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REGISTERED NUMBER: 02785390 (England and Wales)













MAXIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MAXIN LIMITED (REGISTERED NUMBER: 02785390)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAXIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr. H Stealey





REGISTERED OFFICE: 36
Lower Keyford
Frome
BA11 4AS





REGISTERED NUMBER: 02785390 (England and Wales)





ACCOUNTANTS: Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 8,333 16,174
Tangible assets 5 692,993 677,830
Investments 6 251,454 210,418
Investment property 7 4,645,000 4,645,000
5,597,780 5,549,422

CURRENT ASSETS
Debtors 8 301,375 319,884
Cash at bank and in hand 2,415 8,091
303,790 327,975
CREDITORS
Amounts falling due within one year 9 1,311,751 1,144,689
NET CURRENT LIABILITIES (1,007,961 ) (816,714 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,589,819 4,732,708

CREDITORS
Amounts falling due after more than one year 10 (1,576,365 ) (1,547,686 )

PROVISIONS FOR LIABILITIES 12 (715,116 ) (749,456 )
NET ASSETS 2,298,338 2,435,566

CAPITAL AND RESERVES
Called up share capital 13 80,000 80,000
Fair value reserve 2,217,472 2,217,472
Retained earnings 866 138,094
SHAREHOLDERS' FUNDS 2,298,338 2,435,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 July 2025 and were signed by:





Mr. H Stealey - Director


MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Maxin Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Intangible assets - 9 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold - Depreciated once asset brought into a useable condition.
Plant & machinery - 15% straight line
Motor vehicles - 25% straight line

Fixed asset investments and investment property
Fixed asset investments are initially recorded at cost, and subsequently remeasured at fair value, which is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
Intangible
Assets
£
COST
At 1 April 2023
and 31 March 2024 70,570
AMORTISATION
At 1 April 2023 54,396
Amortisation for year 7,841
At 31 March 2024 62,237
NET BOOK VALUE
At 31 March 2024 8,333
At 31 March 2023 16,174

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
COST
At 1 April 2023 684,147 898,521 119,622 1,702,290
Additions - 1,172 43,200 44,372
Disposals - - 35,250 35,250
At 31 March 2024 684,147 899,693 198,072 1,781,912
DEPRECIATION
At 1 April 2023 47,512 857,326 119,622 1,024,460
Charge for year - 20,209 9,000 29,209
Eliminated on disposal - - 35,250 35,250
At 31 March 2024 47,512 877,535 163,872 1,088,919
NET BOOK VALUE
At 31 March 2024 636,635 22,158 34,200 692,993
At 31 March 2023 636,635 41,195 - 677,830

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
Additions 43,200
At 31 March 2024 43,200
DEPRECIATION
Charge for year 9,000
At 31 March 2024 9,000
NET BOOK VALUE
At 31 March 2024 34,200

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£ £
Motor vehicles 251,454 210,418

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,645,000
NET BOOK VALUE
At 31 March 2024 4,645,000
At 31 March 2023 4,645,000

Fair value at 31 March 2024 is represented by:
£
Valuation in 2006 1,688,371
Valuation in 2010 1,371,629
Valuation in 2021 4,075,000
Valuation in 2023 (2,490,000 )
4,645,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 1,688,371 1,688,371

The investment property has been revalued to its fair values by the directors of the company.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 301,375 319,884

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 155,879 115,148
Hire purchase contracts 31,248 13,144
Trade creditors 153,014 107,481
Taxation and social security 40,746 30,184
Other creditors 930,864 878,732
1,311,751 1,144,689

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 939,083 952,002
Hire purchase contracts 177,848 105,102
Other creditors 459,434 490,582
1,576,365 1,547,686

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yrs 752,474 618,367

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,011,523 1,067,150
Hire purchase contracts 209,096 118,246
1,220,619 1,185,396

The bank loans are secured via a first legal charge over the investment properties at 21 Portland Square Bristol, 135 Wilder Street Bristol, Stonewall Manor Frome and freehold land known as Land lying to the North of Lower Keyford, Frome. Security also takes the form of an unlimited debenture dated 31/10/2002 incorporating a fixed and floating charge.

Amounts due under hire purchase agreements are secured against the assets to which they relate to.

12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 13,405 10,299
Tax losses carried forward (37,446 ) -
Inv Prop FV Increase 739,157 739,157
715,116 749,456

Deferred tax
£
Balance at 1 April 2023 749,456
Deferred Tax Movement (34,340 )
Balance at 31 March 2024 715,116

MAXIN LIMITED (REGISTERED NUMBER: 02785390)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
80,000 Ordinary £1 80,000 80,000

14. RELATED PARTY DISCLOSURES

The company leases a property called Long Park Castle which is owned by Mr Harold Stealey. The company is not charged for the use of the property.

The company also leases a pleasure yacht which is owned by Mr Thomas Flight. The company is not charged for the use of the yacht.