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Registration number: 04600154

Maxbuild (Lincolnshire) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Maxbuild (Lincolnshire) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Maxbuild (Lincolnshire) Limited

Company Information

Director

Mr A M Thorndike

Registered office

Wellbeck Barn
Well
Alford
Lincolnshire
LN13 9LT

 

Maxbuild (Lincolnshire) Limited

(Registration number: 04600154)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

215,729

186,708

Investment property

5

180,000

180,000

 

395,729

366,708

Current assets

 

Stocks

6

725,121

946,132

Debtors

7

166,628

395,406

Cash at bank and in hand

 

389,965

293,584

 

1,281,714

1,635,122

Creditors: Amounts falling due within one year

8

(43,901)

(137,052)

Net current assets

 

1,237,813

1,498,070

Total assets less current liabilities

 

1,633,542

1,864,778

Creditors: Amounts falling due after more than one year

8

(37,264)

-

Provisions for liabilities

(25,358)

(22,647)

Net assets

 

1,570,920

1,842,131

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

100,462

100,462

Retained earnings

1,470,358

1,741,569

Shareholders' funds

 

1,570,920

1,842,131

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 June 2025
 

.........................................
Mr A M Thorndike
Director

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04600154.

The address of its registered office is:
Wellbeck Barn
Well
Alford
Lincolnshire
LN13 9LT

These financial statements cover the individual entity, Maxbuild (Lincolnshire) Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

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

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

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 4 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

18,892

97,867

303,900

420,659

Additions

-

13,017

147,239

160,256

Disposals

-

(30,342)

(133,303)

(163,645)

At 30 September 2024

18,892

80,542

317,836

417,270

Depreciation

At 1 October 2023

2,686

68,184

163,081

233,951

Charge for the year

378

5,854

51,094

57,326

Eliminated on disposal

-

(21,801)

(67,935)

(89,736)

At 30 September 2024

3,064

52,237

146,240

201,541

Carrying amount

At 30 September 2024

15,828

28,305

171,596

215,729

At 30 September 2023

16,206

29,683

140,819

186,708

5

Investment properties

2024
£

At 1 October

180,000

At 30 September

180,000

The properties are held at the fair value as deemed by the Director. No formal independent valuation has been carried out.

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Work in progress

-

157,105

Finished goods and goods for resale

29,200

71,149

Other inventories

695,921

717,878

725,121

946,132

7

Debtors

Current

2024
£

2023
£

Trade debtors

10,683

305,866

Prepayments

6,722

3,371

Other debtors

149,223

86,169

 

166,628

395,406

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

14,444

37,012

Taxation and social security

634

3,525

Accruals

2,260

2,195

Other creditors

17,888

94,320

HP and finance lease

8,675

-

43,901

137,052

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,675 (2023 - £Nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

HP and finance leases

37,264

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £37,264 (2023 - £Nil).

 

Maxbuild (Lincolnshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Dividends paid to the Director

   

2024
£

 

2023
£

Mr A M Thorndike

       

 

150,000

 

100,000

         

Summary of transactions with other related parties

Focus Signs (Lincs) Limited
 A M Thorndike a director of Maxbuild (Lincolnshire) Limited is also a director and shareholder of Focus Signs (Lincs) Limited and Max Fitness (Alford) Limited.
 All transactions are conducted under normal market conditions.

The balance owed by Focus Signs (Lincs) Limited as at 30th September, 2024 was £90,096 (2023: £66,970).

The balance owed by Max Fitness (Alford) Limited as at 30th September, 2024 was £6,000 (2023: £3,000)