Max Gate Digital Ltd 07264603 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is web development and the supply of educational software Digita Accounts Production Advanced 6.30.9574.0 true 07264603 2023-06-01 2024-05-31 07264603 2024-05-31 07264603 core:RetainedEarningsAccumulatedLosses 2024-05-31 07264603 core:ShareCapital 2024-05-31 07264603 core:CurrentFinancialInstruments 2024-05-31 07264603 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07264603 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 07264603 core:FurnitureFittingsToolsEquipment 2024-05-31 07264603 bus:SmallEntities 2023-06-01 2024-05-31 07264603 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07264603 bus:FilletedAccounts 2023-06-01 2024-05-31 07264603 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07264603 bus:RegisteredOffice 2023-06-01 2024-05-31 07264603 bus:Director1 2023-06-01 2024-05-31 07264603 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07264603 bus:Agent1 2023-06-01 2024-05-31 07264603 core:Goodwill 2023-06-01 2024-05-31 07264603 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 07264603 countries:AllCountries 2023-06-01 2024-05-31 07264603 2023-05-31 07264603 core:FurnitureFittingsToolsEquipment 2023-05-31 07264603 2022-06-01 2023-05-31 07264603 2023-05-31 07264603 core:RetainedEarningsAccumulatedLosses 2023-05-31 07264603 core:ShareCapital 2023-05-31 07264603 core:CurrentFinancialInstruments 2023-05-31 07264603 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07264603 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 07264603 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 07264603

Max Gate Digital Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

Max Gate Digital Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Max Gate Digital Ltd

Company Information

Director

Mr S D Wolff

Registered office

39 Kingsbere Crescent
Dorchester
Dorset
DT1 2DY

Bankers

Starling Bank
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP

Accountants

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

 

Max Gate Digital Ltd

(Registration number: 07264603)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

25,060

20,209

Current assets

 

Debtors

18,830

10,398

Cash at bank and in hand

 

2,027

11,456

 

20,857

21,854

Prepayments and accrued income

 

483

479

Creditors: Amounts falling due within one year

(26,185)

(26,194)

Net current liabilities

 

(4,845)

(3,861)

Total assets less current liabilities

 

20,215

16,348

Creditors: Amounts falling due after more than one year

(3,000)

(6,000)

Provisions for liabilities

(4,761)

(4,648)

Net assets

 

12,454

5,700

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

11,454

4,700

Shareholders' funds

 

12,454

5,700

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Max Gate Digital Ltd

(Registration number: 07264603)
Abridged Balance Sheet as at 31 May 2024

Approved and authorised by the director on 15 October 2024
 






 

Mr S D Wolff

Director

 

Max Gate Digital Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Max Gate Digital Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Max Gate Digital Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

 

Max Gate Digital Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

1,000

At 31 May 2024

1,000

Amortisation

At 1 June 2023

1,000

At 31 May 2024

1,000

Carrying amount

At 31 May 2024

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

42,319

42,319

Additions

9,273

9,273

At 31 May 2024

51,592

51,592

Depreciation

At 1 June 2023

22,110

22,110

Charge for the year

4,422

4,422

At 31 May 2024

26,532

26,532

Carrying amount

At 31 May 2024

25,060

25,060

At 31 May 2023

20,209

20,209

6

Stocks

2024
£

2023
£

 

Max Gate Digital Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000