Company registration number 03166545 (England and Wales)
MAASSIST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MAASSIST LIMITED
COMPANY INFORMATION
Directors
P Hayman
T Owen
J G Estebanez
Secretary
T Owen
Company number
03166545
Registered office
66 High Street
Aylesbury
HP20 1SE
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
66 High Street
Aylesbury
HP20 1SE
Bankers
Barclays Commercial
Trading Estate
Hamilton Road
Slough
SL1 4RP
Solicitors
Austin Moore & Partners LLP
7 The Ropewalk
Nottingham
NG1 5DU
MAASSIST LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 20
MAASSIST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
Trading since 1996, MA Assist is one of the UK’s leading property claims managers and is the heart of the MA Group Property Claims proposition. With a building repair network that repairs damaged properties all over the UK, MA Assist delivers an integrated property claims service with customer focus and understanding at the heart of everything we do. The company continues to be cash generative, enabling the group to invest in digital and IT projects, systems, people and acquisitions so we can widen our products and services to new and existing clients.
Key performance indicators
The gross revenue model has delivered significantly higher revenues and profitability in 2023 - turnover more than doubled to £27.7m and operating profit increased by 72% to £1.3m.
The value of billings to clients was slightly up on 2022 at £30.0m. Gross margin fell to 16.5% from 25% in 2022 as a result of the change in business model, but operating profit increased to £1.3m.
The outlook for MA Assist remains positive, but challenging, as insurers increasingly cash settle claims, and the construction industry continues to struggle with capacity. The directors expect billings and profitability be maintained in 2024.
P Hayman
Director
2 September 2024
MAASSIST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company in the year under review was the management of building insurance claims on behalf of insurance companies.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Hayman
T Owen
J G Estebanez
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £750,000 (2022: £500,000).
Auditor
In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
MAASSIST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
P Hayman
Director
2 September 2024
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAASSIST LIMITED
- 4 -
Opinion
We have audited the financial statements of MAAssist Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAASSIST LIMITED (CONTINUED)
- 5 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAASSIST LIMITED (CONTINUED)
- 6 -
Auditor's 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 an auditor's report 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.
Audit procedures performed included;
review of the financial statement disclosures to underlying supporting documentation;
global reconciliation of turnover from claims management records;
assessment of the related revenue accrual; and
testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAASSIST LIMITED (CONTINUED)
- 7 -
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 an auditor's report 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.
James Simmonds
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
2 September 2024
MAASSIST LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
27,734,119
13,148,539
Cost of sales
(23,164,895)
(9,901,023)
Gross profit
4,569,224
3,247,516
Administrative expenses
(3,286,860)
(2,500,146)
Operating profit
4
1,282,364
747,370
Interest receivable and similar income
11
Interest payable and similar expenses
8
(84,476)
(30,092)
Profit before taxation
1,197,888
717,289
Tax on profit
9
(227,035)
(136,285)
Profit for the financial year
970,853
581,004
Retained earnings brought forward
877,138
796,134
Dividends
10
(750,000)
(500,000)
Retained earnings carried forward
1,097,991
877,138
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MAASSIST LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
31,226
63,436
Investments
12
1,687
1,687
32,913
65,123
Current assets
Debtors
14
4,497,473
5,421,532
Cash at bank and in hand
2,530,296
1,475,836
7,027,769
6,897,368
Creditors: amounts falling due within one year
15
(5,510,477)
(5,407,798)
Net current assets
1,517,292
1,489,570
Total assets less current liabilities
1,550,205
1,554,693
Creditors: amounts falling due after more than one year
16
(352,214)
(577,555)
Net assets
1,197,991
977,138
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
1,097,991
877,138
Total equity
1,197,991
977,138
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
P Hayman
T Owen
Director
Director
Company registration number 03166545 (England and Wales)
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
MAAssist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of MAGroup Limited. These consolidated financial statements are available from its registered office, 66 High Street, Aylesbury, England, HP20 1SE.
The financial statements present information about the company as an individual entity and not about its group on the basis that it is a wholly owned subsidiary of MAGroup Limited and the results of MAAssist Limited are included in the consolidated financial statements of MAGroup Limited which are available from 66 High Street, Aylesbury, HP20 1SE.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover
The company manages property insurance claims, acting as an agent between insurance companies (and their intermediaries) and suppliers or as the principal contractor, depending on the commercial agreement with the client. MA Assist raises invoices to the insurance client or policy holder on behalf of the suppliers and collects payment. MA Assist pays the suppliers for works carried out to agreed payment terms regardless of whether the insurer has paid MA Assist. Management fees are invoiced to and received directly from the insurance companies. Accordingly turnover represents management fees for claims handling services and gross revenues for repair services relating to insurance claims.
Invoices are raised upon fulfilment of instructions but profits are accrued equally over three months for normal jobs and over an appropriate longer period for profits on surge work resulting from natural disasters. Turnover is exclusive of Value Added Tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% or 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group, are initially recognised at transaction price.
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Commissions receivable for services rendered
Commissions are accrued equally over three months for normal jobs. Commission on surge work resulting from natural disasters are accrued over an appropriate longer period. In both cases the period of accrual represents as estimate of the time taken to complete and sign off a job. The estimates are based on experience over a number of years of operations.
3
Turnover
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Property repairs and restoration
27,734,119
13,148,539
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
27,734,119
13,148,539
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
42,662
47,481
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,925
17,590
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Sales and network management
60
66
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,575,675
1,182,534
Social security costs
116,446
97,877
Pension costs
40,068
29,291
1,732,189
1,309,702
7
Directors' remuneration
The directors remuneration is paid through the parent company MAGroup.
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
84,476
30,092
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
227,035
136,285
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,197,888
717,289
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
281,743
136,285
Tax effect of expenses that are not deductible in determining taxable profit
9,438
Deferred tax adjustments in respect of prior years
18,287
Fixed asset differences
(1,034)
Movement in deferred tax not recognised
(81,399)
Taxation charge for the year
227,035
136,285
10
Dividends
2023
2022
£
£
Interim paid
750,000
500,000
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
166,785
Additions
19,476
At 31 December 2023
186,261
Depreciation and impairment
At 1 January 2023
103,349
Depreciation charged in the year
42,662
Transfers
9,024
At 31 December 2023
155,035
Carrying amount
At 31 December 2023
31,226
At 31 December 2022
63,436
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
1,687
1,687
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
New Homes Customer Care Limited
United Kingdom
Customer care and defects repairs
Ordinary
80.00
0
Innoflex Systems Limited
United Kingdom
Software providers
Ordinary
100.00
0
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
622,336
1,342,970
Amounts owed by group undertakings
3,213,309
2,850,666
Other debtors
3,116
Prepayments and accrued income
611,233
947,150
4,446,878
5,143,902
Deferred tax asset (note 18)
50,595
84,891
4,497,473
5,228,793
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
192,739
Total debtors
4,497,473
5,421,532
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
215,205
195,376
Trade creditors
3,736,432
4,290,933
Amounts owed to group undertakings
170,272
86,737
Taxation and social security
1,206,360
744,954
Other creditors
18,454
20,536
Accruals and deferred income
163,754
69,262
5,510,477
5,407,798
Loans are secured against the assets of the company and a cross guarantee with other group companies.
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
352,214
577,555
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Creditors: amounts falling due after more than one year
(Continued)
- 18 -
Of the above £258,415 (2022: £258,333) are secured against the assets of the company and a cross guarantee with other group companies. The interest being charge on the loan is a floating rate basis (minimum 3.19% pa) payable monthly in arrears.
Of the above £232,611 (2022: £232,612) have interest being charge on the loan is a fixed rate basis (11.90% pa) payable monthly in arrears.
Of the above £76,393 (2022: £86,610) have interest being charge on the loan is a fixed rate basis (28.20% pa) payable monthly in arrears.
17
Loans and overdrafts
2023
2022
£
£
Bank loans
567,419
772,931
Payable within one year
215,205
195,376
Payable after one year
352,214
577,555
Loans are secured against the assets of the company and a cross guarantee with other group companies.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(3,446)
(10,111)
Tax losses
52,005
285,947
Short term timing differences
2,036
1,794
50,595
277,630
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 19 -
2023
Movements in the year:
£
Asset at 1 January 2023
(277,630)
Charge to profit or loss
227,035
Asset at 31 December 2023
(50,595)
The timing of the reversal of deferred tax assets will be dependent upon the amount of future profits.
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,068
29,291
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
127,280
187,242
21
Related party transactions
The company is a wholly owned subsidiary of MAGroup Limited. As the parent produces consolidated financial statements the company has taken advantage of the exemption not to disclose transactions with other wholly owned group companies.
During the year the company made sales (including recharges) of £115,043 (2022: £112,868) to group companies with minority interests and made purchases (including recharges) of £41,921 (2022: £19,473) from group companies with minority interests.
As at the year end £306,392 (2022: £450,196) was owed by group companies with minority interests.
MAASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
22
Ultimate controlling party
The immediate and ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.
The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.
The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.
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