REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 24 March 2024 |
for |
Maxine Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 24 March 2024 |
for |
Maxine Investments Limited |
Maxine Investments Limited (Registered number: 00727756) |
Contents of the Financial Statements |
for the Year Ended 24 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Maxine Investments Limited |
Company Information |
for the Year Ended 24 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Maxine Investments Limited (Registered number: 00727756) |
Balance Sheet |
24 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Maxine Investments Limited (Registered number: 00727756) |
Balance Sheet - continued |
24 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Maxine Investments Limited (Registered number: 00727756) |
Notes to the Financial Statements |
for the Year Ended 24 March 2024 |
1. | STATUTORY INFORMATION |
Maxine Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total of rents and other income receivable during the year, in connection with the company's activities. |
Investment property |
Investment property is shown based on formal valuations conducted in July 2017 by Aston Rose Chartered Surveyors. Whilst subsequent valuations have been conducted by the directors, who are considered to have sufficient expertise to provide a true and fair view, the Leasehold Reform (Ground Rent) Act 2022 is currenty causing uncertainty within the ground rent business. Further reforms are anticipated, which could have an impact on property valuations going forward. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other related parties. |
Debt instruments, such as 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, such as 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 payment 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 Statement of Comprehensive Income. |
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 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 balance sheet date. |
Maxine Investments Limited (Registered number: 00727756) |
Notes to the Financial Statements - continued |
for the Year Ended 24 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that 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 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 from those in which they are recognised in 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. |
Impairment |
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 25 March 2023 |
and 24 March 2024 |
NET BOOK VALUE |
At 24 March 2024 |
At 24 March 2023 |
The investment properties were valued on an open market basis in July 2017 by Aston Rose Chartered Surveyors. |
Maxine Investments Limited (Registered number: 00727756) |
Notes to the Financial Statements - continued |
for the Year Ended 24 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
Other creditors includes amounts owed to the Directors. Interest has not been charged. |
7. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Investment property revaluation | 73,745 | 73,745 |
Deferred |
tax |
£ |
Balance at 25 March 2023 |
Balance at 24 March 2024 |
8. | CALLED UP SHARE CAPITAL |
Share capital allotted, issued and fully paid: |
154 Ordinary shares of £1 each are in issue with a total nominal value of £154 (2022 - £154). |
23 Ordinary A shares of £1 each are in issue with a total nominal value of £23 (2022 - £23). |
30 Ordinary B shares of £1 each are in issue with a total nominal value of £30 (2022 - £30). |
23 Ordinary C shares of £1 each are in issue with a total nominal value of £23 (2022 - £23). |
The total nominal value of share capital is £230 (2023 - £230). |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 25 March 2023 |
and 24 March 2024 |