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Registered number: 07304760









MAZE ELECTRICAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
MAZE ELECTRICAL LIMITED
REGISTERED NUMBER: 07304760

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
1,845,341
905,156

Cash at bank and in hand
 6 
4,688
11,494

  
1,850,029
916,650

Creditors: amounts falling due within one year
 7 
(1,118,775)
(186,506)

Net current assets
  
 
 
731,254
 
 
730,144

Total assets less current liabilities
  
731,254
730,144

  

Net assets
  
731,254
730,144


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
731,154
730,044

  
731,254
730,144


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.




Patrick J Cassidy
Director

Page 1

 
MAZE ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Maze Electrical Limited is a limited company incorporated in the United Kingdom, registered office Room 104 The Record Hall,16-16a Baldwin Gardens, London, EC1N 7RJ. The principal activity of the company is provision of general electrical services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.3

Coronavirus

In common with almost every business, the Company is likely to be affected by the global outbreak of coronavirus. There remains uncertainty as to whether and to what extent such an impact will arise, in what manner, and for how long any impact will be. It is not possible at the date of this report to determine with any certainty how the Company will be affected and over what term, and whether the result on the Company will be negative or positive. Based on the positive operating position of the Company and its starting from a strong financial base, it is as well placed as it can be to manage its affairs, and has sufficient reserves to allow it to continue to operate in so far as we understand the expected likely impact on the Company to be.
As such, the Directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.

Page 2

 
MAZE ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 12).

Page 3

 
MAZE ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Dividends

2023
2022
£
£


Dividends analysis - user input
52,659
90,000

52,659
90,000


5.


Debtors

2023
2022
£
£


Trade debtors
-
698,555

Other debtors
57,142
14,950

Prepayments and accrued income
1,788,199
191,651

1,845,341
905,156



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,688
11,494

4,688
11,494



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,121
7,540

Corporation tax
130,178
94,200

Other taxation and social security
134,854
58,465

Other creditors
14,965
16,205

Accruals and deferred income
829,657
10,096

1,118,775
186,506


Page 4

 
MAZE ELECTRICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Pension commitments

"The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,122 (2022 - £14,963) contribtions totallng £2,627 (2022 - £3,593) were payable to the fund at the balance sheet date and are included in creditors.

Page 5