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Registered number: 10025557
Maxivision Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Williams & Co Accountancy Services Ltd
Riverside House
River Lawn Road
Tonbridge
Kent
TN9 1EP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 10025557
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 68,096 57,353
68,096 57,353
CURRENT ASSETS
Debtors 5 - 9,805
Cash at bank and in hand 50,221 54,822
50,221 64,627
Creditors: Amounts Falling Due Within One Year 6 (44,650 ) (33,702 )
NET CURRENT ASSETS (LIABILITIES) 5,571 30,925
TOTAL ASSETS LESS CURRENT LIABILITIES 73,667 88,278
Creditors: Amounts Falling Due After More Than One Year 7 (10,618 ) (13,498 )
NET ASSETS 63,049 74,780
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 62,949 74,680
SHAREHOLDERS' FUNDS 63,049 74,780
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Page 2
For the year ending 28 February 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 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 Income Statement.
On behalf of the board
Mr M Glickman
Director
14th March 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Maxivision Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10025557 . The registered office is c/o Williams & Co Accountancy Services Ltd, Riverside House, River Lawn Road, Tonbridge, Kent, TN9 1EP.
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:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
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 year 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 asset reflects 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.
3. Average Number of Employees
1Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 128,184 41,253 1,960 171,397
Additions 22,232 - - 22,232
As at 28 February 2024 150,416 41,253 1,960 193,629
Depreciation
As at 1 March 2023 82,283 30,164 1,597 114,044
Provided during the period 9,180 2,218 91 11,489
As at 28 February 2024 91,463 32,382 1,688 125,533
Net Book Value
As at 28 February 2024 58,953 8,871 272 68,096
As at 1 March 2023 45,901 11,089 363 57,353
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 9,805
- 9,805
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 2,481 2,400
Corporation tax 15,243 23,119
VAT 9,197 2,409
Accruals and deferred income 1,440 1,440
Directors' loan accounts 16,289 4,334
44,650 33,702
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors (1) 10,618 13,498
10,618 13,498
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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