Maximus Strategic Land Limited - Period Ending 2020-03-31

Maximus Strategic Land Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 8

Maximus Strategic Land Limited

Company Information

Directors

Mr J Hickton Mr S A M Corner

Company secretary

Mr L Turner

Registered office

The Estate Office Thorngrove Sinton Green Worcester Worcestershire WR2 6NP

Accountants

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

Maximus Strategic Land Limited

(Registration number: 06854811)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Current assets
Debtors	5	2,533,839	2,443,274
Cash at bank and in hand		4,026	2,782
		2,537,865	2,446,056
Creditors: Amounts falling due within one year	6	(2,582,264)	(2,490,349)
Net liabilities		(44,399)	(44,293)
Capital and reserves
Called up share capital	7	1,667	1,667
Profit and loss account		(46,066)	(45,960)
Shareholders' deficit		(44,399)	(44,293)

For the financial year ending 31 March 2020 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.

Approved and authorised by the Board on 22 February 2021 and signed on its behalf by:
 

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

Mr J Hickton
Director

Maximus Strategic Land Limited

Statement of Changes in Equity for the Year Ended 31 March 2020

	Share capital £	Profit and loss account £	Total £
At 1 April 2019	1,667	(45,960)	(44,293)
Loss for the year	-	(106)	(106)
Total comprehensive income	-	(106)	(106)
At 31 March 2020	1,667	(46,066)	(44,399)

	Share capital £	Profit and loss account £	Total £
At 1 April 2018	1,500	(45,876)	(44,376)
Loss for the year	-	(84)	(84)
Total comprehensive income	-	(84)	(84)
New share capital subscribed	167	-	167
At 31 March 2019	1,667	(45,960)	(44,293)

Maximus Strategic Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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 22 February 2021.

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 as the Directors are of the opinion that the Company's interests in LLP investments will generate sufficient profits to nullify the current balance sheet deficit. The Directors have also given due consideration to the potential impact of the Covid-19 pandemic and are of the opinion that the value of its assets will not be significantly impaired.

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.

Maximus Strategic Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Investments

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
			2020	2019
Subsidiary undertakings
Maximus Strategic Chipping Sodbury LLP	The Estate Office Thorngrove Sinton Green Worcester WR2 6NP England & Wales	Designated Member	100%	100%
Maximus Strategic Stafford LLP	The Estate Office Thorngrove Sinton Green Worcester WR2 6NP England & Wales	Designated Member	100%	100%

Maximus Strategic Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Subsidiary undertakings

Maximus Strategic Chipping Sodbury LLP The principal activity of Maximus Strategic Chipping Sodbury LLP is property development..

Maximus Strategic Stafford LLP The principal activity of Maximus Strategic Stafford LLP is property development..

Further details of the investments are provided in the related parties note below.

5

Debtors

	Note	2020 £	2019 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	2,532,970	2,442,485
Prepayments		869	789
		2,533,839	2,443,274

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	2,582,264	2,490,349

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A shares of £1 each	1,000	1,000	1,000	1,000
Ordinary B shares of £1 each	667	667	667	667
	1,667	1,667	1,667	1,667

Maximus Strategic Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

8	Related party transactions

Summary of transactions with all subsidiaries

The Company is a member of both Maximus Strategic Chipping Sodbury LLP and Maximus Strategic Stafford LLP, both of which are incorporated in England & Wales. The Company is entitled to 100% of both entities profits.
 

Summary of transactions with other related parties

The Company's shareholders are all Limited Companies incorporated in England and Wales, namely Aequus Land Limited, Maximus Group Limited and North Oak Homes Limited.
 

Loans to related parties

2020	Subsidiary £	Total £
At start of period	2,442,485	2,442,485
Advanced	90,485	90,485
At end of period	2,532,970	2,532,970

2019	Subsidiary £	Total £
At start of period	2,321,057	2,321,057
Advanced	121,428	121,428
At end of period	2,442,485	2,442,485

Terms of loans to related parties

The above loans are unsecured and interest free, being repayable upon demand.
 

Loans from related parties

2020	Other related parties £	Total £
At start of period	2,490,349	2,490,349
Advanced	91,915	91,915
At end of period	2,582,264	2,582,264

2019	Other related parties £	Total £
At start of period	2,387,416	2,387,416
Advanced	102,933	102,933
At end of period	2,490,349	2,490,349

Maximus Strategic Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Terms of loans from related parties

The amounts due to related parties were advanced to the Company under the terms of a loan stock instrument dated 5th June 2009. The advances are unsecured and attract an interest rate of 12% per annum. There are no specific repayment dates stated in the instrument but the loan is shown in Creditors: Amounts falling due after more than one year, on the basis that repayment will not be made within the next calendar year.