Company No: 08992530 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	3,071		3,638
		3,071		3,638
Current assets
Stocks		221,188		320,730
Debtors	4	457,760		511,668
Cash at bank and in hand		841		36,360
		679,789		868,758
Creditors
Amounts falling due within one year	5	( 1,285,637)		( 1,380,593)
Net current liabilities		(605,848)		(511,835)
Total assets less current liabilities		(602,777)		(508,197)
Creditors
Amounts falling due after more than one year	6	( 34,841)		( 44,167)
Net liabilities		( 637,618)		( 552,364)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 637,718 )		( 552,464 )
Total shareholders' deficit		( 637,618)		( 552,364)

For the financial year ending 31 December 2021 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Maxtop Quartz Limited (registered number: 08992530) were approved and authorised for issue by the Director on 30 September 2022. They were signed on its behalf by:

R S Moss Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maxtop Quartz Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Plasman Industrial Estate, Marquis Street, Manchester, M19 3JH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.

The Company has Total assets less current liabilities of -£602,777 (2020: -£508,197), and net liabilities of £637,618 (2020:£552,364) at 31 December 2021.

The Covid-19 virus outbreak has had a significant impact on the majority of UK businesses. During the lockdown period, the directors carried out a variety of immediate actions, including applying for the Bounce Back Loan Scheme (BBLS) as well as taking advantage of the Furlough Grant Scheme, to ensure the company continued to be a going concern and the ability to continue to trade in future years.

The Company currently meets its working capital requirements through its cash balances and extended payment terms from its main supplier which is a company under common control. Based on the Company’s projections, the directors believe they have sufficient facilities to trade through the next 12 month period.

Therefore, the directors believe it is appropriate to prepare the accounts to 31 December 2021 on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-the Company has transferred the significant risks and rewards of ownership to the buyer;
-the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-the amount of revenue can be measured reliably;
-it is probable that the Company will receive the consideration due under the transaction; and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, excluding directors	2		2

The directors did not receive any remuneration during the year.

3. Tangible assets

	Plant and machinery		Computer equipment		Total
	£		£		£
Cost
At 01 January 2021	3,877		3,396		7,273
Additions	0		435		435
At 31 December 2021	3,877		3,831		7,708
Accumulated depreciation
At 01 January 2021	1,823		1,812		3,635
Charge for the financial year	308		694		1,002
At 31 December 2021	2,132		2,505		4,637
Net book value
At 31 December 2021	1,745		1,326		3,071
At 31 December 2020	2,054		1,584		3,638

4. Debtors

	2021		2020
	£		£
Trade debtors	114,425		179,700
Other debtors	343,335		331,968
	457,760		511,668

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	9,646		5,833
Trade creditors	1,237,727		1,348,966
Other creditors	20,380		16,383
Other taxation and social security	17,884		9,411
	1,285,637		1,380,593

Secured debts

Amounts loaned in advance of trade debtors were secured by way of a fixed and floating charge over the assets of the company.

Bank loans represents a government backed bank loan. The loan attracts interest at 2.5% per annum, is unsecured, and repayable monthly over a 5 year term.

6. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	34,841		44,167

Bank loans represents a government backed bank loan. The loan attracts interest at 2.5% per annum, is unsecured, and repayable monthly over a 5 year term.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	531		94

8. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Directors loan	17,850		0

The loan is interest free and repayable on demand.

During the year the company entered into transactions with three companies which are related through common ownership.

During the year the company received invoices from one of the related parties amounting to £nil (2020: £nil), and at the year-end the company owed £423,331 (2020: £423,331) to this related party and is included in trade creditors.

During the year the company received invoices from one of the related parties amounting to £nil (2020: £512,916), and at the year-end the company owed £822,659 (2020: £873,087) to this related party and is included in trade creditors.

During the year the company received invoices from one of the related parties amounting to £39,713 (2020: £116,628), and at the year-end the company owed £2,960 (2020: £67,654 ) to this related party and is included in trade creditors. The company also made sales to the same related party and during the year sales of £103,847 (2020: £96,425) were made to this related party. At the year-end the company was owed £94,505 (2020: £131,353) by this related party and is included in trade debtors.