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REGISTERED NUMBER: 04033776 (England and Wales)















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAXON COMPUTER LIMITED

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Statement of Profit and Loss and Other Comprehensive
Income

7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


MAXON COMPUTER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr D R McGavran



REGISTERED OFFICE: 114 High Street
Cranfield
Bedford
Bedfordshire
MK43 0DG



REGISTERED NUMBER: 04033776 (England and Wales)



SENIOR STATUTORY AUDITOR: Suzanne Goodson BSc FCA



AUDITORS: Wright Connections Limited, Statutory Auditor
Bedford I-Lab
Priory Business Park
Stannard Way
Bedford
MK44 3RZ

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an agent to distribute computer software and to provide development services to group companies.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
Mr D R McGavran held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr D R McGavran - Director


28 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAXON COMPUTER LIMITED

Opinion
We have audited the financial statements of Maxon Computer Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Profit and Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAXON COMPUTER LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the director was not entitled to take advantage of the exemption from the requirement to prepare a strategic report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAXON COMPUTER LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The specific procedures for this engagement and the extent to which these are capable of detecting material misstatements in respect of irregularities including fraud are detailed below: -

- We obtained an understanding of the company and its activities.
- We considered those laws and regulations that have a direct impact on the preparation of the financial statements as being the Companies Act 2006 and the Financial Reporting Standard 101 'Reduced Disclosure Framework' applicable in the United Kingdom and Republic of Ireland.
- We obtained an understanding of how the company complies with these requirements by discussion with the director on their policies and procedures regarding compliance with laws and regulations.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with the director and management and made enquiries of them whether they had any knowledge of any actual, suspected or alleged fraud.
- We gained an understanding of the internal controls established to mitigate risks associated with fraud.
- We ascertained the operational procedures and associated accounting systems to establish the completeness and accuracy of transactions and in particular those in respect of commission and development services receivable, bad debt provision and foreign exchange losses.
- We reviewed and externally verified the transactions with group companies throughout the year and balances owed to and from them at the 31 December 2023
- We reviewed the provisions at the balance sheet date and in particular those in respect of bad debts.
- We assessed the risk of management override by reviewing journals and the processes around posting journals.
- We completed a disclosure checklist to ensure the financial statements complied with the disclosures required by the Companies Act 2006 and the Financial Reporting Standard 101 'Reduced Disclosure Framework'.
- We reviewed the budget for the year ended 31 December 2024 and post balance sheet financial information including management accounts and obtained an understanding of the expected overall results to August 2025.
- We evaluated the director's assumptions regarding going concern.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAXON COMPUTER LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Suzanne Goodson BSc FCA (Senior Statutory Auditor)
for and on behalf of Wright Connections Limited, Statutory Auditor
Bedford I-Lab
Priory Business Park
Stannard Way
Bedford
MK44 3RZ

5 August 2024

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

STATEMENT OF PROFIT AND LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 2,560,383 2,197,436

Cost of sales 366,377 324,005
GROSS PROFIT 2,194,006 1,873,431

Administrative expenses 869,519 989,572
OPERATING PROFIT 1,324,487 883,859

Interest receivable and similar income - 1,016
1,324,487 884,875

Interest payable and similar expenses 5 - 1,740
PROFIT BEFORE TAXATION 6 1,324,487 883,135

Tax on profit 7 310,183 166,450
PROFIT FOR THE FINANCIAL YEAR 1,014,304 716,685


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,014,304

716,685

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 25,546 12,014

CURRENT ASSETS
Debtors 10 1,456,773 1,428,040
Cash at bank 1,553,315 460,380
3,010,088 1,888,420
CREDITORS
Amounts falling due within one year 11 934,063 815,074
NET CURRENT ASSETS 2,076,025 1,073,346
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,101,571

1,085,360

PROVISIONS FOR LIABILITIES 12 4,911 3,004
NET ASSETS 2,096,660 1,082,356

CAPITAL AND RESERVES
Called up share capital 13 9,000 9,000
Capital redemption reserve 14 1,000 1,000
Retained earnings 14 2,086,660 1,072,356
SHAREHOLDERS' FUNDS 2,096,660 1,082,356

The financial statements were approved and authorised for issue by the director and authorised for issue on 28 July 2024 and were signed by:





Mr D R McGavran - Director


MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 9,000 859,671 1,000 869,671

Changes in equity
Dividends - (504,000 ) - (504,000 )
Total comprehensive income - 716,685 - 716,685
Balance at 31 December 2022 9,000 1,072,356 1,000 1,082,356

Changes in equity
Total comprehensive income - 1,014,304 - 1,014,304
Balance at 31 December 2023 9,000 2,086,660 1,000 2,096,660

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Maxon Computer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Place of business

The place of business for correspondence purposes is the registered office.

All of the staff that are on the company payroll are based in the UK and worked remotely from home throughout the year.

The management of the company are all based in Germany which is where the parent company is based.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group.

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Principal activities and revenue recognition.
The company acts as agent by processing the sales of software products of group companies made in its geographical region both as directed through the global group website and through its UK sales team who generate sales directly with customers.

In all cases contracts for the software products are either:
(a) between Maxon Computer GmbH and the end user or
(b) between Maxon Computer Inc. and the end user


Commission is received by the company for placing and/or processing sales however generated in its geographical region.

Commission is calculated as a set percentage of each sale, at rates agreed with Maxon Computer GmbH and Maxon Computer Inc. respectively, net of discounts and fluctuations between sterling fixed selling and variable purchase prices whilst acting as agent and is recognised when the sale to the end user is complete.


Revenue includes development services income receivable from both Maxon Computer GmbH and Maxon Computer Inc. This income relates to the recharge of salaries and associated costs of staff members who perform duties for the respective companies within the group. It has been treated as turnover as it forms a key component of the company's operations.The income is recognised when the salary cost has been incurred.

Property plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% on cost

Plant and equipment is initially recorded at cost of purchase or construction and is depreciated on a straight-line basis.

Assets are derecognised when no further economic benefits are expected.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable (other than financial assets or liabilities at fair value through profit or loss) are added to or deducted from the fair value as appropriate, on initial recognition.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

The group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation.

Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts, in the financial statements. Deferred income tax assets relating to the carry-forward of unused tax losses are recognised to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised.

Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and when there is a legally enforceable right to offset them.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the end of the calendar month in which the transaction takes place. Exchange differences are taken into account in arriving at the operating result.

A significant proportion of the company's transactions are in foreign currencies which can lead to material exchange gains or losses during the year.

Employee benefit costs
The company makes contributions to employees' defined contribution plans.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Cash and cash equivalents
Cash and cash equivalents comprises cash on hand and time, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Judgements and estimates
Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation. The carrying amount of all provisions are regularly reviewed and adjusted for accordingly.

Provision for doubtful debts have been calculated based on management's best estimate as to the likelihood of customers not settling invoices that are outstanding at the year end. In arriving at this estimate, management consider amounts received after the year end and the customers' current licensing status.

20232022
££

Trade debtors - gross1,484,247 1,568,039
Bad debt provision(33,629)149,046

Trade debtors - net1,450,618 1,418,993

Effect of change in provision in the profit and loss account(115,417)136,127


3. TURNOVER

Revenue
An analysis of revenue by class of business is given below:


2023 2022
£ £


Development services income 322,114 271,155

Commission receivable 2,238,269 1,926, 281
2,560,383 2,197,436


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 649,016 656,448
Social security costs 76,395 76,688
Other pension costs 11,584 10,758
736,995 743,894

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administration 7 7
Development services 3 3
Director 1 1
11 11

2023 2022
£    £   
Director's remuneration - -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Intercompany interest - 1,740

6. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

2023 2022
£ £
Depreciation - owned assets5,526 2,055
Bad debts(115,417)136,127
Foreign exchange difference125,917 11,829
Auditors remuneration12,000 11,000

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION

Analysis of tax expense/(income)

2023 2022
£ £
Current tax:
Tax 308,276 165,285
Adjustment for prior year - (1,398 )
Group relief for prior year - -
Total current 308,276 163,887
Deferred tax 1,907 2,563
Total tax expense/(income) in statement of profit and loss and other comprehensive
income

310,183

166,450

Factors affecting the tax expense
The tax assessed for the year is lower (2022: lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit/(loss) before income tax 1,324,487 883,135
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of average
rate of 23.52% (2022 - 19%)

311,527

167,796

Effects of:
Disallowable expenses / Profit on asset disposals 1,299 390
Capital allowances (4,550 ) (2,901 )
Underprovision for prior year tax - (1,398 )
Deferred tax 1,907 2,563
Group relief for prior year - -
Tax expense/(income) 310,183 166,450

8. DIVIDENDS
2023 2022
£    £   
Interim - 504,000

Dividends were £nil per share. (2022: £56)

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 25,235
Additions 19,058
At 31 December 2023 44,293
DEPRECIATION
At 1 January 2023 13,221
Charge for year 5,526
At 31 December 2023 18,747
NET BOOK VALUE
At 31 December 2023 25,546
At 31 December 2022 12,014

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,450,618 1,418,993
Prepayments and accrued income 6,155 9,047
1,456,773 1,428,040

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 25,861 21,263
Amounts owed to group undertakings 340,071 409,758
Tax 308,276 165,285
VAT 205,870 172,552
Other creditors - 2,112
Accrued expenses 53,985 44,104
934,063 815,074

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,911 3,004

Deferred
tax
£   
Balance at 1 January 2023 3,004
Accelerated capital allowances 1,907
Balance at 31 December 2023 4,911

MAXON COMPUTER LIMITED (REGISTERED NUMBER: 04033776)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,000 Ordinary £1 9,000 9,000

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 1,072,356 1,000 1,073,356
Profit for the year 1,014,304 1,014,304
At 31 December 2023 2,086,660 1,000 2,087,660

15. ULTIMATE PARENT COMPANY

Nemetschek SE (incorporated in Germany ) is regarded by the director as being the company's ultimate parent company.

The directors regard Nemetschek SE (incorporated in Germany) as the company's ultimate parent company, by virtue of its controlling interest in Maxon Computer GmbH, (incorporated in Germany), which, in turn, owns 100% of the issued share capital of this company.

The headquarters of Nemetschek SE are located at Konrad-Zuse-Platz 1, 81829 Munich, Germany, and this is entered into the commercial register at the Local Court of Munich (HRB 224638).

A copy of the ultimate parent company's annual report can be found here
https://ir.nemetschek.com/websites/nemetschek/English/0/investor-relations.html

16. RELATED PARTY DISCLOSURES

The company receives services including human resourcing, bookkeeping and accountancy advice from staff being remunerated by other group companies. These services have been performed at no direct cost to Maxon Computer Ltd.

The director David McGavran continues to be remunerated through the parent company.