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Registration number: 07221619

Max Innovate Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2023 to 31 December 2024

 

Max Innovate Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Max Innovate Limited

Company Information

Director

Mr Fintan Joseph McKeever

Registered office

127 Fillongley Road
Meriden
Coventry
CV7 7LT

Accountants

Pattinsons Business Services Ltd Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

Max Innovate Limited

Director's Report for the Period from 1 October 2023 to 31 December 2024

The director presents his report and the financial statements for the period from 1 October 2023 to 31 December 2024.

Director of the company

The director who held office during the period was as follows:

Mr Fintan Joseph McKeever

Principal activity

The principal activity of the company is that of the sale and support of recycling and quarrying machinery.

Small companies provision statement

This report has 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.

Approved by the director on 16 July 2025 and signed on its behalf by:

.........................................
Mr Fintan Joseph McKeever
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Max Innovate Limited
for the Period Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Max Innovate Limited for the period ended 31 December 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Max Innovate 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 accounts of Max Innovate Limited and state those matters that we have agreed to state to the Board of Directors of Max Innovate Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Innovate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Max Innovate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Max Innovate Limited. You consider that Max Innovate Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Max Innovate 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 accounts.

......................................

Pattinsons Business Services Ltd
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

16 July 2025

 

Max Innovate Limited

(Registration number: 07221619)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

29,205

8,534

Tangible assets

6

509,146

450,603

 

538,351

459,137

Current assets

 

Stocks

7

212,663

207,000

Debtors

8

3,196,029

1,538,307

Cash at bank and in hand

 

1,247,310

140,490

 

4,656,002

1,885,797

Creditors: Amounts falling due within one year

9

(3,684,692)

(1,360,264)

Net current assets

 

971,310

525,533

Total assets less current liabilities

 

1,509,661

984,670

Creditors: Amounts falling due after more than one year

9

(303,219)

(230,072)

Provisions for liabilities

(96,072)

(95,383)

Net assets

 

1,110,370

659,215

Capital and reserves

 

Called up share capital

11

110

110

Retained earnings

1,110,260

659,105

Shareholders' funds

 

1,110,370

659,215

For the financial period ending 31 December 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 period 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.

Approved and authorised by the director on 16 July 2025
 

.........................................
Mr Fintan Joseph McKeever
Director

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
127 Fillongley Road
Meriden
Coventry
CV7 7LT

These financial statements were authorised for issue by the director on 16 July 2025.

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 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Computer equipment

3 years straight line

Motor vehicles

15% & 25% reducing balances

Plant and machinery

15% reducing balance & 20 year straight line

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.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 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.

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.

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

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 debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the period, was 7 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

89,631

88,510

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

8,534

8,534

Revaluations

20,671

20,671

At 31 December 2024

29,205

29,205

Amortisation

Carrying amount

At 31 December 2024

29,205

29,205

At 30 September 2023

8,534

8,534

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

14,856

520,409

107,757

643,022

Additions

1,146

164,743

333

166,222

Disposals

-

(46,667)

-

(46,667)

At 31 December 2024

16,002

638,485

108,090

762,577

Depreciation

At 1 October 2023

11,868

167,306

13,245

192,419

Charge for the period

2,450

78,498

8,684

89,632

Eliminated on disposal

-

(28,620)

-

(28,620)

At 31 December 2024

14,318

217,184

21,929

253,431

Carrying amount

At 31 December 2024

1,684

421,301

86,161

509,146

At 30 September 2023

2,988

353,103

94,512

450,603

7

Stocks

2024
£

2023
£

Other inventories

212,663

207,000

8

Debtors

2024
£

2023
£

Trade debtors

(309,036)

141,056

Prepayments

21,875

12,049

Other debtors

3,483,190

1,385,202

3,196,029

1,538,307

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

365,600

133,638

Trade creditors

 

1,894,607

813,784

Taxation and social security

 

545,664

367,984

Directors loan accounts

 

328

29,809

Other creditors

 

878,493

15,049

 

3,684,692

1,360,264

Due after one year

 

Loans and borrowings

10

303,219

230,072

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

34,911

Hire purchase contracts

190,949

195,161

Other borrowings

112,270

-

303,219

230,072

Current loans and borrowings

2024
£

2023
£

Bank borrowings

27,443

64,427

Bank overdrafts

15,259

-

Hire purchase contracts

119,441

69,211

Other borrowings

203,457

-

365,600

133,638

 

Max Innovate Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

10

10

10

10

110

110

110

110

12

Financial commitments, guarantees and contingencies

Lloyds Bank PLC hold a fixed and floating charge over all the property or undertaking of the company.

13

Related party transactions

Loans to related parties


Powerscreen Pegson Equipment Ltd
In other debtors there is an amount of £9,416 (2023: £8,641) due from Powerscreen Pegson Equipment Ltd, a company under common directorship. This amount is interest free, unsecured and repayable on demand.

Tyrone International Limited
In other debtors there is an amount of £951,436 (2023: £228,814) due from Tyrone International Limited, a company under common directorship. This amount incurs interest at 5%, is unsecured and repayable on demand.

Gracefield Holdings Limited
In other debtors there is an amount of £294 (2023: £Nil) due from Gracefield Holdings Limited, a company under common directorship. This amount is interest free, unsecured and repayable on demand.