Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2023-04-01false11truetruefalse 10439629 2023-04-01 2024-03-31 10439629 2022-04-01 2023-03-31 10439629 2024-03-31 10439629 2023-03-31 10439629 c:Director1 2023-04-01 2024-03-31 10439629 d:PlantMachinery 2023-04-01 2024-03-31 10439629 d:PlantMachinery 2024-03-31 10439629 d:PlantMachinery 2023-03-31 10439629 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10439629 d:CurrentFinancialInstruments 2024-03-31 10439629 d:CurrentFinancialInstruments 2023-03-31 10439629 d:Non-currentFinancialInstruments 2024-03-31 10439629 d:Non-currentFinancialInstruments 2023-03-31 10439629 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10439629 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10439629 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10439629 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10439629 d:UKTax 2023-04-01 2024-03-31 10439629 d:UKTax 2022-04-01 2023-03-31 10439629 d:ShareCapital 2024-03-31 10439629 d:ShareCapital 2023-03-31 10439629 d:RetainedEarningsAccumulatedLosses 2024-03-31 10439629 d:RetainedEarningsAccumulatedLosses 2023-03-31 10439629 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10439629 c:OrdinaryShareClass1 2024-03-31 10439629 c:OrdinaryShareClass1 2023-03-31 10439629 c:FRS102 2023-04-01 2024-03-31 10439629 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10439629 c:FullAccounts 2023-04-01 2024-03-31 10439629 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10439629 2 2023-04-01 2024-03-31 10439629 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10439629










Max Witting Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Max Witting Ltd
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Max Witting Ltd for the year ended 31 March 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 Max Witting Ltd for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes 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 in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Max Witting Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Max Witting Ltd and state those matters that we have agreed to state to the director of Max Witting Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Witting Ltd and its director for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Max Witting Ltd. 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 financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
20 December 2024
Page 1

 
Max Witting Ltd
Registered number: 10439629

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
47,429
71,731

  
47,429
71,731

Current assets
  

Debtors: amounts falling due within one year
 6 
22,950
11,086

Cash at bank and in hand
 7 
1
8,142

  
22,951
19,228

Creditors: amounts falling due within one year
 8 
(52,638)
(63,619)

Net current liabilities
  
 
 
(29,687)
 
 
(44,391)

Total assets less current liabilities
  
17,742
27,340

Creditors: amounts falling due after more than one year
 9 
(5,713)
(9,696)

Provisions for liabilities
  

Deferred tax
  
(9,012)
(13,629)

  
 
 
(9,012)
 
 
(13,629)

Net assets
  
3,017
4,015


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
3,016
4,014

  
3,017
4,015


Page 2

 
Max Witting Ltd
Registered number: 10439629

Balance sheet (continued)
As at 31 March 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M K Witting
Director
Date: 20 December 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Max Witting Ltd ("the company") is a private company limited by shares and is incorporated in England with the registration 10439629. The address of the registered office is Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and equipment
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
5,726
8,865


Total current tax
5,726
8,865

Deferred tax


Origination and reversal of timing differences
(4,617)
(4,085)

Total deferred tax
(4,617)
(4,085)


Taxation on profit on ordinary activities
1,109
4,780
Page 7

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2023 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Tangible fixed assets





Plant and equipment

£



Cost or valuation


At 1 April 2023
128,567



At 31 March 2024

128,567



Depreciation


At 1 April 2023
56,836


Charge for the year on owned assets
24,302



At 31 March 2024

81,138



Net book value



At 31 March 2024
47,429



At 31 March 2023
71,731


6.


Debtors

2024
2023
£
£


Trade debtors
22,950
11,086

22,950
11,086


Page 8

 
Max Witting Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1
8,142



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,000
4,000

Trade creditors
8,296
4,141

Corporation tax
13,970
11,857

Other taxation and social security
6,273
620

Obligations under finance lease and hire purchase contracts
3,711
6,196

Other creditors
13,388
34,530

Accruals and deferred income
3,000
2,275

52,638
63,619



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,713
9,000

Net obligations under finance leases and hire purchase contracts
-
696

5,713
9,696



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Related party transactions

During the year dividends were paid to shareholders of the company totalling £4,000 (2023: £20,000). All other transactions with related parties including director's remuneration were completed under normal market conditions. 


Page 9