Registered number
10070526
Nick Maxted Limited
Filleted Accounts
31 March 2024
Nick Maxted Limited
Registered number: 10070526
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 89,323 112,783
Current assets
Debtors 5 26,693 58,027
Cash at bank and in hand 60,131 33,393
86,824 91,420
Creditors: amounts falling due within one year 6 (32,805) (23,210)
Net current assets 54,019 68,210
Total assets less current liabilities 143,342 180,993
Creditors: amounts falling due after more than one year 7 (62,896) (81,673)
Provisions for liabilities (16,900) (21,400)
Net assets 63,546 77,920
Capital and reserves
Called up share capital 1 1
Profit and loss account 63,545 77,919
Shareholder's funds 63,546 77,920
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Maxted
Director
Approved by the board on 4 November 2024
Nick Maxted Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 10,000
At 31 March 2024 10,000
Amortisation
At 1 April 2023 10,000
At 31 March 2024 10,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 80,632 72,357 152,989
Additions 8,306 - 8,306
Disposals (2,832) - (2,832)
At 31 March 2024 86,106 72,357 158,463
Depreciation
At 1 April 2023 38,736 1,470 40,206
Charge for the year 12,624 18,089 30,713
On disposals (1,779) - (1,779)
At 31 March 2024 49,581 19,559 69,140
Net book value
At 31 March 2024 36,525 52,798 89,323
At 31 March 2023 41,896 70,887 112,783
5 Debtors 2024 2023
£ £
Trade debtors 4,333 36,328
Other debtors 22,360 21,699
26,693 58,027
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 18,777 18,777
Trade creditors - 780
Taxation and social security costs 12,998 2,902
Other creditors 1,030 751
32,805 23,210
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 62,896 81,673
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N Maxted
Director's loan 4,222 10,144 (4,222) 10,144
4,222 10,144 (4,222) 10,144
9 Controlling party
The company considers N Maxted to be the controlling party.
10 Other information
Nick Maxted Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cottage
2 Castlefield Road
Reigate
Surrey
RH2 0AP
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