Registration number:
for the Year Ended 31 August 2023
Maxam UK Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Comprehensive Income |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Maxam UK Limited
Company Information
Directors |
Inigo Federico Presmanes Martinez Juan Carlos Garcia Lujan |
Registered office |
|
Auditors |
|
Maxam UK Limited
Directors' Report for the Year Ended 31 August 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors have taken exemption under this regime not to disclose the strategic report.
Directors' of the company
The directors, who held office during the year, were as follows:
Principal activity
The principal activity of the company is manufacture and sale of explosive materials for quarrying purposes
Business review
The company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
EBITDA |
£ |
273,864 |
175,220 |
Gross margin |
% |
23 |
24 |
Net margin |
% |
4 |
7 |
Future developments
The company has returned to pre pandemic levels of both turnover and activity. The directors remain confident that the company will continue to trade profitable during the coming year and are confident that they can fulfill customer's expectations and look forward to another challenging but successful year.
Going concern
It is the duty of the directors to consider the appropriateness of the going concern basis of preparation for these financial statements and, in the current climate of general economic uncertainty, the aspect of the business review is more important.
The company is self-funded, relying on good cash management. Taking into account forecast levels of working capital, capital expenditure and profitability, this level of funding will be sufficient to support normal trading operations.
As at 31st August 2023, the company had net current assets of £576,543, net assets of £753,959 and the cash at bank stands at £190,378 in hand.
Having considered the above and produced trading forecasts the directors are satisfied that Maxam UK Limited will continue to operate as a going concern into the foreseeable future, including the next 12 months from the date of this report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Maxam UK Limited
Directors' Report for the Year Ended 31 August 2023
Reappointment of auditors
The auditors Walker Hubble are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
......................................... |
Maxam UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101').
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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable United Kingdom Accounting Standards, including FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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.
Maxam UK Limited
Independent Auditor's Report to the Members of Maxam UK Limited
Opinion
We have audited the financial statements of Maxam UK Limited (the 'company') for the year ended 31 August 2023, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework', in accordance with the provisions applicable to companies subject to the small companies regime.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 August 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 auditor 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 original financial statements were 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Maxam UK Limited
Independent Auditor's Report to the Members of Maxam UK Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the [set out on page 4], 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 is 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.
Maxam UK Limited
Independent Auditor's Report to the Members of Maxam UK Limited
Auditor 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 an auditor’s report 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:
Identify and assess the risks of material misstatement of the financial statements, which due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors:
Conclude on the appropriateness of the directors' use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosure are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that acheives fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Maxam UK Limited
Independent Auditor's Report to the Members of Maxam UK Limited
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 an auditor’s report 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.
......................................
For and on behalf of
5 Parsons Street
West Midlands
DY1 1JJ
Maxam UK Limited
Income Statement for the Year Ended 31 August 2023
Note |
1 September 2022 |
1 April 2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(43,537) |
(13,302) |
||
Profit before tax |
|
|
|
Profit for the year |
|
|
The above results were derived from continuing operations.
Maxam UK Limited
Statement of Comprehensive Income for the
Year Ended 31 August 2023
1 September 2022 |
1 April 2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Maxam UK Limited
(Registration number: 05440714)
Statement of Financial Position as at 31 August 2023
Note |
31 August |
31 August |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Trade and Other Receivables |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,748,581 |
3,748,581 |
|
Retained earnings |
(2,994,622) |
(3,204,225) |
|
Shareholders' funds |
753,959 |
544,356 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
......................................... |
Maxam UK Limited
Statement of Changes in Equity for the Year Ended 31 August 2023
Share capital |
Retained earnings |
Total |
|
At 1 September 2022 |
|
( |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 August 2023 |
|
( |
|
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
( |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 August 2022 |
3,748,581 |
(3,204,225) |
544,356 |
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated and domiciled in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
The functional and presentation currency is £Sterling.
Summary of disclosure exemptions
In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company.
Going concern
After making enquiries the directors are satisfied that Maxam UK Limited will continue to operate as a going concern into the foreseeable future, including the next 12 months from the date of signing the financial statements.
The company is self funded, relying on good cash management. Taking into account forecast levels of working capital, capital expenditure and profitability, this level of funding will be sufficient to support normal trading operations.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Revenue recognition
Recognition
The company earns revenue from the sale of expertise and explosives to the quarrying and demolition industries and from the manufacture and sale of manufacture of explosives. Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
This revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers. The company also earns revenue from the provision of services relating to provision of specialist expertise in tunnelling, quarrying and demolition.. This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
Foreign currency transactions and balances
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (''the financial currency'). The financial statements are presented in 'Pounds Sterling' (£) which is the company's functional currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the year-end exchange rate of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. All other foreign exchange gains and losses are presented in the income statement and are taken into account in arriving at the operating profit.
Tax
The tax expense 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 shareholders funds. In this case the tax is not recognised in other comprehensive income or directly in shareholders' funds, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company operates and generates taxable income. Management periodically evaluate positions taken in tax returns with respect to situations in which applicable legislation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Deferred income tax is recognised on temporary differences arising between tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted on the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and where the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.
Tangible assets
Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of Tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
5%-33% straight line dependant on life of asset |
Fixtures and fittings |
5%-33% straight line dependant on life of asset |
Motor vehicles |
5%-33% straight line dependant on life of asset |
Computer equipment |
5%-33% straight line dependant on life of asset |
Intangible assets
Intangible assets are stated at fair value of the cost at acquisition date less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Software |
over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Trade Receivables
Trade Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials the first in, first out (FIFO) method is used. Net realisable value is the price at which the stocks can be sold in the normal course of the business, after allowing for the costs of realisation. Stocks are regularly reviewed for slow moving, obsolete and defective stock and, where necessary, provision has been made.
Trade Creditors
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material.
Share capital
Ordinary shares are classified as equity. The company does not have any preference shares.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid to publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Financial instruments
Classification
Loans and receivables (including trade receivables) are primarily financial assets with fixed or determinable payments that are not traded in an active market. Loans and receivables are reported in the statement of financial position under current assets. Initial measurement takes place at fair value plus transaction costs. They are subsequently measured at amortised cost, using the effective interest method. Valuation allowances are provided for identifiable individual risks. If a loss of a certain part of the receivable is probable, valuation allowances are provided to cover the expected loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the company has transferred substantially all risks and rewards of ownership.
Financial liabilities (including trade payables and borrowings) are measured at amortised cost, using the effective interest method. Initial measurement takes place at fair value net of transaction costs incurred. In subsequent periods the amortisation and accretion of any premium or discount is included in finance costs/income.
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Inventory provisioning
The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.See the inventory note for the net carrying amount of the inventory and associated provision.
Impairment of trade receivables
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including credit rating of the receivable, the ageing profile of receivables and historic experience. See the trade and other receivables note for the net carrying amount of the receivables and associated impairment provisions.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
1 September 2022 |
1 April 2022 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
1 September 2022 |
1 April 2022 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
1 September 2022 |
1 April 2022 |
|
Miscellaneous other operating income |
|
|
Operating profit |
Arrived at after charging/(crediting)
1 September 2022 |
1 April 2022 |
|
Depreciation expense |
|
|
Inventory recognised as an expense |
|
|
Operating lease expense - property |
|
|
Operating lease expense - vehicles |
|
|
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Interest receivable and similar income |
1 September 2022 |
1 April 2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
1 September 2022 |
1 April 2022 |
|
Interest expense on other financing liabilities |
11,873 |
(266) |
Foreign exchange gains or losses |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
1 September 2022 |
1 April 2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
1 September 2022 |
1 April 2022 |
|
Production |
|
|
Administration and support |
|
|
|
|
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Auditors' remuneration |
1 September 2022 |
1 April 2022 |
|
Audit of the financial statements |
|
|
Income tax |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 21.51% (2022 - 19%).
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Increase from effect of revenues exempt from taxation |
( |
- |
Increase from effect of expenses not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from utilisation of tax losses |
- |
|
Increase from tax losses for which no deferred tax asset was recognised |
( |
( |
Total tax charge/(credit) |
- |
- |
Deferred tax
No deferred tax is recognised on the historic losses due to the uncertainty of sufficient profits being available for offset in future years (31/8/2022: £nil). The company has gross deferred tax losses of £1,579,669 (31/8/2022: £1,535,544).
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Other Tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 September 2022 |
|
|
|
|
|
Additions |
|
|
|
- |
|
At 31 August 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 September 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 August 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 August 2023 |
|
|
|
|
|
At 31 August 2022 |
- |
|
|
|
|
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Intangible assets |
Software |
Total |
|
Cost or valuation |
||
At 1 September 2022 |
|
|
At 31 August 2023 |
|
|
Amortisation |
||
At 1 September 2022 |
|
|
At 31 August 2023 |
|
|
Carrying amount |
||
At 31 August 2023 |
- |
- |
Inventories |
31 August |
31 August |
|
Raw materials and consumables |
|
|
Finished goods and goods for resale |
|
|
|
|
The cost of Inventories recognised as an expense in the year amounted to £
There is no significant difference between the replacement cost of inventories and their carrying amounts.
Trade and Other Receivables |
Trade and Other Receivables falling due within one year |
31 August |
31 August |
Trade Receivables |
|
|
Receivables from related parties |
|
- |
Prepayments |
|
|
|
|
The trade and other receivables classified as financial instruments are disclosed above. The company's exposure to credit and market risks, including maturity analysis, relating to trade and other receivables is disclosed in the financial risk review note.
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Leases |
Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
31 August |
31 August |
|
Less than one year |
|
|
2 years |
|
|
3 years |
|
|
4 years |
|
- |
5 years |
|
- |
Total lease liabilities (undiscounted) |
|
|
Total cash outflows related to leases
Total cash outflows related to leases are presented in the table below:
Payment |
31 August |
31 August |
Short term leases |
91,362 |
37,697 |
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £9,404 (2022 - £3,192).
Contributions totalling £(
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Maxam UK Limited
Notes to the Financial Statements for the Year Ended 31 August 2023
Share capital |
Allotted, called up and fully paid shares
31 August |
31 August |
|||
No. |
£ |
No. |
£ |
|
|
|
3,748,581 |
|
3,748,581 |
Creditors: amounts falling due within one year |
31 August |
31 August |
|
Trade Creditors |
|
|
Accrued expenses |
|
|
Amounts due to related parties |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
- |
Other Creditors |
|
|
|
|
The directors of the company are also directors or officers of a number of companies within the group. The directors' services to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the company in the year.
Cash at bank and in hand |
31 August |
31 August |
|
Cash at bank |
|
|
Trade and other Creditors |
31 August |
31 August |
|
Trade Creditors |
|
|
Accrued expenses |
|
|
Amounts due to related parties |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
- |
Other Creditors |
|
|
|
|