IRIS Accounts Production v24.1.0.578 SC257385 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2573852022-12-31SC2573852023-12-31SC2573852023-01-012023-12-31SC2573852021-12-31SC2573852022-01-012022-12-31SC2573852022-12-31SC257385ns15:Scotland2023-01-012023-12-31SC257385ns14:PoundSterling2023-01-012023-12-31SC257385ns10:Director12023-01-012023-12-31SC257385ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC257385ns10:SmallEntities2023-01-012023-12-31SC257385ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC257385ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC257385ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC257385ns10:FullAccounts2023-01-012023-12-31SC25738512023-01-012023-12-31SC257385ns10:Director22023-01-012023-12-31SC257385ns10:Director32023-01-012023-12-31SC257385ns10:Director42023-01-012023-12-31SC257385ns10:CompanySecretary12023-01-012023-12-31SC257385ns10:RegisteredOffice2023-01-012023-12-31SC257385ns5:CurrentFinancialInstruments2023-12-31SC257385ns5:CurrentFinancialInstruments2022-12-31SC257385ns5:ShareCapital2023-12-31SC257385ns5:ShareCapital2022-12-31SC257385ns5:RetainedEarningsAccumulatedLosses2023-12-31SC257385ns5:RetainedEarningsAccumulatedLosses2022-12-31SC257385ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC257385ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-31SC257385ns5:PlantMachinery2023-01-012023-12-31SC257385ns5:FurnitureFittings2023-01-012023-12-31SC257385ns5:MotorVehicles2023-01-012023-12-31SC257385ns5:ComputerEquipment2023-01-012023-12-31SC257385ns5:NetGoodwill2022-12-31SC257385ns5:NetGoodwill2023-12-31SC257385ns5:NetGoodwill2022-12-31SC257385ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-31SC257385ns5:PlantMachinery2022-12-31SC257385ns5:FurnitureFittings2022-12-31SC257385ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-31SC257385ns5:PlantMachinery2023-12-31SC257385ns5:FurnitureFittings2023-12-31SC257385ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-31SC257385ns5:PlantMachinery2022-12-31SC257385ns5:FurnitureFittings2022-12-31SC257385ns5:MotorVehicles2022-12-31SC257385ns5:ComputerEquipment2022-12-31SC257385ns5:MotorVehicles2023-12-31SC257385ns5:ComputerEquipment2023-12-31SC257385ns5:MotorVehicles2022-12-31SC257385ns5:ComputerEquipment2022-12-31SC257385ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC257385ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC25738512023-01-012023-12-31
REGISTERED NUMBER: SC257385 (Scotland)






































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: M D Angus
Mrs M S Angus
C D Angus
C A Angus





Secretary: C A Angus





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: 5 Sprouston Road
Maxwellheugh
Kelso
Roxburghshire
TD5 8EU





Registered number: SC257385 (Scotland)





Accountants: Rennie Welch LLP
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 5 130,709 81,261
Investment property 6 431,000 431,000
561,709 512,261

Current assets
Stocks 1,259,196 925,146
Debtors 7 237,785 210,043
Cash at bank and in hand 1,723,419 1,513,106
3,220,400 2,648,295
Creditors
Amounts falling due within one year 8 916,112 744,473
Net current assets 2,304,288 1,903,822
Total assets less current liabilities 2,865,997 2,416,083

Provisions for liabilities 60,510 36,593
Net assets 2,805,487 2,379,490

Capital and reserves
Called up share capital 600 600
Retained earnings 2,804,887 2,378,890
Shareholders' funds 2,805,487 2,379,490

Maxwell Motors Limited (Registered number: SC257385)

Balance Sheet - continued
31st December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 17th April 2024 and were signed on its behalf by:





C D Angus - Director


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 private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold property - Straight line over the life of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on cost

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 32 (2022 - 30 ) .

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 126,400
Amortisation
At 1st January 2023
and 31st December 2023 126,400
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 16,467 197,391 29,399
Additions - 2,892 14,107
At 31st December 2023 16,467 200,283 43,506
Depreciation
At 1st January 2023 16,467 160,657 19,003
Charge for year - 5,654 1,737
At 31st December 2023 16,467 166,311 20,740
Net book value
At 31st December 2023 - 33,972 22,766
At 31st December 2022 - 36,734 10,396

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1st January 2023 48,084 76,892 368,233
Additions 46,977 3,608 67,584
At 31st December 2023 95,061 80,500 435,817
Depreciation
At 1st January 2023 18,795 72,050 286,972
Charge for year 7,324 3,421 18,136
At 31st December 2023 26,119 75,471 305,108
Net book value
At 31st December 2023 68,942 5,029 130,709
At 31st December 2022 29,289 4,842 81,261

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 431,000
Net book value
At 31st December 2023 431,000
At 31st December 2022 431,000

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 164,286 179,419
Other debtors 73,499 30,624
237,785 210,043

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 456,560 272,991
Taxation and social security 183,947 164,660
Other creditors 275,605 306,822
916,112 744,473

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).