Company registration number 01896712 (England and Wales)
MAXIMIZER SOFTWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
MAXIMIZER SOFTWARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MAXIMIZER SOFTWARE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,099
2,887
Current assets
Debtors
4
408,714
307,313
Cash at bank and in hand
1,054,494
905,482
1,463,208
1,212,795
Creditors: amounts falling due within one year
5
(3,451,394)
(3,139,446)
Net current liabilities
(1,988,186)
(1,926,651)
Total assets less current liabilities
(1,987,087)
(1,923,764)
Creditors: amounts falling due after more than one year
6
(6,592)
(113,184)
Net liabilities
(1,993,679)
(2,036,948)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,993,779)
(2,037,048)
Total equity
(1,993,679)
(2,036,948)
MAXIMIZER SOFTWARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
For the financial year ended 30 November 2023 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr I J S Black
Director
Company registration number 01896712 (England and Wales)
MAXIMIZER SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
100
(2,078,303)
(2,078,203)
Year ended 30 November 2022:
Profit and total comprehensive income
-
41,255
41,255
Balance at 30 November 2022
100
(2,037,048)
(2,036,948)
Year ended 30 November 2023:
Profit and total comprehensive income
-
43,269
43,269
Balance at 30 November 2023
100
(1,993,779)
(1,993,679)
MAXIMIZER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Maximizer Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
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
At 30 November 2023, the company's total liabilities exceeded total assets by £1,993,679. This could indicate the existence of uncertainty about the company's ability to continue as a going concern.
The directors have considered the company's financing and future cash flow requirements and believe that the company will be able to fulfil its obligations for a period of not less than twelve months from the date these financial statements were signed.
The company is reliant on Maximizer Services Inc for intra-group borrowing. The directors have obtained confirmation from Maximizer Services Inc that the facility will not be withdrawn.
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
Revenue from the sale of software is recognised in full where there is pervasive evidence that an agreement exists, when delivery has occurred and when recoverability is considered probable. Turnover represents the invoice value, net of Value Added Tax and discounts, of goods and services provided.
Revenue from professional services is recognised as services are delivered to the customer and contractual obligations have been met.
Revenue from maintenance services is recognised on a straight line basis over the maintenance contract. Revenue not yet recognised in the profit and loss account is classified as deferred income on the balance sheet.
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.
MAXIMIZER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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:
Fixtures and fittings
20% on reducing balance
Computers
30% on reducing balance
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.
1.5
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.
1.6
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.
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.
MAXIMIZER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
MAXIMIZER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 December 2022
54,459
62,377
116,836
Disposals
(54,459)
(59,332)
(113,791)
At 30 November 2023
3,045
3,045
Depreciation and impairment
At 1 December 2022
54,459
59,490
113,949
Depreciation charged in the year
1,788
1,788
Eliminated in respect of disposals
(54,459)
(59,332)
(113,791)
At 30 November 2023
1,946
1,946
Carrying amount
At 30 November 2023
1,099
1,099
At 30 November 2022
2,887
2,887
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
407,432
302,287
Prepayments and accrued income
1,282
5,026
408,714
307,313
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,612
14,596
Amounts owed to group undertakings
2,484,475
2,169,061
Taxation and social security
65,095
133,297
Other creditors
875,212
822,492
3,451,394
3,139,446
MAXIMIZER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
6,592
113,184
7
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
8
Parent company
The company's immediate parent undertaking is Maximizer Services Inc, a company incorporated in Canada. Its registered office is Suite 2400, 745 Thurlow Street, Vancouver BC V6E 0C5, Canada.
The ultimate parent undertaking is MSI Acquisition Corporation, a company incorporated in Canada.