| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2025 |
| for |
| Thomas Maxwell & Sons Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2025 |
| for |
| Thomas Maxwell & Sons Limited |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Thomas Maxwell & Sons Limited |
| Company Information |
| for the Year Ended 31 July 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Suite 2B |
| Cadogan House |
| 322 Lisburn Road |
| Belfast |
| Co. Antrim |
| BT9 6GH |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Balance Sheet |
| 31 July 2025 |
| 31/7/25 | 31/7/24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Balance Sheet - continued |
| 31 July 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2025 |
| 1. | STATUTORY INFORMATION |
| Thomas Maxwell & Sons Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements: |
| Going concern |
| The directors have prepared budgets for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. |
| Impairment of Trade Debtors |
| Some debts may not be paid due to the default of customer. The company uses estimates based on historical experience and current information in determining the level of debtors for which an impairment charge is required. The level of impairment is reviewed on an ongoing basis. |
| Useful Lives of Tangible Fixed Assets |
| Long-life assets comprising primarily of long leasehold, plant and machinery represent a significant portion of total assets. The annual depreciation charges depend primarily on the estimated useful lives of each type of asset. The directors review the useful life of assets regularly and change them if necessary to reflect current market conditions. In determining these useful lives, management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the expected useful life of assets can have a significant impact on the depreciation charges for the financial year. |
| Turnover |
| The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.The company recognises revenue when it can be reliably measured, it is probable that economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible assest are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| Depreciation |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Asset Class | Depreciation method and rate |
| Freehold property | Straight line over 40 years |
| Plant and machinery | 10% reducing balance |
| Motor vehicles | 20% reducing balance |
| Other vehicles | Straight line over 6 years |
| Trailers | 20% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 July 2025 |
| DEPRECIATION |
| At 1 August 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 July 2025 |
| NET BOOK VALUE |
| At 31 July 2025 |
| At 31 July 2024 |
| Hire Purchase Agreements |
| Included in the net book value of £4,910,956 is £145,632 (2024: £217,038) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets is £71,406. |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| Additions |
| At 31 July 2025 |
| NET BOOK VALUE |
| At 31 July 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/7/25 | 31/7/24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Thomas Maxwell & Sons Limited (Registered number: NI014292) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/7/25 | 31/7/24 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/7/25 | 31/7/24 |
| £ | £ |
| Bank loans |
| 9. | SECURED ASSETS |
| On 3 May 2012 an all monies floating charge was registered by Northern Bank against all present and future assets of the company to include book debts. |