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Registered number: 12406434
Maxa Tech Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Shaw Wallace
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12406434
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1 2,712
1 2,712
CURRENT ASSETS
Debtors 5 49,279 28,534
49,279 28,534
Creditors: Amounts Falling Due Within One Year 6 (947,035 ) (822,754 )
NET CURRENT ASSETS (LIABILITIES) (897,756 ) (794,220 )
TOTAL ASSETS LESS CURRENT LIABILITIES (897,755 ) (791,508 )
NET LIABILITIES (897,755 ) (791,508 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (897,756 ) (791,509 )
SHAREHOLDERS' FUNDS (897,755) (791,508)
Page 1
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Risto Savolainen
Director
26/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Maxa Tech Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12406434 . The registered office is 1 Canada Square, London, E14 5AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The company has taken the advantage of exemption under section 399 of Companies Act 2006 not to prepare consolidated accounts, on the basis that group of which this is parent qualifies as small group. The financial statements present information about the company as an individual entity and not about its group.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% on straight line basis
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
...CONTINUED
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2.8. Provisions and Contingencies - continued
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 10,846
As at 31 March 2024 10,846
Depreciation
As at 1 April 2023 8,134
Provided during the period 2,711
As at 31 March 2024 10,845
Net Book Value
As at 31 March 2024 1
As at 1 April 2023 2,712
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,808 2,808
VAT 12,810 10,575
Amounts owed by group undertakings 33,661 15,151
49,279 28,534
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 133,743 113,531
Bank loans and overdrafts 696 972
Other taxes and social security 28,491 10,832
Net wages 217 3,101
Other creditors 43,245 16,962
Director's loan account - 62,383
Amounts owed to group undertakings 740,643 614,973
947,035 822,754
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
9. Controlling Parties
The company's immediate parent undertaking is .
The ultimate parent undertaking is Maxa Holding Ltd (incorporated in England & Wales). Its registered office is 43 Manchester Street Manchester Street, London, England, W1U 7LP .
The company's ultimate controlling party is Mr Risto Savolainen by virtue of their interest in the share capital of the company.
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