MAASSIST_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MAAssist Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 66 High Street, Aylesbury, HP20 1SE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group on the basis that it is a wholly owned subsidiary of MAGroup Limited and the results of MAAssist Limited are included in the consolidated financial statements of MAGroup Limited which are available from Ground Floor, 66 High Street, Aylesbury, HP20 1SE.

In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first months of 2020, the virus, SARS-CoV-2, and resulting disease COVID-19, spread to the United Kingdom.true

The resulting actions in the UK taken by the government to control the pandemic initially impacted on operations.

All appropriate measures have now been put in place to reduce the ongoing impact on the business.

The company continues to have the support of the group. 

The directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

The company acts as an agent between insurance companies and trade professionals. Trade professionals invoice the policy holders for the full value of the works carried out less a percentage deduction for commissions due to the company. The company receives payment for the full value of works carried out from the insurance companies and passes on payment to the trade professionals, less commissions due. Management fees are invoiced to and received directly from the insurance companies. Accordingly turnover represents management fees and commissions receivable for services rendered in the arrangement of repair services relating to insurance claims.

Commissions are accrued equally over three months for normal jobs. Commission on surge work resulting from natural disasters are accrued over an appropriate longer period. Management fees are accounted for on completion and sign off of the jobs.

The company also operate a gross margin model whereby the company incur the cost of employing the trade professionals for carrying out the works and then invoice the insurance companies directly upon fulfilment of the instruction.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities, including creditors, bank loans and loans from fellow group, are initially recognised at transaction price.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The average monthly number of persons (including directors) employed by the company during the year was 29 (2018 - 28).

Details of the company's subsidiaries at 31 December 2019 are as follows:

Loans are secured against the assets of the company.

Loans are secured against the assets of the company.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company is a wholly owned subsidiary of MAGroup Limited. As the parent produces consolidated financial statements the company has taken advantage of the exemption not to disclose transactions with other wholly owned group companies.

During the year the company made sales of £56,747 to group companies with minority interests and made purchases of £66,015 from other group companies with minority interests.

As at the year end £733,811 was owed to other group companies with minority interests.

The immediate and ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.

The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.

The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.