Maximus Strategic Warmley Limited - Period Ending 2019-03-31
Maximus Strategic Warmley Limited - Period Ending 2019-03-31
Registration number:
Maximus Strategic Warmley Limited
for the Year Ended 31 March 2019
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY
Maximus Strategic Warmley Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Maximus Strategic Warmley Limited
Company Information
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Directors |
Mr J Hickton Mr S A M Corner |
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Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Maximus Strategic Warmley Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Maximus Strategic Warmley Limited for the year ended 31 March 2019 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Maximus Strategic Warmley 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 results of Maximus Strategic Warmley Limited. You consider that Maximus Strategic Warmley Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Maximus Strategic Warmley 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.
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11 Newhall Street
Birmingham
West Midlands
B3 3NY
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Page 2 |
Maximus Strategic Warmley Limited
(Registration number: 09185363)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr J Hickton
Director
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Page 3 |
Maximus Strategic Warmley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 including 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.
Going concern
The financial statements have been prepared on a going concern basis as the Company has now assigned an option to an unconnected third party over land acquired by it. Included in the terms of the option is a profit share agreement which crystalises as the land is developed and profits generated by the third party.
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.
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Page 4 |
Maximus Strategic Warmley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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.
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.
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.
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Stocks |
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2019 |
2018 |
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Work in progress |
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Page 5 |
Maximus Strategic Warmley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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Debtors |
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2019 |
2018 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Total current trade and other debtors |
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Creditors |
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2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Loans and borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings refer to monies owed to a Director. This is in respect of an unsecured, interest free loan which is currently repayable upon demand, although the lender reserves the right to annually review these terms and conditions.
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Page 6 |
Maximus Strategic Warmley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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Related party transactions |
Summary of transactions with other related parties
Loans to related parties
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2019 |
Other related parties |
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Advanced |
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2018 |
Loans from related parties
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2019 |
Other related parties |
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At start of period |
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Repaid |
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At end of period |
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2018 |
Other related parties |
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At start of period |
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Page 7 |