Company registration number 08716550 (England and Wales)
MAIDMENT JUDD INSOLVENCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MAIDMENT JUDD INSOLVENCY LIMITED
COMPANY INFORMATION
Directors
Ms H G Maddison
Mr A T Weston
Mr A D Kent
Company number
08716550
Registered office
The Old Brewhouse
49-51 Brewhouse Hill
Wheathampstead
St Albans
England
AL4 8AN
Accountants
Hentons
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
MAIDMENT JUDD INSOLVENCY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MAIDMENT JUDD INSOLVENCY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAIDMENT JUDD INSOLVENCY LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 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 Maidment Judd Insolvency Limited for the year ended 31 March 2024 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 Maidment Judd Insolvency 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 Maidment Judd Insolvency Limited and state those matters that we have agreed to state to the board of directors of Maidment Judd Insolvency 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 Maidment Judd Insolvency Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Maidment Judd Insolvency 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 profit of Maidment Judd Insolvency Limited. You consider that Maidment Judd Insolvency 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 Maidment Judd Insolvency 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.
Hentons
Chartered Accountants
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA
1 October 2024
MAIDMENT JUDD INSOLVENCY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,435
5,969
Current assets
Debtors
6
479,431
563,278
Cash at bank and in hand
24,987
25,206
504,418
588,484
Creditors: amounts falling due within one year
7
(403,397)
(404,058)
Net current assets
101,021
184,426
Total assets less current liabilities
105,456
190,395
Creditors: amounts falling due after more than one year
8
(81,688)
(166,112)
Provisions for liabilities
(1,109)
(942)
Net assets
22,659
23,341
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
22,658
23,340
Total equity
22,659
23,341
The notes on pages 4 to 8 form part of these financial statements.
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 March 2024 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.
MAIDMENT JUDD INSOLVENCY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Ms H G Maddison
Mr A T Weston
Director
Director
Company registration number 08716550 (England and Wales)
MAIDMENT JUDD INSOLVENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Maidment Judd Insolvency Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Brewhouse, 49-51 Brewhouse Hill, Wheathampstead, St Albans, England, AL4 8AN.
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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. Revenue from a contract to provide services is recognised when the amount of revenue can be reliably measured and it is probable that the company will receive the consideration due.
1.4
Intangible assets
Intangible assets such as Goodwill are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any impairment losses.
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, was amortised evenly over its estimated useful life of seven years.
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off the cost of each asset less its estimated residual value over its estimated useful life:
Fixtures and fittings
25% on cost
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.
1.6
Cash and cash equivalents
Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk to changes in value.
MAIDMENT JUDD INSOLVENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent tat 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
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 form those in which they are recognised in the 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.
MAIDMENT JUDD INSOLVENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.9
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.
1.10
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.11
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.12
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.13
Expenses incurred have been recognised in an accruals basis.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:
The annual depreciation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.
The Directors make judgements in estimating the recoverable value of work in progress which is treated as accrued income in the financial statements. The values require estimation of time spent and additional expenditure to be incurred on the current projects yet to be completed.
The Directors make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
6
MAIDMENT JUDD INSOLVENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,400,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
1,400,000
Carrying amount
At 31 March 2024
At 31 March 2023
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
16,748
Additions
908
At 31 March 2024
17,656
Depreciation and impairment
At 1 April 2023
10,779
Depreciation charged in the year
2,442
At 31 March 2024
13,221
Carrying amount
At 31 March 2024
4,435
At 31 March 2023
5,969
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,439
4,073
Other debtors
5,490
Prepayments and accrued income
474,992
553,715
479,431
563,278
MAIDMENT JUDD INSOLVENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
51,325
42,803
Other taxation and social security
20,813
20,472
Other creditors
307,701
334,309
Accruals and deferred income
23,558
6,474
403,397
404,058
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other creditors
81,688
166,112
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
32,957