due between two and five years:
Bank loans - 2-5 years 77,974 155,672

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/7/23 31/7/22
£    £   
Net obligations repayable:
Within one year 100,000 100,000
Between one and five years 75,000 175,000
175,000 275,000

THOMAS MAXWELL & SONS LIMITED (REGISTERED NUMBER: NI014292)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


16. PROVISIONS FOR LIABILITIES
31/7/23 31/7/22
£    £   
Deferred tax 586,060 346,199

Deferred
tax
£   
Balance at 1 August 2022 346,199
Provided during year 239,861
Balance at 31 July 2023 586,060

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/7/23 31/7/22
value: £    £   
7,777 Ordinary £1 7,777 7,777

18. RESERVES
Retained
earnings
£   

At 1 August 2022 5,083,634
Profit for the year 287,879
Dividends (9,758 )
At 31 July 2023 5,361,755

19. SECURED ASSETS

On 3 May 2012 an all monies floating charge was registered by Northern Bank against all present and future assets of the company to include book debts.