REGISTERED NUMBER: |
Maxwell Motors Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Maxwell Motors Limited |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
Maxwell Motors Limited (Registered number: SC257385) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Maxwell Motors Limited |
Company Information |
for the year ended 31st December 2023 |
Directors: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Maxwell Motors Limited (Registered number: SC257385) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Maxwell Motors Limited (Registered number: SC257385) |
Balance Sheet - continued |
31st December 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Maxwell Motors Limited (Registered number: SC257385) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | Statutory information |
Maxwell Motors Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of value added tax. |
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value by the directors. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Maxwell Motors Limited (Registered number: SC257385) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | Accounting policies - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors. accruals, directors' loans and other loans. |
Directors' loans (being repayable on demand), other loans, trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Pensions |
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. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
Going concern |
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
Maxwell Motors Limited (Registered number: SC257385) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1st January 2023 |
and 31st December 2023 |
Amortisation |
At 1st January 2023 |
and 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
5. | Tangible fixed assets |
Fixtures |
Leasehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Maxwell Motors Limited (Registered number: SC257385) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1st January 2023 |
and 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2017 | 34,081 |
Valuation in 2018 | 2,000 |
Valuation in 2019 | 16,000 |
Valuation in 2020 | (1,000 | ) |
Valuation in 2021 | 51,000 |
Valuation in 2022 | 35,000 |
Cost | 293,919 |
431,000 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Post balance sheet events |
An interim dividend for the year to 31st December 2024 was declared on 2nd April 2024 at £69 per share. |
10. | Retained earnings |
Included within profit and loss reserves are non-distributable reserves of £115,928 (2022 - £115,928). |