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Registration number: SC628975

Euan Maxwell Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Euan Maxwell Development Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Euan Maxwell Development Limited

Company Information

Director

Mr Euan Maxwell

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC628975
 

Accountants

Brown, Scott & Main 31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Euan Maxwell Development Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Euan Maxwell Development Limited for the year ended 30 April 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. . Our work has been undertaken solely to prepare for your approval the financial information of Euan Maxwell Development Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Euan Maxwell Development Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Euan Maxwell Development Limited. You consider that Euan Maxwell Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Euan Maxwell Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

16 January 2025

 

Euan Maxwell Development Limited

(Registration number: SC628975)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

8,067

2,910

Current assets

 

Debtors

6

113

114

Cash at bank and in hand

 

9,513

2,087

 

9,626

2,201

Creditors: Amounts falling due within one year

7

(2,664)

(720)

Net current assets

 

6,962

1,481

Total assets less current liabilities

 

15,029

4,391

Creditors: Amounts falling due after more than one year

7

(7,382)

-

Net assets

 

7,647

4,391

Capital and reserves

 

Called up share capital

8

50

50

Retained earnings

7,597

4,341

Shareholders' funds

 

7,647

4,391

For the financial year ending 30 April 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 and 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.

Approved and authorised by the director on 16 January 2025
 

.........................................
Mr Euan Maxwell
Director

 

Euan Maxwell Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB
Scotland

These financial statements were authorised for issue by the director on 16 January 2025.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency is sterling.

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 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.

Tax

The tax expense for the period comprises current 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 corporation 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.

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost less residual value of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line

Furniture and fittings

10% straight line

Computer equipment

25% straight line

Impairment of assets

 

Euan Maxwell Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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 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.

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.

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.

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.

3

Staff numbers

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

 

4

Taxation

Tax charge on the profit for the year as follows:

2024
£

Corporation tax charge

415

 
 

Euan Maxwell Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

338

4,516

5,274

10,128

Additions

-

-

5,962

5,962

At 30 April 2024

338

4,516

11,236

16,090

Depreciation

At 1 May 2023

136

1,808

5,274

7,218

Charge for the year

34

452

319

805

At 30 April 2024

170

2,260

5,593

8,023

Carrying amount

At 30 April 2024

168

2,256

5,643

8,067

At 30 April 2023

202

2,708

-

2,910

6

Debtors

Current

2024
£

2023
£

Other debtors

113

114

 

113

114

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

914

-

Accruals and deferred income

1,750

720

2,664

720

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

7,382

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

       
 

Euan Maxwell Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend

 

16,000

 

2,000

         

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

7,382

-