Maxwell Amenity Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02152566 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 November 2018

for

Maxwell Amenity Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

J P Richards

D A Saltman

J R Riggall

J C Carr (non executive)

SECRETARY:

G Barrow

REGISTERED OFFICE:

Allscott Park

Allscott

Telford

Shropshire

TF6 5DY

REGISTERED NUMBER:

02152566 (England and Wales)

AUDITORS:

Caerwyn Jones

Chartered Accountants and Statutory Auditor

Emstrey House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

BANKERS:

The Royal Bank of Scotland

6 The Square

Shrewsbury

Shropshire

SY1 1LA

The directors present their strategic report for the year ended 30 November 2018.

REVIEW OF BUSINESS

The company experienced a difficult trading year due to the curtailment of the growing season resulting from

extreme weather conditions. A strong finish to the year, however, contained the losses, and despite the difficult

conditions, sales increased by 4%. The Directors are confident of continued sales growth and a return to

profitability in 2019.

The company has continued to invest significantly in development of its internal systems, and in plant and

machinery to develop its expanding Contracting Division.

There have been no significant events since the balance sheet date which would materially affect the position of

the company.

PRINCIPAL RISKS AND UNCERTAINTIES

There are risks and uncertainties which could impact on the company's performance in the longer term. The

board of directors have carried out a risk assessment to identify, manage and mitigate business risk.

ON BEHALF OF THE BOARD:

G Barrow - Secretary

6 August 2019

The directors present their report with the financial statements of the company for the year ended 30 November 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply of sports turf, landscape,

forestry and amenity specialist supplies and services.

DIVIDENDS

The total distribution of dividends in the year to 30th November 2018 amounted to £61,500.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2017 to the date of

this report.

J P Richards

D A Saltman

J R Riggall

J C Carr (non executive)

DISCLOSURE IN THE STRATEGIC REPORT

The directors have chosen to set out in the company's strategic report, information required by schedule 7 of the

Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law

the directors must not approve the financial statements unless they are satisfied that they give a true and fair

view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing

these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company

and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also

responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention

and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that

he ought to have taken as a director in order to make himself aware of any relevant audit information and to

establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J P Richards - Director

6 August 2019

Opinion

We have audited the financial statements of Maxwell Amenity Limited (the 'company') for the year ended

30 November 2018 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial

Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows,

Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 November 2018 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit

of the financial statements section of our report. We are independent of the company in accordance with the

ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's

Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of

the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. If, based on the

work we have performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of

the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair

view, and for such internal control as the directors determine necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or

have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report

of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members

those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company

and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

H M Pierce (Senior Statutory Auditor)

for and on behalf of Caerwyn Jones

Chartered Accountants and Statutory Auditor

Emstrey House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

6 August 2019

REVENUE

3

13,076,040

12,534,271

Cost of sales

10,251,337

9,801,818

GROSS PROFIT

2,824,703

2,732,453

Administrative expenses

2,912,426

2,692,491

OPERATING (LOSS)/PROFIT

5

(87,723

)

39,962

Interest receivable and similar income

1,316

16

(86,407

)

39,978

Interest payable and similar expenses

6

3,848

3,109

(LOSS)/PROFIT BEFORE TAXATION

(90,255

)

36,869

Tax on (loss)/profit

7

(13,149

)

(35,917

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(77,106

)

72,786

(LOSS)/PROFIT FOR THE YEAR

(77,106

)

72,786

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(77,106

)

72,786

FIXED ASSETS

Intangible assets

9

757

1,692

Property, plant and equipment

10

881,175

747,833

881,932

749,525

CURRENT ASSETS

Inventories

11

1,105,691

1,227,568

Debtors

12

1,397,715

1,221,774

Cash at bank and in hand

28,280

41,865

2,531,686

2,491,207

CREDITORS

Amounts falling due within one year

13

2,688,054

2,362,849

NET CURRENT (LIABILITIES)/ASSETS

(156,368

)

128,358

TOTAL ASSETS LESS CURRENT LIABILITIES

725,564

877,883

CREDITORS

Amounts falling due after more than one year

14

(173,298

)

(173,862

)

PROVISIONS FOR LIABILITIES

18

(80,305

)

(93,454

)

NET ASSETS

471,961

610,567

CAPITAL AND RESERVES

Called up share capital

19

142,572

142,572

Share premium

20

1,929

1,929

Capital redemption reserve

20

2,285

2,285

Retained earnings

20

325,175

463,781

SHAREHOLDERS' FUNDS

471,961

610,567

The financial statements were approved by the Board of Directors on 6 August 2019 and were signed on its behalf by:

D A Saltman - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 December 2016

142,572

468,995

1,929

2,285

615,781

Changes in equity

Dividends

-

(78,000

)

-

-

(78,000

)

Total comprehensive income

-

72,786

-

-

72,786

Balance at 30 November 2017

142,572

463,781

1,929

2,285

610,567

Changes in equity

Dividends

-

(61,500

)

-

-

(61,500

)

Total comprehensive income

-

(77,106

)

-

-

(77,106

)

Balance at 30 November 2018

142,572

325,175

1,929

2,285

471,961

Cash flows from operating activities

Cash generated from operations

1

485,005

(58,551

)

Interest paid

(1,028

)

(700

)

Interest element of hire purchase payments paid

(2,820

)

(2,409

)

Tax paid

-

18,850

Net cash from operating activities

481,157

(42,810

)

Cash flows from investing activities

Purchase of tangible fixed assets

(291,564

)

(373,336

)

Sale of tangible fixed assets

1,730

16,653

Interest received

1,316

16

Net cash from investing activities

(288,518

)

(356,667

)

Cash flows from financing activities

Capital repayments in year

19,536

138,236

Amount introduced by directors

1,386

343

Amount withdrawn by directors

(127

)

(230

)

Amount due from group undertaking

(2,946

)

(1,557

)

Equity dividends paid

(61,500

)

(78,000

)

Net cash from financing activities

(43,651

)

58,792

Increase/(decrease) in cash and cash equivalents

148,988

(340,685

)

Cash and cash equivalents at beginning of year

2

(533,813

)

(193,128

)

Cash and cash equivalents at end of year

2

(384,825

)

(533,813

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2018

2017

£

£

(Loss)/profit before taxation

(90,255

)

36,869

Depreciation charges

159,158

153,181

Profit on disposal of fixed assets

(1,730

)

(3,088

)

Revenue

8,074

-

Finance costs

3,848

3,109

Finance income

(1,316

)

(16

)

77,779

190,055

Decrease/(increase) in inventories

121,877

(271,590

)

(Increase)/decrease in trade and other debtors

(174,819

)

101,902

Increase/(decrease) in trade and other creditors

460,168

(78,918

)

Cash generated from operations

485,005

(58,551

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in

respect of these Statement of Financial Position amounts:

Year ended 30 November 2018

30.11.18

1.12.17

£

£

Cash and cash equivalents

28,280

41,865

Bank overdrafts

(413,105

)

(575,678

)

(384,825

)

(533,813

)

Year ended 30 November 2017

30.11.17

1.12.16

£

£

Cash and cash equivalents

41,865

58,811

Bank overdrafts

(575,678

)

(251,939

)

(533,813

)

(193,128

)

1.	STATUTORY INFORMATION

Maxwell Amenity 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Software development is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over the life of the lease

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

33% on cost and 20% on cost

Motor vehicles

-

25% on cost

Stocks

Inventories 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 statement of financial position date.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position 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.

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.

3.

REVENUE

The revenue and loss (2017 - profit) before taxation are attributable to the one principal activity of the

company.

An analysis of revenue by class of business for the year ended 30 November 2017 is given below:

£

Sale of goods

12,534,271

12,534,271

This analysis is not considered to be applicable to the year ended 30 November 2018.

An analysis of revenue by geographical market is given below:

2018

2017

£

£

United Kingdom

12,970,799

12,433,521

Europe

105,241

100,750

13,076,040

12,534,271

4.	EMPLOYEES AND DIRECTORS

2018

2017

£

£

Wages and salaries

2,325,831

2,246,321

Social security costs

14,678

22,193

Other pension costs

49,839

51,367

2,390,348

2,319,881

The average number of employees during the year was as follows:

2018

2017

Management staff

5

5

Administrative staff

78

79

83

84

2018

2017

£

£

Directors' remuneration

130,040

188,196

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes

3

3