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REGISTERED NUMBER: 08662729 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

Maxim Label And
Packaging (UK) Limited

Maxim Label And
Packaging (UK) Limited (Registered number: 08662729)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Maxim Label And
Packaging (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C Lee
D Devine





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 08662729 (England and Wales)





AUDITORS: Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

Maxim Label And
Packaging (UK) Limited (Registered number: 08662729)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 56,450 56,536
Investments 6 - 388,121
56,450 444,657

CURRENT ASSETS
Inventories 103,061 185,411
Debtors 7 1,309,926 1,191,886
Cash at bank and in hand 133,735 171,643
1,546,722 1,548,940
CREDITORS
Amounts falling due within one year 8 (898,641 ) (1,019,730 )
NET CURRENT ASSETS 648,081 529,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

704,531

973,867

CREDITORS
Amounts falling due after more than one
year

9

(1,140,320

)

(771,366

)
NET (LIABILITIES)/ASSETS (435,789 ) 202,501

CAPITAL AND RESERVES
Called up share capital 1,125,700 1,125,700
Share premium 914,287 914,287
Retained earnings (2,475,776 ) (1,837,486 )
SHAREHOLDERS' FUNDS (435,789 ) 202,501

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





C Lee - Director


Maxim Label And
Packaging (UK) Limited (Registered number: 08662729)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Maxim Label And Packaging (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts. Income is recognised on the dispatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - straight line over the life of the lease
Plant and machinery - 20% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Maxim Label And
Packaging (UK) Limited (Registered number: 08662729)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding from its parent company to enable it to pay its debts as they fall due and also will receive continuing support from its parent company.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 12 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023 455,610
Additions 39,527
At 31 December 2023 495,137
DEPRECIATION
At 1 January 2023 399,074
Charge for year 39,613
At 31 December 2023 438,687
NET BOOK VALUE
At 31 December 2023 56,450
At 31 December 2022 56,536

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Maxim Spain - 308,413
Maxim Germany - 79,708
- 388,121

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 109,660 179,109
Other debtors 576,159 498,429
685,819 677,538

Maxim Label And
Packaging (UK) Limited (Registered number: 08662729)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 624,107 514,348

Aggregate amounts 1,309,926 1,191,886

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 804,141 873,790
Taxation and social security 13,049 16,915
Other creditors 81,451 129,025
898,641 1,019,730

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 1,140,320 771,366

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 152,000 103,000
Between one and five years 608,000 -
In more than five years 749,173 -
1,509,173 103,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Raymond Rubenstein (Senior Statutory Auditor)
for and on behalf of Parker Cavendish

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under FRS102 1A whereby it has not disclosed transactions and balances with any wholly owned group companies.

At the year end, an amount of £1,140,320 (2022: £771,366) was due to Maxim Smart Manufacturing Co., the parent company. Part of this balance is repayable in June 2025 and part is repayable in February 2028. Both loans are with interest bearing at fixed rate of 3% per annum.

At the year end, an amount of £624,107 (2022: £514,348) was due from Maxim Label and Packaging Germany GmbH & Co. KG (previously known as Klaus Korte Etiketten GmbH & Co. KG), a subsidiary company. Part of this balance is repayable in June 2025 and part is repayable in February 2028. Both loans are with interest bearing at fixed rate of 3% per annum.

13. PARENT COMPANY

The parent company is Maxim Smart Manufacturing Co., a company incorporated in China and its registered office is No.398 Jinxiu Avenue, Yaozhuang Town, Jiashan County, Zhejiang Province.