Company Registration No. 07266608 (England and Wales)
Maximize Your Time Limited
Unaudited accounts
for the year ended 30 June 2024
Maximize Your Time Limited
Unaudited accounts
Contents
Maximize Your Time Limited
Company Information
for the year ended 30 June 2024
Company Number
07266608 (England and Wales)
Registered Office
20 THE SLIPWAY LOCK APPROACH
PORT SOLENT
PORTSMOUTH
PO6 4TJ
Maximize Your Time Limited
Statement of financial position
as at 30 June 2024
Tangible assets
9,855
8,697
Cash at bank and in hand
192,756
115,566
Creditors: amounts falling due within one year
(210,809)
(106,910)
Net current assets
55,236
72,631
Total assets less current liabilities
65,091
81,328
Creditors: amounts falling due after more than one year
(9,167)
(19,167)
Called up share capital
100
100
Profit and loss account
55,824
62,061
Shareholders' funds
55,924
62,161
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 September 2024 and were signed on its behalf by
Mrs J Lancaster
Director
Company Registration No. 07266608
Maximize Your Time Limited
Notes to the Accounts
for the year ended 30 June 2024
Maximize Your Time Limited is a private company, limited by shares, registered in England and Wales, registration number 07266608. The registered office is 20 THE SLIPWAY LOCK APPROACH, PORT SOLENT, PORTSMOUTH, PO6 4TJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue, described as turnover is the value of services, net of VAT and discounts, provided to customers during the year.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% per annum reducing balance
Computer equipment
33% on cost
Hire Purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits of risk of ownership remain with the lessor are charged to the profit and loss account as incurred.
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income, on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently adminstered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Maximize Your Time Limited
Notes to the Accounts
for the year ended 30 June 2024
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2023
2,486
31,681
34,167
At 30 June 2024
2,486
35,105
37,591
At 1 July 2023
2,486
22,984
25,470
Charge for the year
-
2,266
2,266
At 30 June 2024
2,486
25,250
27,736
At 30 June 2024
-
9,855
9,855
At 30 June 2023
-
8,697
8,697
Amounts falling due within one year
Trade debtors
59,795
50,506
Other debtors
13,494
13,469
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Trade creditors
16,375
13,255
Taxes and social security
34,548
31,544
Other creditors
3,329
3,377
Loans from directors
74
18
Deferred income
146,483
48,716
7
Creditors: amounts falling due after more than one year
2024
2023
The overdrawn directors loan has been repaid during the year
Maximize Your Time Limited
Notes to the Accounts
for the year ended 30 June 2024
9
Average number of employees
During the year the average number of employees was 17 (2023: 15).