Maxem Glazing Ltd
Registered number: 07242708
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 4 10,662 14,216
Current assets
Stocks 9,593 8,515
Debtors 5 20,393 47,208
Cash at bank and in hand 3,064 10,611
33,050 66,334
Creditors: amounts falling due within one year 6 (52,755) (63,489)
Net current (liabilities)/assets (19,705) 2,845
Total assets less current liabilities (9,043) 17,061
Creditors: amounts falling due after more than one year 7 (8,206) (14,587)
Provisions for liabilities (1,632) (2,220)
Net (liabilities)/assets (18,881) 254
Capital and reserves
Called up share capital 204 204
Profit and loss account (19,085) 50
Shareholders' funds (18,881) 254
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Andrews
Director
Approved by the board on 23 May 2025
Maxem Glazing Ltd
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on a reducing balance basis
Fixtures, fittings, tools and equipment 25% on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 8 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 10,000
At 31 March 2025 10,000
Amortisation
At 1 April 2024 10,000
At 31 March 2025 10,000
Net book value
At 31 March 2025 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 47,713
At 31 March 2025 47,713
Depreciation
At 1 April 2024 33,497
Charge for the year 3,554
At 31 March 2025 37,051
Net book value
At 31 March 2025 10,662
At 31 March 2024 14,216
5 Debtors 2025 2024
£ £
Trade debtors 4,533 23,496
Directors account 11,632 16,801
Other debtors 4,228 6,911
20,393 47,208
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 8,605 8,448
Trade creditors 42,394 36,181
Taxation and social security costs 1,756 18,309
Other creditors - 551
52,755 63,489
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 8,206 14,587
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Andrews 8,401 19,390 (21,974) 5,816
Mrs V Andrews 8,400 19,390 (21,974) 5,816
16,801 38,780 (43,948) 11,632
Included in debtors is an amount owing to the company by both directors. The highest amount outstanding during the year were: M Andrews £12,519, V Andrews £12,519.
9 Related party transactions
There were no related party transactions during the period.
10 Controlling party
The ultimate controlling party was Mr M Andrews, a director and shareholder of the company.
11 Other information
Maxem Glazing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1, Block 33
Second Avenue, Westfield Industrial Estate
Radstock
BA3 4BH
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