REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
21 November 2022 to 31 December 2023 |
for |
Maxia Developments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
21 November 2022 to 31 December 2023 |
for |
Maxia Developments Limited |
Maxia Developments Limited (Registered number: 14496835) |
Contents of the Financial Statements |
for the Period 21 November 2022 to 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Maxia Developments Limited (Registered number: 14496835) |
Balance Sheet |
31 December 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Maxia Developments Limited (Registered number: 14496835) |
Notes to the Financial Statements |
for the Period 21 November 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Maxia Developments Limited is a |
Registered number: |
Registered office: |
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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to give a true and fair view. |
The financial statements have been prepared under the historical cost convention modified to include certain items at fair value. |
Turnover |
Turnover represents rents receivable from tenants. |
Rent received from the commercial and residential property is credited to the profit and loss account. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any charge recognised in the profit and loss account. |
Taxation |
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) |
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing |
differences are differences between the company's taxable profits and its results as stated in the |
financial statements that arise from the inclusion of gains and losses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the |
basis of all available evidence, it can be regarded as more likely than not that there will be suitable |
taxable profits from which the future reversal of the underlying timing differences can be deducted. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. Deferred tax relating to investment property is measured using tax rates and allowances that apply to the sale of the asset. |
Pension costs and other post-retirement benefits |
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. |
Maxia Developments Limited (Registered number: 14496835) |
Notes to the Financial Statements - continued |
for the Period 21 November 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
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. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
The following assets and liabilities are classified as basic financial instruments - other debtors, cash and bank balances, trade creditors, other creditors, bank loans and inter-company balances. |
Other debtors, cash and bank balances, trade creditors, other creditors and inter-company balances (being repayable on demand) are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received. |
Impairments of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each |
balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below. |
Non financial assets |
An asset is impaired when there is objective evidence that, as a result of one or more events that |
occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Financial assets |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised. |
Maxia Developments Limited (Registered number: 14496835) |
Notes to the Financial Statements - continued |
for the Period 21 November 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and sources of estimation uncertainty |
In the application of the Company's accounting policies, management is required to make |
judgements, estimates and assumptions about the carrying values of assets and liabilities that are |
not readily apparent from other sources. The estimates and associated assumptions are based on |
historical experience and other factors that are considered to be relevant. Actual results may differ |
from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
The critical judgements that the directors have made in applying the company's accounting policies and the key sources of estimation uncertainty that have had the most significant effect on the amounts recognised in the financial statements are described below: |
Investment properties |
The company makes an estimate of the fair value of investment properties at each reporting date. The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current commercial property trends and rental yields. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair |
values, management considers current commercial property trends and rental yields. The company makes an estimate of the fair value of investment properties at each reporting date. |
The historical cost of the investment property is £3,784,214. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
Maxia Developments Limited (Registered number: 14496835) |
Notes to the Financial Statements - continued |
for the Period 21 November 2022 to 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
A Ordinary | £1 | 25 |
B Ordinary | £1 | 25 |
C Ordinary | £1 | 10 |
D Ordinary | £1 | 10 |
10 | E Ordinary | £1 | 10 |
10 | F Ordinary | £1 | 10 |
10 | G Ordinary | £1 | 10 |
100 |
During the year 100 ordinary shares were issued at par, all shares rank pari passu. |
8. | COMPARATIVE FIGURES |
This is the first set of financial statements for the company and hence there are no comparative figures to show. |