Maxem Glazing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07242708 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Maxem Glazing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Andrews

V Andrews

SECRETARY:

V Andrews

REGISTERED OFFICE:

Unit 1, Block 33

Second Avenue

Westfield Industrial Estate

Radstock

BA3 4BH

REGISTERED NUMBER:

07242708 (England and Wales)

ACCOUNTANTS:

R A Leslie & Co. LLP

Chartered Accountants

Gowran House

56 Broad Street

Chipping Sodbury

Bristol

BS37 6AG

FIXED ASSETS

Intangible assets

4

1,334

2,334

Tangible assets

5

27,058

6,730

28,392

9,064

CURRENT ASSETS

Stocks

6

2,701

414

Debtors

7

13,911

2,867

Cash at bank and in hand

13,751

11,292

30,363

14,573

CREDITORS

Amounts falling due within one year

8

14,758

22,991

NET CURRENT ASSETS/(LIABILITIES)

15,605

(8,418

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,997

646

CREDITORS

Amounts falling due after more than one year

9

(39,200

)

-

PROVISIONS FOR LIABILITIES

(4,269

)

-

NET ASSETS

528

646

CAPITAL AND RESERVES

Called up share capital

204

204

Retained earnings

11

324

442

SHAREHOLDERS' FUNDS

528

646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 18 August 2021 and were signed on its behalf by:

V Andrews - Director

1.	STATUTORY INFORMATION

Maxem Glazing 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

10,000

AMORTISATION

At 1 April 2020

7,666

Charge for year

1,000

At 31 March 2021

8,666

NET BOOK VALUE

At 31 March 2021

1,334

At 31 March 2020

2,334

5.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 April 2020

21,693

1,246

22,939

Additions

23,975

1,128

25,103

At 31 March 2021

45,668

2,374

48,042

DEPRECIATION

At 1 April 2020

15,139

1,070

16,209

Charge for year

4,579

196

4,775

At 31 March 2021

19,718

1,266

20,984

NET BOOK VALUE

At 31 March 2021

25,950

1,108

27,058

At 31 March 2020

6,554

176

6,730

6.

STOCKS

31.3.21

31.3.20

£

£

Stock and work in progress

2,701

414

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

7,128

2,867

Other debtors

2,619

-

Tax

1,685

-

VAT

1,863

-

Prepayments

616

-

13,911

2,867

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

2,800

-

Trade creditors

11,731

16,179

Corporation tax

-

3,518

Social security and other taxes

227

95

VAT

-

1,907

Directors' loan accounts

-

1,292

14,758

22,991

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 2-5 years

39,200

-

10.	LEASING AGREEMENTS

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

31.3.21

31.3.20

£

£

Within one year

5,700

-

Between one and five years

4,275

-

9,975

-

11.

RESERVES

Retained

earnings

£

At 1 April 2020

442

Profit for the year

8,882

Dividends

(9,000

)

At 31 March 2021

324