REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
MAX20 PROJECT SOLUTIONS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
MAX20 PROJECT SOLUTIONS LIMITED |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Statement of Financial Position | 12 |
Statement of Changes in Equity | 13 |
Statement of Cash Flows | 14 |
Notes to the Statement of Cash Flows | 15 |
Notes to the Financial Statements | 16 |
MAX20 PROJECT SOLUTIONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Accountants |
Statutory Auditors |
The Exchange |
1 Bank Street |
Bury |
BL9 0DN |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
STRATEGIC REPORT |
for the Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
The directors are pleased with the profit achieved on ordinary activities before taxation, taking into account the current economic climate and the challenges around the world after the Covid pandemic. |
Revenue for the year was £11.0m (2023: £14.3m). Gross profit margin for the year decreased by 1.1% and the company recorded an operating profit before exceptional costs of £1.7m (2023: £1.4m). |
The company's statement of financial position shows a net worth of £3.8m at the year end and the directors are pleased with this position heading into the new financial year. |
Business Review |
The principal activity of the company in the year under review continues to be provision across the UK of digital services to the NHS through the Crown Commercial service G-Cloud supplier framework. There have not been any significant changes in the company's principal activities in the year under review. The directors are not aware of any likely changes in the company's activities in the next year. |
Underlying growth from FY21 to FY24 was strong as the Project Solutions business continues to grow in size and reputation with NHS Trusts. Revenue has increased by 0.4% CAGR from FY21 to FY24, with 5.0% growth forecast for FY25. Whilst FY23 included some exceptional income in the fall out from Covid and certain NHS requirements being accelerated during the period, FY24 provides a strong platform for future growth and revenue in the next financial year is expected to be higher than that achieved this year. The business continues to expand its service provision across the whole of England and Wales; building on its strong reputation developed in the North of England. |
In light of the current economic conditions, the directors have reviewed the forecast performance of the business. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being no less than 12 months from the date of the signing of these accounts. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
There have been no significant events since the statment of financial position date. |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
STRATEGIC REPORT |
for the Year Ended 31 July 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Whilst the company takes a responsible and balanced approach towards risk management it also recognises that risk is an inherent part of the business and, as with all businesses, some risks may be beyond its control. |
The company also benefits from its strong reputation and goodwill with its customers and its strategic objective is to build on this. The directors see the main risks that could potentially impact upon the company's operating and financial performance as follows: |
Liquidity risk |
In terms of financial risk management, the company considers that it has limited exposure to the various aspects of financial risk. The company uses an invoice discounting facility with Barclays Bank plc to ensure liquidity is maintained and its clients across the NHS are government backed. |
Regulation risk |
The business operates under the Crown Commercial Service G-Cloud framework, where public sector customers can buy cloud-based computing services such as hosting, software and cloud support. Each framework agreement is time-bound. The business has been on this service since incorporation in 2017. There is a risk that the business is not admitted to this in the future. The directors are pro-active in ensuring timely submission of the business tender for each new framework. |
Competition risk |
There continues to be risk from other companies operating in this sector. The directors believe the continued quality and reputation of associates and service provided by the business is a key strength of the business proposition. |
IT systems |
The company relies upon its bespoke IT systems and databases to provide services to associates and clients. Due to the rapid advancement of technology, there is a risk that systems become outdated. The directors will keep key IT systems under review during FY24. |
FUTURE DEVELOPMENTS |
Future developments |
The company's focus for the following year remains the same. The directors expect both revenue and profit to increase in the following year. |
ON BEHALF OF THE BOARD: |
7 April 2025 |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a recruitment company. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
There were no political donations or expenditure during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 July 2024 |
AUDITORS |
In the absence of an Annual General Meeting appropriate arrangements will be made to reappoint DJH Audit Limited as the auditors. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
Opinion |
We have audited the financial statements of Max20 Project Solutions Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- We enquired of management the systems and controls the company has in place, the areas of the financial |
statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any |
known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud. |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We |
determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work |
1974, Employment Act 2002, and General Data Protection Regulations (GDPR). |
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly |
- Using our knowledge of the company, together with the discussions held with the company at the planning |
stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- Identifying and testing journal entries, in particular those that were significant and unusual. |
- Reviewing the financial statement disclosures and determining whether accounting policies have been |
appropriately applied. |
- Reviewing and challenging the assumptions and judgements used by management in their significant |
accounting estimates. |
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that |
are central to the entity's ability to continue in operation. |
- Testing key revenue lines, in particular cut-off, for evidence of management bias. |
- Testing accrued and deferred income, for evidence of management bias. |
- Testing controls surrounding the authorisation of purchase invoices. |
- Obtaining third-party confirmation of material bank and loan balances |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we may have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Accountants |
Statutory Auditors |
The Exchange |
1 Bank Street |
Bury |
BL9 0DN |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
INCOME STATEMENT |
for the Year Ended 31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
368,668 | 1,440,273 |
Interest payable and similar expenses | 4 |
PROFIT BEFORE TAXATION | 5 |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
STATEMENT OF FINANCIAL POSITION |
31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
STATEMENT OF CASH FLOWS |
for the Year Ended 31 July 2024 |
31/7/24 | 31/7/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,995,500 |
Cash and cash equivalents at end of year |
2 |
3,934,667 |
3,225,106 |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/7/24 | 31/7/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 17,444 | 10,090 |
Finance income | (66,955 | ) | (17,120 | ) |
301,890 | 1,423,153 |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 3,934,667 | 3,225,106 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 3,225,106 | 2,995,500 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank | 3,225,106 | 709,561 | 3,934,667 |
3,225,106 | 3,934,667 |
Total | 3,225,106 | 709,561 | 3,934,667 |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Max20 Project Solutions Limited is a private company limited by shares, registered in England and Wales number 10653143.The company's registered office address is Fairbank House, 27 Ashley Road, Altrincham, Cheshire, WA14 2DP. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland. The financial statements have been prepared under the historical cost convention. |
The directors recognise that the future cannot be predicted with certainty. The directors expect the company to continue trading and generating profit. Profit before tax for the year was £0.4m (2023: £1.4m), and reserves were £3.8m (2023: £3.6m). Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to adopt the going concern basis in preparing the financial statements. |
Significant judgements and estimates |
There were no significant judgements and estimates for the year. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable after providing for deferred income and accrued income and excluding discounts, rebates, value added tax and other sales taxes. |
All revenue is from one principal activity in the UK. |
Property, plant and equipment |
Fixtures and fittings | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed and adjusted as appropriate at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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 income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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 statement of financial position date. |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
The average number of employees during the year was as follows: |
31/7/24 | 31/7/23 |
Directors |
31/7/24 | 31/7/23 |
£ | £ |
Directors' remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/7/24 | 31/7/23 |
£ | £ |
Factoring charges |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
31/7/24 | 31/7/23 |
£ | £ |
Depreciation - owned assets |
Auditors remuneration |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/7/24 | 31/7/23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/7/24 | 31/7/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | - |
Changing tax rate | - | (57,129 | ) |
Total tax charge | 87,496 | 300,417 |
7. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 July 2024 |
DEPRECIATION |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Trade debtors |
Factoring debtor | 562,056 | 832,629 |
Amounts owed by related party |
Taxation |
VAT |
Prepayments and accrued income |
MAX20 PROJECT SOLUTIONS LIMITED (REGISTERED NUMBER: 10653143) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/24 | 31/7/23 |
£ | £ |
Trade creditors |
Amounts owed to related party |
Taxation |
VAT | 71,382 | - |
Accrued costs | 495,108 | 558,631 |
Deferred income | 1,663,061 | 952,004 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/7/24 | 31/7/23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
At 31 July 2024 |
12. | RELATED PARTY DISCLOSURES |
At the year end an amount of £322,258 ( 2023 : £51,282 ) was due from Max20 Limited, a company 100% controlled by D P Tomlinson and L Tomlinson.During the year a management charge of £1,700,000 ( 2023 : £1,400,000 ) was paid to Max20 Limited. |
At the year end an amount of £210,000 ( 2023 : £210,000 ) was due to Online Innovations Limited, a company 100% controlled by D P Tomlinson and L Tomlinson. |