Maximus Group Limited - Period Ending 2019-09-30

Maximus Group Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Maximus Group Limited

Company Information

Directors

Mr J Hickton Mrs A Passey Mr L Turner

Company secretary

Mr L Turner

Registered office

The Estate Office Thorngrove Sinton Green Worcester Worcestershire WR2 6NP

Accountants

evirtualFD (Birmingham) Ltd 8th Floor, Newater House 11 Newhall Street Birmingham West Midlands B3 3NY

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Maximus Group Limited
for the Year Ended 30 September 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 Group Limited for the year ended 30 September 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Maximus Group 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 Maximus Group Limited. You consider that Maximus Group 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 Group 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.

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

evirtualFD (Birmingham) Ltd
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

12 June 2020

Maximus Group Limited

(Registration number: 04550254)
Balance Sheet as at 30 September 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	1,044	1,559
Investments	4	103	103
		1,147	1,662
Current assets
Stocks	5	426,988	422,500
Debtors	6	500,840	498,917
Cash at bank and in hand		1,140	7,709
		928,968	929,126
Creditors: Amounts falling due within one year	7	(1,969)	(1,500)
Net current assets		926,999	927,626
Total assets less current liabilities		928,146	929,288
Creditors: Amounts falling due after more than one year	7	(2,233,250)	(2,243,250)
Net liabilities		(1,305,104)	(1,313,962)
Capital and reserves
Called up share capital		2,882,284	2,882,284
Profit and loss account		(4,187,388)	(4,196,246)
Total equity		(1,305,104)	(1,313,962)

For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Maximus Group Limited

(Registration number: 04550254)
Balance Sheet as at 30 September 2019

Approved and authorised by the Board on 12 June 2020 and signed on its behalf by:
 

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

Mr J Hickton

Director

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

1	General information

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

The address of its registered office is:
The Estate Office
Thorngrove
Sinton Green
Worcester
Worcestershire
WR2 6NP

These financial statements were authorised for issue by the Board on 12 June 2020.

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 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 which the directors believe to be appropriate as the Trustees of the majority shareholder. The G J Hickton Discretionary Will Trust, and the beneficiaries of this trust, all of whom are significant creditors of the Company, have pledged to continue with their financial support of the Company for at least twelve months from the date on which these financial statements were signed.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and machinery	33% reducing balance
Fixtures and fittings	33% reducing balance

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

Office equipment

33% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

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.

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

3	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 October 2018	114,421	130,580	245,001
At 30 September 2019	114,421	130,580	245,001
Depreciation
At 1 October 2018	114,122	129,320	243,442
Charge for the year	99	416	515
At 30 September 2019	114,221	129,736	243,957
Carrying amount
At 30 September 2019	200	844	1,044
At 30 September 2018	299	1,260	1,559

4	Investments

	2019 £	2018 £
Investments in subsidiaries	100	100
Investments in associates	3	3
	103	103

Subsidiaries	£
Cost or valuation
At 1 October 2018	100
Provision
Carrying amount
At 30 September 2019	100
At 30 September 2018	100

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

Associates	£
Cost
At 1 October 2018	3
Provision
Carrying amount
At 30 September 2019	3
At 30 September 2018	3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018
Subsidiary undertakings
Maximus Triangle Limited	The Estate Office, Thorngrove, Sinton Green, Worcester, Worcestershire, WR2 6NP	Ordinary £1	100%	100%
	England & Wales

Associates
Maximus Strategic Land Limited	The Estate Office, Thorngrove, Sinton Green, Worcester, Worcestershire, WR2 6NP	Ordinary B £1	6%	6%
	England and Wales

The principal activity of Maximus Triangle Limited is serviced office provider.

The principal activity of Maximus Strategic Land Limited is property development.

5

Stocks

	2019 £	2018 £
Work in progress	426,988	422,500

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

6

Debtors

	Note	2019 £	2018 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	495,902	494,084
Other debtors		4,938	4,833
Total current trade and other debtors		500,840	498,917

Debtors include an amount of £222,631 (2018: £216,314) receivable after more than one year, of which all relates to amounts owed by undertakings in which the company has a participating interest.

7

Creditors

	Note	2019 £	2018 £
Due within one year
Trade creditors		1,969	1,500
Due after one year
Loans and borrowings	8	638,848	638,848
Other non-current financial liabilities		1,594,402	1,604,402
		2,233,250	2,243,250

8	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	638,848	638,848

Other borrowings relate to monies owed to the Directors. See related transaction note below for further details.

Maximus Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

9	Related party transactions

Transactions with directors

Summary of transactions with associates

Maximus Strategic Land Limited
  (a company in which Maximus Group Limited owns 6% of the share capital)
 At the year end the Company was owed £273,271 (2018: £273,271) by the associate. These monies having been advanced on an unsecured and interest free basis,
 

Summary of transactions with other related parties

Godfrey John Hickton Discretionary Will Trust:
 (Trust is the majority shareholder with Mr J Hickton being a beneficiary of this trust)
 At the balance sheet date the amount due to the Godfrey John Hickton Discretionary Will Trust was £343,318 (2018: £343,318)
 

Godfrey John Hickton Residuary Will Trust
(Trust with common beneficiaries to the majority shareholder)
At the balance sheet date the amount due to Godfrey John Hickton Residuary Will Trust was £432,291 (2018: £432,291)

Mrs Jane Hickton
(Beneficial shareholder)
At the balance sheet date the amount due to Mrs Jane Hickton was £818,793 (2018: £828,793)

Thorngrove Poultry
(Partnership between Mrs J Hickton and Mr J Hickton)
At the balance sheet date the amount due from Thorngrove Poultry was £222,631 (2018: £216,314)

F & G Hickton Trust
(Trust with common beneficiaries to the majority shareholder)
At the balance sheet date the amount due from F & G Hickton Trust was £nil (2018: £4,500)

All monies owed to and from related parties are unsecured and interest free.