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Registration number: 04348165

MaxWiFi (UK) Limited

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 31 December 2023

 

MaxWiFi (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

MaxWiFi (UK) Limited

Company Information

Directors

Mr Richard Onslow Hughes

Mrs Joanne Debra Hughes

Registered office

Unit 9
Belbins Busineess Park
Cupernham Lane
Romsey
Hampshire
SO51 7JF

Accountants

Kajaine Accountants Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

MaxWiFi (UK) Limited

(Registration number: 04348165)
Balance Sheet as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Tangible assets

4

505,925

397,908

Current assets

 

Stocks

5

1,377

2,323

Debtors

6

258,861

278,772

Cash at bank and in hand

 

51,167

126,974

 

311,405

408,069

Creditors: Amounts falling due within one year

7

(270,550)

(404,542)

Net current assets

 

40,855

3,527

Total assets less current liabilities

 

546,780

401,435

Creditors: Amounts falling due after more than one year

7

(294,188)

(186,688)

Net assets

 

252,592

214,747

Capital and reserves

 

Called up share capital

8

2,474

72,474

Retained earnings

250,118

142,273

Shareholders' funds

 

252,592

214,747

For the financial period 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 accounts for the period 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 and delivered 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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mrs Joanne Debra Hughes
Director

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9
Belbins Busineess Park
Cupernham Lane
Romsey
Hampshire
SO51 7JF
England

These financial statements were authorised for issue by the Board on 29 August 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.

Going concern

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

Tax

The tax expense for the period comprises 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 income 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.

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:

Depreciation basis was changed to 15% Straight line basis in order to reflect the accurate life expentency of the assets. Depreciation charged for the year ending 31 December 2020 was restated. The restatement was made in the current year accounts as an after tax adjustment.

Asset class

Depreciation method and rate

Plant and Machinery

15% Straight line basis

Motor vehicles

15% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9 (2023 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

1,161,957

45,780

1,207,737

Additions

168,117

-

168,117

Disposals

(41,774)

-

(41,774)

At 31 December 2023

1,288,300

45,780

1,334,080

Depreciation

At 1 June 2023

771,057

38,772

809,829

Charge for the period

54,894

2,160

57,054

Eliminated on disposal

(38,728)

-

(38,728)

At 31 December 2023

787,223

40,932

828,155

Carrying amount

At 31 December 2023

501,077

4,848

505,925

At 31 May 2023

390,900

7,008

397,908

5

Stocks

2023
£

2023
£

Other inventories

1,377

2,323

6

Debtors

Current

2023
£

2023
£

Trade debtors

128,655

193,770

Prepayments

80,117

41,930

Other debtors

50,089

43,072

 

258,861

278,772

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

78,677

78,676

Trade creditors

 

87,505

75,672

Taxation and social security

 

26,897

130,731

Other creditors

 

62,009

22,212

Accrued expenses

 

10,614

66,868

Deferred income

 

1,099

30,383

Directors current account

 

3,749

-

 

270,550

404,542

Due after one year

 

Loans and borrowings

9

255,210

143,147

Other non-current financial liabilities

 

38,978

43,541

 

294,188

186,688

Creditors: amounts falling due after more than one year

Note

2023
£

2023
£

Due after one year

 

Loans and borrowings

9

255,210

143,147

Other non-current financial liabilities

 

38,978

43,541

 

294,188

186,688

8

Share capital

Allotted, called up and fully paid shares

2023

2023

No.

£

No.

£

Ordinary of £1 each

2,474

2,474

2,474

2,474

A Preference of £1 each

70,000

70,000

70,000

70,000

72,474

72,474

72,474

72,474

9

Loans and borrowings

Non-current loans and borrowings

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

2023
£

2023
£

Bank borrowings

60,288

93,863

Finance lease liabilities

194,922

49,284

255,210

143,147

Current loans and borrowings

2023
£

2023
£

Bank borrowings

55,921

55,920

Finance lease liabilities

22,756

22,756

78,677

78,676

10

Related party transactions

 

MaxWiFi (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2023
£

Remuneration

97,728

150,496

Contributions paid to money purchase schemes

4,109

7,035

101,837

157,531