Company registration number 10987867 (England and Wales)
MAXIMA LITIGATION FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MAXIMA LITIGATION FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr M J Andrews
Mrs V M Andrews
Company number
10987867
Registered office
Kingsnorth House
Blenheim Way
Kingstanding
Birmingham
West Midlands
United Kingdom
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
MAXIMA LITIGATION FINANCE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MAXIMA LITIGATION FINANCE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAXIMA LITIGATION FINANCE LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maxima Litigation Finance Limited for the year ended 30 September 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 Board of Directors of Maxima Litigation Finance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Maxima Litigation Finance Limited and state those matters that we have agreed to state to the Board of Directors of Maxima Litigation Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maxima Litigation Finance Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Maxima Litigation Finance Limited 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 Maxima Litigation Finance Limited. You consider that Maxima Litigation Finance 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 financial statements of Maxima Litigation Finance 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 financial statements.
Malcolm Piper & Company Limited
20 June 2025
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
MAXIMA LITIGATION FINANCE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,595
24,793
Investments
4
18,050
18,050
36,645
42,843
Current assets
Debtors
5
48,585
39,818
Cash at bank and in hand
1,518
377
50,103
40,195
Creditors: amounts falling due within one year
6
(57,589)
(55,678)
Net current liabilities
(7,486)
(15,483)
Total assets less current liabilities
29,159
27,360
Creditors: amounts falling due after more than one year
7
(16,285)
(22,767)
Net assets
12,874
4,593
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
12,774
4,493
Total equity
12,874
4,593
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MAXIMA LITIGATION FINANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
Mr M J Andrews
Director
Company registration number 10987867 (England and Wales)
MAXIMA LITIGATION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Maxima Litigation Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Kingstanding, Birmingham, West Midlands, United Kingdom, B44 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Investments are stated at cost less any permanent diminution in value.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
MAXIMA LITIGATION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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
Current tax is recognised at the amount of tax payable using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average number of employees including directors during the year was:
2024
2023
Number
Number
Total
2
4
MAXIMA LITIGATION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Motor Vehicles
£
Cost
At 1 October 2023 and 30 September 2024
45,014
Depreciation and impairment
At 1 October 2023
20,221
Depreciation charged in the year
6,198
At 30 September 2024
26,419
Carrying amount
At 30 September 2024
18,595
At 30 September 2023
24,793
Motor vehicles included are held under finance lease contracts and have a net book value of £18,595 and depreciation charged £6,198 for the year.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
18,050
18,050
The investment represents a 1/3 share in Maxima Litigation Funding LLP, a Limited Liability Partnership registered in England and Wales.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,596
32,668
Amounts owed by undertakings in which the company has a participating interest
2,307
6,468
Other debtors
682
682
48,585
39,818
MAXIMA LITIGATION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
Corporation tax
14,260
Other creditors
43,320
55,678
57,589
55,678
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,285
22,767
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
7,788
7,788
In two to five years
16,285
22,767
24,073
30,555
The finance lease liabilities are secured on the assets to which they relate.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of £1 each
80
80
80
80
Ordinary A of £1 each
5
5
5
5
Ordinary B of £1 each
5
5
5
5
Ordinary C of £1 each
5
5
5
5
Ordinary D of £1 each
5
5
5
5
100
100
100
100
Issued and fully paid
Ordinary of £1 each
80
80
80
80
Ordinary A of £1 each
5
5
5
5
Ordinary B of £1 each
5
5
5
5
Ordinary C of £1 each
5
5
5
5
Ordinary D of £1 each
5
5
5
5
100
100
100
100
MAXIMA LITIGATION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
10
Related party transactions
During the year, total dividends of £37,000 (2023 - £27,000) were paid to the directors.
Maxima Litigation Funding LLP
A limited liability partnership of which Mr M J Andrews and Mrs V M Andrews are members.
During the year Maxima Litigation Finance Limited paid management charges to Maxima Litigation Funding LLP of £5,525 (2023 - £1,800). During the year Maxima Litigation Finance Limited made payments on behalf of Maxima Litigation Funding LLP of £Nil (2023 - £Nil). At 30 September 2024 the amount due from Maxima Litigation Funding LLP amounted to £2,306 (2023 - £6,467), is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand.
Maxima Litigation Solutions Limited
A limited company of which Mrs V M Andrews is a director.
During the year Maxima Litigation Finance Limited paid management charges to Maxima Litigation Solutions Limited of £21,000 (2023 - £16,000). At the 30 September 2024 the amount due to Maxima Litigation Solutions Limited amounts to £25,049 (2023 - £37,183 ), is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand.