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Company registration number: 1208145
Maxwell Jones Studios Limited
Unaudited filleted financial statements
31 December 2023
Maxwell Jones Studios Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,116,794 381,483
Investments 6 146 146
_______ _______
1,116,940 381,629
Current assets
Stocks 45,265 35,347
Debtors 7 249,316 260,353
Cash at bank and in hand 913,515 1,058,590
_______ _______
1,208,096 1,354,290
Creditors: amounts falling due
within one year 8 ( 304,544) ( 334,681)
_______ _______
Net current assets 903,552 1,019,609
_______ _______
Total assets less current liabilities 2,020,492 1,401,238
Provisions for liabilities ( 86,711) ( 10,012)
_______ _______
Net assets 1,933,781 1,391,226
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 627,156 -
Profit and loss account 1,306,525 1,391,126
_______ _______
Shareholders funds 1,933,781 1,391,226
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
R J Baker
Director
Company registration number: 1208145
Maxwell Jones Studios Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 (as previously reported) 100 - 1,412,759 1,412,859
Prior period adjustments (-) (-) 146 146
_______ _______ _______ _______
At 1 January 2022 (restated) 100 - 1,412,905 1,413,005
Profit for the year 72,261 72,261
_______ _______ _______ _______
Total comprehensive income for the year - - 72,261 72,261
Dividends paid and payable ( 94,040) ( 94,040)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 94,040) ( 94,040)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 100 - 1,391,126 1,391,226
Profit for the year 4,439 4,439
Other comprehensive income for the year:
Revaluation of tangible assets 696,929 696,929
Tax relating to components of other comprehensive income ( 69,773) - ( 69,773)
_______ _______ _______ _______
Total comprehensive income for the year - 627,156 4,439 631,595
Dividends paid and payable ( 89,040) ( 89,040)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 89,040) ( 89,040)
_______ _______ _______ _______
At 31 December 2023 100 627,156 1,306,525 1,933,781
_______ _______ _______ _______
Maxwell Jones Studios Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 58K Arthur Street, Redditch, Worcestershire, B98 8JY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis unless otherwise specified within these accounting policies.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Deferred tax has been provided in respect of the freehold property revaluation.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 0 % The company's freehold property has been revalued in accordance with the open market value as at December 2022.
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Trade debtors
Trade debtors are measured at transaction value, less any impairment for doubtful debts.
Trade creditors
Trade creditors are measured at transaction value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 23 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation
At 1 January 2023 473,346 402,001 34,483 77,606 987,436
Additions - 31,590 1,737 97,170 130,497
Disposals - ( 52,250) ( 7,300) ( 67,345) ( 126,895)
Revaluation 526,654 - - - 526,654
_______ _______ _______ _______ _______
At 31 December 2023 1,000,000 381,341 28,920 107,431 1,517,692
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 170,275 342,646 26,232 66,800 605,953
Charge for the year - 24,225 3,114 12,602 39,941
Disposals - ( 52,248) ( 7,299) ( 15,174) ( 74,721)
Revaluations ( 170,275) - - - ( 170,275)
_______ _______ _______ _______ _______
At 31 December 2023 - 314,623 22,047 64,228 400,898
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 1,000,000 66,718 6,873 43,203 1,116,794
_______ _______ _______ _______ _______
At 31 December 2022 303,071 59,355 8,251 10,806 381,483
_______ _______ _______ _______ _______
Tangible assets held at valuation
The company's freehold property has been revalued in accordance with the open market valuation prepared in December 2022 by Ben Truslove MRICS.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 146 146
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 146 146
_______ _______
At 31 December 2022 146 146
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 110,137 135,986
Other debtors 139,179 124,367
_______ _______
249,316 260,353
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 29,479 25,732
Social security and other taxes 49,186 65,042
Other creditors 225,879 243,907
_______ _______
304,544 334,681
_______ _______