Maxell FM Ltd - Accounts to registrar (filleted) - small 23.1.2

Maxell FM Ltd - Accounts to registrar (filleted) - small 23.1.2

MAXELL FM LTD - Company Information

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REGISTERED NUMBER: 09160232 (England and Wales)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Maxell FM Ltd
Maxell FM Ltd (Registered number: 09160232)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Maxell FM Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: M J Toyne





REGISTERED OFFICE: 5 Gate Lane
Boldmere
Sutton Coldfield
West Midlands
B73 5TR





REGISTERED NUMBER: 09160232 (England and Wales)





ACCOUNTANTS: Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD
Page 1
Maxell FM Ltd (Registered number: 09160232)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 380,000 380,000
380,100 380,100

CURRENT ASSETS
Debtors 6 - 3,936
Cash at bank 119 19
119 3,955
CREDITORS
Amounts falling due within one year 7 (9,612 ) (60,515 )
NET CURRENT LIABILITIES (9,493 ) (56,560 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
370,607
323,540

PROVISIONS FOR LIABILITIES 8 (27,500 ) (27,500 )
NET ASSETS 343,107 296,040

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 343,007 295,940
SHAREHOLDERS' FUNDS 343,107 296,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 notes form part of these financial statements

Page 2 continued...
Maxell FM Ltd (Registered number: 09160232)

Balance Sheet - continued
28 February 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 August 2023 and were signed by:





M J Toyne - Director


The notes form part of these financial statements

Page 3
Maxell FM Ltd (Registered number: 09160232)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Maxell FM Ltd 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. 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced property rental.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Page 4 continued...
Maxell FM Ltd (Registered number: 09160232)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 100
NET BOOK VALUE
At 28 February 2023 100
At 28 February 2022 100

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 380,000
NET BOOK VALUE
At 28 February 2023 380,000
At 28 February 2022 380,000

Investment property was valued on an open market basis on 28 February 2023 by the director and this valuation has been used in the financial statements.

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2020 160,338
Cost 219,662
380,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 3,936

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 6,311 57,234
Taxation and social security 2,420 2,431
Other creditors 881 850
9,612 60,515

Page 5 continued...
Maxell FM Ltd (Registered number: 09160232)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,500 27,500

Deferred
tax
£   
Balance at 1 March 2022 27,500
Balance at 28 February 2023 27,500

9. RELATED PARTY DISCLOSURES

H20 Plumbing Services Limited

Subsidiary company


During the period, the company received property rental income of £13,600 (2022 - £13,600) and dividends of £63,000 (2022 - £80,000) from H20 Plumbing Services Limited.

Amount owed to H20 Plumbing Services Limited totalled £6,311 (2022 - £57,234).

The amount owed to H20 Plumbing Services Limited is unsecured and has no specific terms regarding the payment of interest. The amount due is repayable on demand but the directors of H20 Plumbing Services Limited have given their assurances that the amount will not be demanded for payment until such time as Maxell FM Limited can afford to do so without detriment to its operating and working capital requirements.

Page 6
Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Maxell FM Ltd

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 Balance Sheet. 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 Maxell FM Ltd for the year ended 28 February 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 Maxell FM Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Maxell FM Ltd and state those matters that we have agreed to state to the director of Maxell FM Ltd 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 Maxell FM Ltd and its director for our work or for this report.

It is your duty to ensure that Maxell FM Ltd 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 Maxell FM Ltd. You consider that Maxell FM Ltd 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 Maxell FM Ltd. 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.






Tomkinson Teal Limited
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


1 August 2023

This page does not form part of the statutory financial statements

Page 7