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Registered number: 04536712
Maxim Computer Graphics Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
SPF Accountancy Ltd t/a Waterman Brown
Unit 14 Dunchideock Barton
Dunchideock
Exeter
EX2 9UA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04536712
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,625 3,848
35,625 3,848
CURRENT ASSETS
Debtors 5 141,121 191,503
Cash at bank and in hand 160,026 205,969
301,147 397,472
Creditors: Amounts Falling Due Within One Year 6 (128,891 ) (150,494 )
NET CURRENT ASSETS (LIABILITIES) 172,256 246,978
TOTAL ASSETS LESS CURRENT LIABILITIES 207,881 250,826
Creditors: Amounts Falling Due After More Than One Year 7 (87,500 ) (122,500 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (812 ) -
NET ASSETS 119,569 128,326
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Share premium account 2,400 2,400
Profit and Loss Account 116,169 124,926
SHAREHOLDERS' FUNDS 119,569 128,326
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Ridgeway
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Maxim Computer Graphics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04536712 . The registered office is 11-13 Macklin Street, London, WC2B 5NH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 33% over the life of the asset
Plant & Machinery 33% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 3,701 310,554 314,255
Additions 35,478 2,405 37,883
As at 31 December 2023 39,179 312,959 352,138
Depreciation
As at 1 January 2023 3,701 306,706 310,407
Provided during the period 3,463 2,643 6,106
As at 31 December 2023 7,164 309,349 316,513
Net Book Value
As at 31 December 2023 32,015 3,610 35,625
As at 1 January 2023 - 3,848 3,848
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 120,560 133,608
Prepayments and accrued income 7,361 27,698
Other debtors 13,200 29,851
Deferred tax current asset - 346
141,121 191,503
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 29,412 49,779
Bank loans and overdrafts 35,000 35,000
Corporation tax 28,993 22,283
Other taxes and social security 6,270 3,628
VAT 15,928 13,394
Other creditors 3,301 21,068
Accruals and deferred income 9,987 5,342
128,891 150,494
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 87,500 122,500
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Later than one year and not later than five years 5,225 -
Later than five years 50,000 -
55,225 -
10. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 103,680 14,953
Dividends paid to the directors during the year amounted to £103,680 (2022: £14,952).
11. Ultimate Controlling Party
The company's ultimate controlling party are Mr Nicholas Ridgeway by virtue of their ownership of 100% of the issued share capital in the company.
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