Company registration number 13675533 (England and Wales)
MAXIMA CREDITOR RESOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MAXIMA CREDITOR RESOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr M J Andrews
Mr Howard Roberts
Y Le Goff
(Appointed 25 March 2024)
Company number
13675533
Registered office
Kingsnorth House
Blenheim Way
Kingstanding
Birmingham
West Midlands
United Kingdom
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
MAXIMA CREDITOR RESOLUTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
MAXIMA CREDITOR RESOLUTIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAXIMA CREDITOR RESOLUTIONS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maxima Creditor Resolutions Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Maxima Creditor Resolutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Maxima Creditor Resolutions Limited and state those matters that we have agreed to state to the board of directors of Maxima Creditor Resolutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maxima Creditor Resolutions Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Maxima Creditor Resolutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Maxima Creditor Resolutions Limited. You consider that Maxima Creditor Resolutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Maxima Creditor Resolutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
20 September 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
MAXIMA CREDITOR RESOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
ASSETS
Fixed assets
Tangible assets
4
971
592
Current assets
Work in progress
-
124,500
Debtors
5
281,990
403,856
Cash at bank and in hand
33,795
22,613
315,785
550,969
Total assets
316,756
551,561
EQUITY
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(116,564)
(53,927)
Total equity
(116,464)
(53,827)
LIABILITIES
Creditors: amounts falling due within one year
7
386,656
452,432
Creditors: amounts falling due after more than one year
8
46,564
152,956
Total equity and liabilities
316,756
551,561
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr M J Andrews
Director
Company Registration No. 13675533
MAXIMA CREDITOR RESOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Maxima Creditor Resolutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Kingstanding, Birmingham, West Midlands, United Kingdom, B44 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company's directors and shareholders and the company bankers.true
The directors have no reason to believe that the company bankers will not continue to provide the necessary loans and working capital finance to the company on their current agreed terms. The directors and shareholders have given assurances that support provided by them will continue to be provided and that they will not seek repayment of amounts due to them until such time as the company can do so without detriment to liabilities due to external creditors and its ongoing working cash flow requirements, and in any case not before a date which is within 12 months from the date of these financial statements.
Therefore, the Directors believe that the company has adequate resources to continue its current operations and that it remains appropriate to prepare the company's financial statements on a going concern basis and the financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
1.3
Turnover
The company's revenue recognition policy is to recognise revenue at the point it becomes unconditional. Any settlements or commissions due to the company are not recognised until they are unconditional.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MAXIMA CREDITOR RESOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Work in progress
Work in progress is stated at the lower of cost and estimated selling price less costs to complete. Cost comprises direct costs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress 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.
The company receives payments on account against work in progress and case management and amounts are shown net of these payments on account. Where payments on account exceed costs incurred in the year they are carried forward in other creditors. Where costs are recovered in relation to prior year expenditure, these are recognised as a credit to cost of sales in the year in which these costs are recovered.
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
MAXIMA CREDITOR RESOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
MAXIMA CREDITOR RESOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Computers
£
Cost
At 1 November 2022
884
Additions
1,000
At 31 October 2023
1,884
Depreciation and impairment
At 1 November 2022
292
Depreciation charged in the year
621
At 31 October 2023
913
Carrying amount
At 31 October 2023
971
At 31 October 2022
592
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
87,998
9,999
Other debtors
193,992
393,857
281,990
403,856
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
117,173
28,884
Trade creditors
25,519
23,458
Taxation and social security
37
74
Other creditors
243,927
400,016
386,656
452,432
MAXIMA CREDITOR RESOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
46,564
152,956
9
Related party transactions
Maxima Litigation Finance Limited
A limited company of which Mr M J Andrews is a director.
During the year the company had net transactions relating to consulting and administrative support services and other overhead costs with Maxima Litigation Finance Limited amounting to £23,437 (2022: £682).
At the year end the amount due to Maxima Litigation Finance Limited amounted to £24,119 (2022 - £682), this amount is repayable on demand but is unsecured and has no specific terms regarding payment of interest.