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COMPANY REGISTRATION NUMBER: 05533992
Maximise Engineering Services Limited
Unaudited financial statements
30 September 2023
Maximise Engineering Services Limited
Statement of financial position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
1,904
2,762
Tangible assets
6
4,878
6,140
------
------
6,782
8,902
Current assets
Stocks
30,000
31,500
Debtors
7
175,445
142,773
Cash at bank and in hand
20,129
11,710
---------
---------
225,574
185,983
Creditors: Amounts falling due within one year
8
( 135,229)
( 60,482)
---------
---------
Net current assets
90,345
125,501
-------
---------
Total assets less current liabilities
97,127
134,403
Creditors: Amounts falling due after more than one year
9
( 25,000)
( 35,000)
Provisions
Taxation including deferred tax
( 1,220)
( 1,167)
-------
---------
Net assets
70,907
98,236
-------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
70,807
98,136
-------
-------
Shareholders funds
70,907
98,236
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maximise Engineering Services Limited
Statement of financial position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
U M Garson
Director
Company registration number: 05533992
Maximise Engineering Services Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Saracen Business Park, Saracen Way, Peterborough, PE1 5WS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
15% reducing balance
Plant and machinery
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Intangible assets
Patents
£
Cost
At 1 October 2022 and 30 September 2023
8,575
------
Amortisation
At 1 October 2022
5,813
Charge for the year
858
------
At 30 September 2023
6,671
------
Carrying amount
At 30 September 2023
1,904
------
At 30 September 2022
2,762
------
6. Tangible assets
Motor vehicles
Plant and machinery
Total
£
£
£
Cost
At 1 October 2022
7,250
3,415
10,665
Additions
457
457
------
------
-------
At 30 September 2023
7,250
3,872
11,122
------
------
-------
Depreciation
At 1 October 2022
2,629
1,896
4,525
Charge for the year
693
1,026
1,719
------
------
-------
At 30 September 2023
3,322
2,922
6,244
------
------
-------
Carrying amount
At 30 September 2023
3,928
950
4,878
------
------
-------
At 30 September 2022
4,621
1,519
6,140
------
------
-------
7. Debtors
2023
2022
£
£
Trade debtors
87,953
42,424
Other debtors
87,492
100,349
---------
---------
175,445
142,773
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
22,591
Trade creditors
32,001
5,295
Amounts owed to group undertakings and undertakings in which the company has a participating interest
41,112
9,412
Social security and other taxes
36,586
20,066
Other creditors
15,530
3,118
---------
-------
135,229
60,482
---------
-------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans
25,000
35,000
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
12,000
5,163
Later than 1 year and not later than 5 years
22,750
-------
-------
12,000
27,913
-------
-------
11. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £86,974 (2022 - £98,917). The maximum overdrawn balance during the year was £160,781. Interest of £1,935 (2022 - £2,318) was charged at the official rate.
12. Controlling party
During the year the ultimate parent company was Maximise Engineering Enterprises Limited.