Maxwell Pinborough Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04187244 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

MAXWELL PINBOROUGH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Pinborough

S J Maxwell

SECRETARY:

S J Maxwell

REGISTERED OFFICE:

Unit 3 Excalibur Works

13 Argall Avenue

London

E10 7QE

REGISTERED NUMBER:

04187244 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Tangible assets

4

7,000

-

CURRENT ASSETS

Debtors

5

14,107

36,462

Cash at bank

80,382

46,621

94,489

83,083

CREDITORS

Amounts falling due within one year

6

87,777

75,823

NET CURRENT ASSETS

6,712

7,260

TOTAL ASSETS LESS CURRENT LIABILITIES

13,712

7,260

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

13,612

7,160

13,712

7,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 21 March 2023 and were signed on its behalf by:

S J Maxwell - Director

A J Pinborough - Director

1.	STATUTORY INFORMATION

Maxwell Pinborough 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.

Sales are recognised in the period the project is completed.

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 etc

-

50% straight line

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management.

Government grants

Grants are accounted for under the accruals method of accounting.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

Taxation

Taxation for the year comprises of current and prior year tax only. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Taxation assets and liabilities are not discounted.

Current and prior year tax tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The pension contributions made during the year are charged to the profit and loss account. The contributions are not to a company pension scheme but to private funds held outside the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2021

35,189

Additions

14,000

At 31 March 2022

49,189

DEPRECIATION

At 1 April 2021

35,189

Charge for year

7,000

At 31 March 2022

42,189

NET BOOK VALUE

At 31 March 2022

7,000

At 31 March 2021

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

14,107

36,462

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Taxation and social security

28,123

42,669

Other creditors

59,654

33,154

87,777

75,823

7.

RESERVES

During the year dividends of £32,600 (2021: £35,000) were paid. The only other movement in reserves was the reported result for the year.

8.	GOVERNMENT GRANTS AND ASSISTANCE

In the prior year the company received Job Retention Scheme (JRS) monies in the sum of £29,678 disclosed as Other operating income. Also in the prior year the company deferred the VAT liability for the quarter ended 31st March 2020 (£15,660). Both the JRS and deferment of VAT were implemented by the government as a result of the worldwide covid-19 pandemic.

9.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £63,589 (2021: £119,751).

10.	RELATED PARTY DISCLOSURES

As at 31 March 2022 the company owed the directors the sum of £25,559 (2021: £25,559), included within Other creditors. No interest is payable on the loans.