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Registered number: 08948667
Maximum Maintenance Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Abacus Accountancy & Taxation Services Ltd
19-21 Main Road
Nottingham
NG4 3HQ
Contents
Page
Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08948667
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 66,163 59,666
66,163 59,666
CURRENT ASSETS
Stocks 5 61,563 77,110
Debtors 6 403,932 396,681
Cash at bank and in hand 139,918 170,697
605,413 644,488
Creditors: Amounts Falling Due Within One Year 7 (380,438 ) (352,842 )
NET CURRENT ASSETS (LIABILITIES) 224,975 291,646
TOTAL ASSETS LESS CURRENT LIABILITIES 291,138 351,312
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,073 ) (11,337 )
NET ASSETS 277,065 339,975
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 277,063 339,973
SHAREHOLDERS' FUNDS 277,065 339,975
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For the year ending 31 March 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 Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Michael Middleton
Director
18/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Maximum Maintenance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08948667 . The registered office is 19-21 Main Road, Gedling, Nottingham, NG4 3HQ.
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 25% per annum reducing balance basis
Motor Vehicles 25% per annum reducing balance basis
Fixtures & Fittings 25% per annum reducing balance basis
Computer Equipment 33% per annum reducing balance basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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
Average number of employees, including directors, during the year was as follows:- 12 (2023: 10)
12 10
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 8,549 81,374 2,016 5,952 97,891
Additions 3,400 19,132 - 3,249 25,781
As at 31 March 2024 11,949 100,506 2,016 9,201 123,672
Depreciation
As at 1 April 2023 1,274 31,645 1,192 4,114 38,225
Provided during the period 2,152 16,300 206 626 19,284
As at 31 March 2024 3,426 47,945 1,398 4,740 57,509
Net Book Value
As at 31 March 2024 8,523 52,561 618 4,461 66,163
As at 1 April 2023 7,275 49,729 824 1,838 59,666
5. Stocks
2024 2023
£ £
Materials 7,180 7,180
Work in progress 54,383 69,930
61,563 77,110
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 333,842 316,492
Other debtors 70,090 80,189
403,932 396,681
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 68,067 55,157
Corporation tax 7,618 18,975
Other taxes and social security 16,775 15,555
VAT 54,196 59,555
Factoring account (Current liabilities - creditors < 1 year) 228,310 200,034
Pension fund (Current liabilities - creditors < 1 year) - 36
Accruals and deferred income 2,210 2,130
Directors' loan accounts 3,262 1,400
380,438 352,842
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
Included in debtors is a loan to Maximum Property (Nottingham) Limited, a company under the common control of the directors of Maximum Maintenance Limited. The advances in the year totalled £70,090. No repayments were made in the year. The loan was interest free and repayable on demand.
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