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Company Registration number: SC440955

Maxwell Construction and Civils Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 January 2024

 

Maxwell Construction and Civils Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Maxwell Construction and Civils Limited

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,812,909

1,396,304

Current assets

 

Stocks

5

9,323

7,854

Debtors

6

531,003

344,727

Cash at bank and in hand

 

1,131,044

877,749

 

1,671,370

1,230,330

Creditors: Amounts falling due within one year

7

(730,870)

(638,853)

Net current assets

 

940,500

591,477

Total assets less current liabilities

 

2,753,409

1,987,781

Creditors: Amounts falling due after more than one year

7

(462,352)

(387,883)

Provisions for liabilities

(343,636)

(264,247)

Net assets

 

1,947,421

1,335,651

Capital and reserves

 

Called up share capital

106

106

Retained earnings

1,947,315

1,335,545

Shareholders' funds

 

1,947,421

1,335,651

 

Maxwell Construction and Civils Limited

Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC440955

Approved and authorised by the Board on 24 May 2024 and signed on its behalf by:
 

Mr M N Maxwell
Director

   
     
 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Station Yard
Oakwell Road
Castle Douglas
DG7 1LA

These financial statements were authorised for issue by the Board on 24 May 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% reducing balance

Motor Vehicles

25% reducing balance

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Office Equipment

25% straight line

Property Improvements

10% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 22).

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

4

TANGIBLE ASSETS

Property improvements
£

Equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

12,643

15,026

427,572

1,902,009

2,357,250

Additions

-

-

144,199

711,344

855,543

Disposals

-

-

(18,000)

(140,915)

(158,915)

At 31 January 2024

12,643

15,026

553,771

2,472,438

3,053,878

Depreciation

At 1 February 2023

7,864

13,802

163,507

775,773

960,946

Charge for the year

478

483

83,973

291,673

376,607

Eliminated on disposal

-

-

(18,000)

(78,584)

(96,584)

At 31 January 2024

8,342

14,285

229,480

988,862

1,240,969

Carrying amount

At 31 January 2024

4,301

741

324,291

1,483,576

1,812,909

At 31 January 2023

4,779

1,224

264,065

1,126,236

1,396,304

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

5

STOCKS

2024
£

2023
£

Stocks

9,323

7,854

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

220

80,252

Prepayments

425,783

116,269

Other debtors

105,000

148,206

 

531,003

344,727

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

425,534

371,067

Trade creditors

 

156,386

209,366

Taxation and social security

 

43,929

25,518

Accruals and deferred income

 

3,616

2,100

Other creditors

 

101,405

30,802

 

730,870

638,853


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £416,739 (2023 - £361,067).

 

Maxwell Construction and Civils Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

7

CREDITORS (continued)

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

462,352

387,883


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £445,496 (2023 - £360,985).

8

RELATED PARTY TRANSACTIONS

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr M N Maxwell

Director's loan account

24,105

(24,105)

-

       
     

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr M N Maxwell

Director's loan account

3,139

24,105

(3,139)

24,105