Maxey Lawn Care Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10764859 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Maxey Lawn Care Limited

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

Notes to the financial statements

4

to

7

Director:

D J T Maxey

Registered office:

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

Business address:

St Benedicts Priory

3 Broadgate Lane

Peterborough

Cambs

PE6 8NW

Registered number:

10764859 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maxey Lawn Care Limited for the year ended 30 June 2021 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Maxey Lawn Care Limited in accordance with the terms of our engagement letter dated 19 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Maxey Lawn Care Limited and state those matters that we have agreed to state to the director of Maxey Lawn Care Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maxey Lawn Care Limited and its director for our work or for this report.

It is your duty to ensure that Maxey Lawn Care Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Maxey Lawn Care Limited. You consider that Maxey Lawn Care Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Maxey Lawn Care Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

2 November 2021

Fixed assets

Intangible assets

5

2,000

4,000

Tangible assets

6

2,337

2,749

4,337

6,749

Current assets

Stocks

1,881

1,885

Debtors

7

1,717

3,718

Cash at bank

20,098

13,280

23,696

18,883

Creditors

Amounts falling due within one year

8

29,747

36,051

Net current liabilities

(6,051

)

(17,168

)

Total assets less current liabilities

(1,714

)

(10,419

)

Capital and reserves

Called up share capital

10

100

100

Retained earnings

(1,814

)

(10,519

)

Shareholders' funds

(1,714

)

(10,419

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 November 2021 and were signed by:

D J T Maxey - Director

1.	Statutory information

Maxey Lawn Care 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Going concern

At the balance sheet date, current liabilities exceed current assets by £1,714 (2020: 10,419). This is due to amounts of £24,737 (2020: £32,896) owed to the director being included within creditors due within one year. However, the director has indicated that he will not withdraw from these accounts in preference to other creditors, that they have operated within their bank facilities and that the accounts have been prepared on a going concern basis.

4.	Employees and directors

The average number of employees during the year was 1 (2020 - 1 ) .

5.	Intangible fixed assets

Licences

£

Cost

At 1 July 2020

and 30 June 2021

10,000

Amortisation

At 1 July 2020

6,000

Amortisation for year

2,000

At 30 June 2021

8,000

Net book value

At 30 June 2021

2,000

At 30 June 2020

4,000

6.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 July 2020

and 30 June 2021

4,476

Depreciation

At 1 July 2020

1,727

Charge for year

412

At 30 June 2021

2,139

Net book value

At 30 June 2021

2,337

At 30 June 2020

2,749

7.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

1,307

1,266

Deferred tax asset

410

2,452

1,717

3,718

8.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

79

10

Social security and other taxes

2,259

729

Directors' loan accounts

24,737

32,896

Accruals and deferred income

2,672

2,416

29,747

36,051

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

2,300

2,343

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary shares

1

100

100