Max Plant (Midlands) Limited
Max Plant (Midlands) Limited
Registered number: 05444599
Unaudited Financial Statements
For The Year Ended
31 May 2020
Max Plant (Midlands) Limited
Unaudited Financial Statements
For The Year Ended
31 May 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—9 |
Max Plant (Midlands) Limited
Balance Sheet
As at
31 May 2020
Balance Sheet
Registered number:
05444599
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
( |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 10 | - |
( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 68,755 | 1,168,536 | |||
Page 1
Max Plant (Midlands) Limited
Balance Sheet (continued)
As at
31 May 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
Max Plant (Midlands) Limited
Notes to the Financial Statements
For The Year Ended
31 May 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 May 2020 (2019: year ended 31 May 2019).
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
At the balance sheet date, the company had a positive cash balance and net current liability position. At the time of signing these accounts, the directors have considered the effect of Coronavirus on the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts. The company has made use of the UK Government support available to businesses during this difficult time under the Coronavirus Job Retention Scheme.
On that basis, the directors have prepared these financial statements on a going concern basis.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relates to the development of inhouse software. It is amortised to profit and loss account over its estimated economic life of 20 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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Included within freehold land and property is land of £262,331 which is not depreciated.
1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 3
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
1.7.
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found and impairment loss is recognised in the profit and loss account.
1.8.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.10.
Prior year reclassification
A prior year reclassification has been made to reclassify certain balances within cost of sales, to better reflect the entity’s operations. The impact of this restatement was to reduce cost of sales by £891,391 and to increase administrative expenses by £891,391.
1.11.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 25 (2019: 13)
Page 4
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
3.
Intangible Assets
Other | |||
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£ | |||
Cost | |||
As at
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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Page 5
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
4.
Tangible Assets
Land & Property | ||||
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Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost or Valuation | ||||
As at
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Additions |
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Disposals |
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( |
( |
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Revaluation | - |
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As at
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Depreciation | ||||
As at
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Provided during the period |
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Reversal of past impairment |
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( |
( |
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Disposals |
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( |
( |
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As at
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Net Book Value | ||||
As at
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As at
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Computer Equipment | Total | |
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£ | £ | |
Cost or Valuation | ||
As at
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Additions |
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Disposals |
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( |
Revaluation |
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( |
As at
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Depreciation | ||
As at
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Provided during the period |
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Reversal of past impairment |
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( |
Disposals |
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( |
As at
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Net Book Value | ||
As at
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As at
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Page 6
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
5.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Deferred tax current asset | 38,123 | - | |
VAT |
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Directors' loan accounts |
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- | |
Amounts owed by other participating interests | 5,960 | 127 | |
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6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Taxation and social security |
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Other creditors |
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Other loans |
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Accruals and deferred income |
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Directors' loan accounts | - |
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Amounts owed to group undertakings |
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Amounts owed to parent undertaking |
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Amounts owed to participating interests | 41,374 | - | |
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7.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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Other loans > 1 year |
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Page 7
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank loan is secured by way of a fixed and floating charge over the freehold land and property.
The hire purchase agreements are secured on the assets to which they relate.
2020 | 2019 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts | 1,011,563 | 975,224 | |
Bank loans and overdrafts | 179,286 | - |
9.
Obligations Under Finance Leases and Hire Purchase
2020 | 2019 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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Between one and five years |
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10.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2020 | 2019 | ||
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£ | £ | ||
Deferred tax | - |
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- |
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12.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
|
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£ | £ | £ | £ | £ | |
Alan Wildbore |
( |
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( |
- |
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The above loan is unsecured, interest free and repayable on demand.
Alan Wildbore has provided a personal guarantee in respect of other loans totalling £200,000 (2019: £Nil).
13.
Related Party Transactions
During the year sales of £411,836 (2019: £Nil) were recognised and purchases of £380,796 (2019: £Nil) were incurred in relation to companies under common control by a director. As at 31 May 2020, £185,842 is outstanding and is included in creditors: due within one year.
Page 8
Max Plant (Midlands) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
14.
General Information
Max Plant (Midlands) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05444599
. The registered office is Derwent View, Stores Road, Derby, DE21 4BD.
Page 9