Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Andrew Beckett 20/12/1996 Beverley Jayne Beckett 03/03/1997 Elizabeth Ann Croft 20/12/1996 Lawrence Lennard Croft 06/02/2024 04/04/1997 01 August 2024 The principal activity of the Company during the financial year was the provision of high technology repair and service solutions for the security, traffic, retail and hospitality sectors. 03279540 2023-12-31 03279540 bus:Director1 2023-12-31 03279540 bus:Director2 2023-12-31 03279540 bus:Director3 2023-12-31 03279540 bus:Director4 2023-12-31 03279540 2022-12-31 03279540 core:CurrentFinancialInstruments 2023-12-31 03279540 core:CurrentFinancialInstruments 2022-12-31 03279540 core:Non-currentFinancialInstruments 2023-12-31 03279540 core:Non-currentFinancialInstruments 2022-12-31 03279540 core:ShareCapital 2023-12-31 03279540 core:ShareCapital 2022-12-31 03279540 core:RetainedEarningsAccumulatedLosses 2023-12-31 03279540 core:RetainedEarningsAccumulatedLosses 2022-12-31 03279540 core:PlantMachinery 2022-12-31 03279540 core:Vehicles 2022-12-31 03279540 core:FurnitureFittings 2022-12-31 03279540 core:PlantMachinery 2023-12-31 03279540 core:Vehicles 2023-12-31 03279540 core:FurnitureFittings 2023-12-31 03279540 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 03279540 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 03279540 2021-12-31 03279540 bus:OrdinaryShareClass1 2023-12-31 03279540 bus:OrdinaryShareClass2 2023-12-31 03279540 bus:OrdinaryShareClass3 2023-12-31 03279540 bus:OrdinaryShareClass4 2023-12-31 03279540 core:WithinOneYear 2023-12-31 03279540 core:WithinOneYear 2022-12-31 03279540 core:BetweenOneFiveYears 2023-12-31 03279540 core:BetweenOneFiveYears 2022-12-31 03279540 core:MoreThanFiveYears 2023-12-31 03279540 core:MoreThanFiveYears 2022-12-31 03279540 2023-01-01 2023-12-31 03279540 bus:FilletedAccounts 2023-01-01 2023-12-31 03279540 bus:SmallEntities 2023-01-01 2023-12-31 03279540 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03279540 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03279540 bus:Director1 2023-01-01 2023-12-31 03279540 bus:Director2 2023-01-01 2023-12-31 03279540 bus:Director3 2023-01-01 2023-12-31 03279540 bus:Director4 2023-01-01 2023-12-31 03279540 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 03279540 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 03279540 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 03279540 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 03279540 2022-01-01 2022-12-31 03279540 core:PlantMachinery 2023-01-01 2023-12-31 03279540 core:Vehicles 2023-01-01 2023-12-31 03279540 core:FurnitureFittings 2023-01-01 2023-12-31 03279540 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 03279540 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 03279540 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03279540 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 03279540 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 03279540 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 03279540 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 03279540 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 03279540 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 03279540 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03279540 (England and Wales)

MAXEY MOVERLEY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MAXEY MOVERLEY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MAXEY MOVERLEY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MAXEY MOVERLEY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 193,082 64,197
193,082 64,197
Current assets
Stocks 176,466 172,527
Debtors 4 648,774 532,528
Cash at bank and in hand 766 14,153
826,006 719,208
Creditors: amounts falling due within one year 5 ( 616,896) ( 414,669)
Net current assets 209,110 304,539
Total assets less current liabilities 402,192 368,736
Creditors: amounts falling due after more than one year 6 ( 56,984) ( 23,031)
Provision for liabilities 7 ( 36,516) ( 9,799)
Net assets 308,692 335,906
Capital and reserves
Called-up share capital 8 1,300 1,300
Profit and loss account 307,392 334,606
Total shareholder's funds 308,692 335,906

For the financial 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 financial statements of Maxey Moverley Limited (registered number: 03279540) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

Andrew Beckett
Director
MAXEY MOVERLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MAXEY MOVERLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maxey Moverley Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35a Enfield Industrial Estate, Redditch, B97 6BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 33

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 37,348 54,367 319,627 411,342
Additions 0 36,570 134,672 171,242
Disposals ( 19,371) ( 12,510) ( 269,069) ( 300,950)
At 31 December 2023 17,977 78,427 185,230 281,634
Accumulated depreciation
At 01 January 2023 23,058 32,302 291,785 347,145
Charge for the financial year 4,494 18,564 17,996 41,054
Disposals ( 19,371) ( 11,207) ( 269,069) ( 299,647)
At 31 December 2023 8,181 39,659 40,712 88,552
Net book value
At 31 December 2023 9,796 38,768 144,518 193,082
At 31 December 2022 14,290 22,065 27,842 64,197

4. Debtors

2023 2022
£ £
Trade debtors 472,226 395,555
Amounts owed by Parent undertakings 162,260 107,783
Amounts owed by directors 403 0
Prepayments 11,182 29,190
Other debtors 2,703 0
648,774 532,528

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,108 10,109
Trade creditors 136,098 39,978
Accruals and deferred income 34,714 27,168
Taxation and social security 93,254 103,500
Obligations under finance leases and hire purchase contracts 15,592 4,062
Other creditors 327,130 229,852
616,896 414,669

Other creditors includes £307,416 (2022: £210,987) relating to an invoice discounting arrangement. These amounts are secured by fixed and floating charges against the company's assets.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 12,384 23,031
Obligations under finance leases and hire purchase contracts 44,600 0
56,984 23,031

Hire purchase liabilities are secured against the assets to which they relate.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 9,799) ( 8,548)
Charged to the Statement of Income and Retained Earnings ( 26,717) ( 1,251)
At the end of financial year ( 36,516) ( 9,799)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
612 Ordinary shares of £ 1.00 each 612 612
200 A Ordinary Non Voting shares of £ 1.00 each 200 200
388 B Ordinary shares of £ 1.00 each 388 388
100 Ordinary Non Voting shares of £ 1.00 each 100 100
1,300 1,300

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 62,300 0
between one and five years 249,200 0
after five years 311,500 0
623,000 0

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 403 0

Advances to the directors were made in the year totalling £403. The loans are interest-free and repayable on demand, with full repayment made post year-end.