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Registered number: 08671374
Maxx Meridian Limited
Financial statements
Information for filing with the registrar
For the Year Ended 30 September 2024
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Maxx Meridian Limited
Registered number: 08671374
Statement of financial position
As at 30 September 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Investment property reserve
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Maxx Meridian Limited
Registered number: 08671374
Statement of financial position (continued)
As at 30 September 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2025.
The notes on pages 5 to 12 form part of these financial statements.
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Maxx Meridian Limited
Statement of changes in equity
For the Year Ended 30 September 2024
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Investment property revaluation reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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Maxx Meridian Limited
Statement of changes in equity
For the Year Ended 30 September 2023
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Investment property revaluation reserve
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Comprehensive income for the year
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Revaluation gain on Investment Properties
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
Max Meridian Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 08671374 and has its registered office address at Unit 7 & 8c, Kingston House Estate Portsmouth Road, Surbiton, Surrey, KT6 5QG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At balance sheet date, the Company had net current liabilities of £2,040,541 (2023: £2,080,457) which may indicate a material uncertainty about the company's ability to continue to trade for the foreseeable future.
Despite such indication, in the directors' opinion, it is appropriate to prepare the financial statements on going concern basis having considered the projected results, availability of cash and continued support from the directors and companies under common control for the foreseeable future. Currently, the company owes approximately £2 million to the directors and companies under common control and the company has received undertakings not to request the repayment of such amounts owed whilst any other creditors of the company remain unpaid, except to the extent the company is able to discharge all its debts and liabilities as they fall due. Also, the directors are willing to provide financial support to enable the company to continue its trade for the foreseeable future.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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Net surplus/(deficit) in movement properties
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Amounts owed by Companies under common control
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Prepayments and accrued income
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to Companies under common control
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Bank loans are secured by a fixed and floating charges over all the properties of the company.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Investment property revaluation reserve
The investment property revaluation reserve is a special non-distributable reserve and consists of unrealised investment property fair value adjustments.
Profit and loss account
The profit and loss account consists of cumulative undistributed reserves. Non- distributable reserves are transferred from the profit and loss account to relevant non-distributable reserves.
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Related party transactions
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During the year, the company has invoiced £431,332 (2023: £252,000) to a company under common control for the rental income. Trade debtors includes £181,281 (2023: £30,000) owed by a company under common control for unpaid rents.
Trade creditors includes £104,304 (2023:£191,224) for the building works done by a company under common control.
During the year, the Company made the advances of £29,537 to the companies under common control. At the balance sheet date, the amount receivable from the companies under common control were £93,311 (2023: £63,774). These are interest free unsecured advances which are repayable on demand.
During the year, the Company received £297,484 from companies under common control and payments made £169,284 to the companies under common control. At balance sheet date, amounts owed to the companies under common control were £2,161,625 (2023: £2,033,426). These are unsecured interest free advances which are repayable on demand.
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Maxx Meridian Limited
Notes to the financial statements
For the Year Ended 30 September 2024
The company is controlled by S Mallaya and R Pasha by virtue of their shareholding in the company.
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates the existence of material uncertainty as the Company had net current liabilities at the year end of £2,080,457 (2022: £2,060,560).
As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. However, in the directors' opinion, it is appropriate to prepare the financial statements on going concern basis having considered the projected results, availability of cash and continued support from the directors and companies under common control for the foreseeable future. Currently, the company owes approximately £2 million to the directors and companies under common control and the company has received undertakings not to request the repayment of such amounts owed whilst any other creditors of the company remain unpaid, except to the extent the company is able to discharge all its debts and liabilities as they fall due. Also, the directors are willing to provide financial support to enable the company to continue its trade for the foreseeable future.
Our opinion is not modified in respect of this matter.
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The audit report was signed on 5 September 2025 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.
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