Maymax Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04888277 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2019

for

Maymax Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Smith

Mrs D M Smith

SECRETARY:

Mrs D M Smith

REGISTERED OFFICE:

6 Garth Drive

Brackla Industrial Estate

Bridgend

Mid Glamorgan

CF31 2AQ

REGISTERED NUMBER:

04888277 (England and Wales)

ACCOUNTANTS:

GS Griffiths Accountants Ltd

37 Rhodfa'r Celyn

Coity

Bridgend

Mid Glamorgan

CF35 6FN

FIXED ASSETS

Tangible assets

4

198,788

25,873

CURRENT ASSETS

Stocks

12,309

14,631

Debtors

5

304,892

285,609

Cash at bank

110,599

131,876

427,800

432,116

CREDITORS

Amounts falling due within one year

6

362,037

240,404

NET CURRENT ASSETS

65,763

191,712

TOTAL ASSETS LESS CURRENT LIABILITIES

264,551

217,585

CREDITORS

Amounts falling due after more than one year

7

(16,344

)

(27,616

)

PROVISIONS FOR LIABILITIES

8

(177

)

(3,068

)

NET ASSETS

248,030

186,901

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

238,030

176,901

SHAREHOLDERS' FUNDS

248,030

186,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2020 and were signed on its behalf by:

D Smith - Director

1.	STATUTORY INFORMATION

Maymax Engineering 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 15% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful

lives. Those held under finance leases are depreciated over their estimated useful lives or the

lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2018

-

191,995

191,995

Additions

186,482

(1

)

186,481

At 30 November 2019

186,482

191,994

378,476

DEPRECIATION

At 1 December 2018

-

166,122

166,122

Charge for year

-

13,566

13,566

At 30 November 2019

-

179,688

179,688

NET BOOK VALUE

At 30 November 2019

186,482

12,306

198,788

At 30 November 2018

-

25,873

25,873

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Plant and

machinery

etc

£

COST

At 1 December 2018

148,926

Transfer to ownership

(71,535

)

At 30 November 2019

77,391

DEPRECIATION

At 1 December 2018

125,326

Charge for year

13,020

Transfer to ownership

(72,054

)

At 30 November 2019

66,292

NET BOOK VALUE

At 30 November 2019

11,099

At 30 November 2018

23,600

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

222,838

217,508

Other debtors

82,054

68,101

304,892

285,609

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Bank loans and overdrafts

112,757

35,667

Hire purchase contracts

11,272

11,272

Trade creditors

61,975

65,218

Taxation and social security

108,971

108,354

Other creditors

67,062

19,893

362,037

240,404

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Hire purchase contracts

16,344

27,616

8.	PROVISIONS FOR LIABILITIES

30.11.19

30.11.18

£

£

Deferred tax

177

3,068

Deferred

tax

£

Balance at 1 December 2018

3,068

Accelerated Capital Allowances

(2,891

)

Balance at 30 November 2019

177

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £102,500 were paid to the directors .

The company lent £32,500 to Mr D Evans, a parent of Mrs D Smith a director of the company.

There was a total of £32,500 (£32,500 - 2018) outstanding at the year end.

10.	ULTIMATE CONTROLLING PARTY

The Company was under the joint ownership of Mr. Dean and Mrs. Debbie Smith throughout the

current year.