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Registered number: 04945229









MAZE ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
MAZE ENGINEERING LIMITED
REGISTERED NUMBER: 04945229

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,530
10,219

  
26,530
10,219

Current assets
  

Debtors: amounts falling due within one year
 5 
3,300,332
4,420,339

Cash at bank and in hand
 6 
731,050
2,001,846

  
4,031,382
6,422,185

Creditors: amounts falling due within one year
 7 
(2,682,165)
(5,347,007)

Net current assets
  
 
 
1,349,217
 
 
1,075,178

Total assets less current liabilities
  
1,375,747
1,085,397

  

Net assets
  
1,375,747
1,085,397


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,375,647
1,085,297

  
1,375,747
1,085,397


The director considers 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 director acknowledges his 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.
 
Page 1

 
MAZE ENGINEERING LIMITED
REGISTERED NUMBER: 04945229
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023


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.




Mr A Smith
Director

Page 2

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

1.


General information

Maze Engineering Limited is a limited company incorporated in the United Kingdom, registered office Unit G01 154-160 Fleet Street, London, EC4A 2DQ. The principal activity of the company is the provision of general engineering 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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of engineering services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised when the right to that income is earned. 
This last financial year turnover and profit has been affected by Brexit and a lack of confidence in the London fit out market.
We have been directly affected with the down turn of fast fit out work, and an increase in the slower type refurbishment projects accompanied by planning permission to add more floors on the roof, or extend outwards.
Several projects we had won were severely delayed, plus one cancelled.
Going forward we have to recognise the above, plus the fact there is less profit margin in the refurbishment projects and more risk due to the unknown when walls etc. are exposed effecting programmes and cost.

Page 3

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

2.Accounting policies (continued)

  
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 4

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33.3% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price.

Page 5

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

2.Accounting policies (continued)

 
2.11

Creditors

Short term creditors are measured at the transaction price.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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 20 (2022 - 20).

Page 6

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

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2022
42,815


Additions
16,311



At 31 October 2023

59,126



Depreciation


At 1 November 2022
32,596



At 31 October 2023

32,596



Net book value



At 31 October 2023
26,530



At 31 October 2022
10,219


5.


Debtors

2023
2022
£
£


Trade debtors
384,637
2,806,013

Other debtors
364,948
354,287

Prepayments and accrued income
2,550,747
1,260,039

3,300,332
4,420,339



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
731,050
2,001,846

731,050
2,001,846


Page 7

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,982,211
4,966,908

Corporation tax
214,011
147,150

Other taxation and social security
48,234
54,325

Other creditors
-
307

Accruals and deferred income
437,709
178,317

2,682,165
5,347,007



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 £27,602 (2022 - £37,228). Contribtions totallng £4,774 (2022 - £5,479) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8